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- New World Resources (NWC) acquires 100 per cent of the Antler Copper Deposit in Arizona, USA
- In January 2020, New World entered an agreement with SW Metals to acquire Antler and since then has paid US$1.32 million (A$1.82 million)
- The company must now make annual payments of US$75,000 (A$103,170) until the start of commercial production
- Additionally, New World will now begin work to prepare an independent maiden JORC mineral resource estimate which is expected in October 2021
- New World is steady on the market with shares trading at 6.7 cents at 3:08 pm AEDT
New World Resources (NWC) has acquired 100 per cent of the Antler Copper Deposit in Arizona, USA.
In January 2020, New World entered an option and purchase agreement with SW Metals to acquire Antler.
To acquire 100 per cent ownership, New World has paid US$1.32 million (A$1.82 million) funded from its cash balance.
New World must now make annual payments of US$75,000 (A$103,170) until the start of commercial production and a further US$1 million (A$1.37 million) two months after commercial production begins.
Ten further cash payments of US$100,000 (A$137,560) will be paid on each monthly anniversary of the production payment.
New World has been drilling at Antler continuously since March 2020 and has consistently generated exceptional results.
Mineralisation remains completely open at depth and to the south – highlighting the potential to continue increasing the resource base.
New World will now begin work to prepare an independent maiden JORC mineral resource estimate (MRE) which is expected in October 2021.
Managing Director Mike Haynes commented on the acquisition.
“We had until 2024 to exercise our option to take 100 per cent ownership of the Antler Copper Deposit,” Mr Haynes commented.
“But in light of the exceptional exploration results we have consistently generated from our ongoing drilling program over the past 18 months, we are becoming increasingly confident that we are approaching the point of delineating a critical mass to mine.
“So, while we continue to explore, we intend concurrently advancing Antler through the mine permitting process, having 100 per cent ownership of the project will help streamline that process.”
New World was steady on the market with shares trading at 6.7 cents at 1:43 pm AEDT.
