New World Resources (ASX:NWC) has unearthed a new, undrilled copper target with identical geological and geophysical characteristics to its Antler copper deposit, providing strong evidence that it may coincide with VMS mineralisation.
The identification comes after a drone magnetic survey and ground induced polarisation (IP) survey was commissioned over newly acquired mineral rights.
A very strong coincident IP chargeability/magnetic anomaly has been delineated, directly along strike and 350m southwest from Antler.
The ‘Bullhorn’ target is characterised by a 400m long strong magnetic anomaly with a coincident 400m-long IP chargeability anomaly, located in the same geological sequence as Antler but the source of anomalism is buried beneath alluvial cover.
NWC plans to mobilise a second drill rig to expedite testing for potential resource expansion.
“Bullhorn has many similarities to the Antler deposit and given that VMS deposits typically occur in clusters, this undrilled target represents an exceptional opportunity to make a new discovery in the near-mine environment,” NWC managing director Mike Haynes says.
“We are very fortunate to have so many quality exploration targets to test.
“In order to expedite our exploration efforts, we intend mobilising a second drill rig as quickly as possible – so we can continue to test our other high-priority targets while also commencing testing of the very high-priority Bullhorn Target.”
NWC recently commenced a drilling program to test the high-priority Discus Copper Prospect at the Javelin VMS Project, 75km to the south-east of Antler.
With drilling expected to proceed there for at least several months more, NWC intends to mobilise a second drill rig to the Antler project as soon as practicable.
In addition to testing the Bullhorn Target, this second rig will be used to test numerous additional targets including the Cowhorn magnetic anomaly, the Longhorn magnetic target, and extensions to Antler.
This news comes hot on the heels of NWC submitting a Mine Plan of Operations to the Bureau of Land Management (BLM) – the Federal government agency that regulates activities on all Federal lands in the vicinity of the Antler project.
The MPO is one of the approvals needed to develop the project and is expected to be the longest lead-time component of NWC’s mine permitting process.
The permit application is based on the results of a scoping study completed in May 2023, which forecast a pre-tax NPV of $1.2 billion and IRR of 40.2% from mining some 15.4Mt of underground ore at a rate of 1.3Mtpa over an initial 13-year period.
Alongside the development of the mine, NWC hopes to build an adjacent stand-alone processing plant which will enable the company to capitalise on the rising global demand for copper.