For context, VMS deposits are often associated with copper, lead and zinc, and can also produce economic gold and silver by-products.

New World Resources (ASX:NWC) says the survey results indicate very strong chargeability anomalies, which provide excellent opportunities to discover shallow VMS and potentially deeper porphyry copper mineralisation.

Notable IP anomalies include a shallow chargeability anomaly on line 6900N along with a strong but slightly deeper chargeability anomaly on adjoining line 6700N, which suggests these two responses may arise from a chargeable source with more than 200m of strike which plunges from north to south.

These anomalies lie in a position in the geological sequence where VMS deposits are expected to occur, and therefore represent compelling exploration targets, NWC says.

In addition, a deeper, very strong IP chargeability anomaly was found which sits just 7km southwest of Freeport’s Bagdad porphyry copper deposit – which is the fifth largest copper mine in the US.

The company says that while this IP response may arise from deep VMS mineralisation, it is more akin to the response expected over a buried porphyry copper deposit.

Multiple holes will be drilled to evaluate this large, highly prospective target.

A drill permit application has been submitted, with approval expected during Q4 2023

and drilling to begin immediately after.

“With past production from six very high-grade VMS deposits in the immediate vicinity, coupled with its proximity to the fifth largest copper mine in the US, the Bagdad Porphyry Copper Deposit, the Javelin Project always had considerable exploration potential,” NWC MD Mike Haynes said.

“However, the IP results we received recently have exceeded our expectations.

“We have defined a very strong, distinct, shallow IP anomaly that lies in the exact position in the geological sequence where we would expect to find VMS mineralisation.

“What’s even more encouraging is that we have defined a different, but also very strong, deeper chargeability anomaly that extends over a 1.2km by 1.0km area.

“While this anomaly may arise from deep VMS mineralisation, the response is more akin to the IP response that would be expected over a buried porphyry copper deposit – in a district that hosts a world-class porphyry copper deposit.

“These are compelling exploration targets.

“We have already applied for a drill permit, and we expect to commence drilling to test these targets in the fourth quarter of this year.”