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New World Resources (ASX:NWC) has jumped more than 5% on news of copper drill hits at its Antler project in Arizona.
That jump in the share price is partly due to the fact this latest drill run was a resource upgrade campaign and not just straight exploration – and because the company said on Friday it’s now expecting to move ahead to development.
An updates resource is expected for delivery before Q2 CY2025.
(There’s still quite a lot to do between now and then, but shareholders were liking the news.)
The company highlighted one key drill hit on Friday: an 18.6m wide intercept coming in at 5.9% copper equivalent (CuEq), including:
- 2.8% copper
- 9.4% zinc
- 0.9% lead
- 41g/t silver
- 0.3g/t gold
However, this was the most promising drill hit. Another reported on Friday was more humble, coming in at 2.4m @ 1.9% CuEq.
Previous results from drill runs past have included 10.2m @ 10.8% CuEq; 08m @ 8.3% CuEq, and, 5.3m @ 6.8% CuEq – but the 18m hit on Friday is now what New World is running forward with.
At any rate, hitting the minerals you’re looking for in untested areas of a project to pump up the JORC numbers is always a good thing (though depths weren’t immediately advertised).
Worth noting: Drilling activity is currently focused around the Antler Deposit, which the company anticipates to be the first-mined underground target on-site in a world where the project hits positive FID.
“The reserve definition drilling program exceeded our expectations, which allows New World to proceed confidently to DFS and into development,” NWC MD Nick Woolrych said.
“We have started work on an updated Resource, which is expected to be finalised in Q1 2025, with the outcomes expected to include a sizeable component upgraded to Measured.”
NWC last traded at 2cps.
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