New World Resources Secures $20M to Propel High-Grade Antler Copper Project Forward in Arizona

New World Resources Ltd (ASX: NWC) has attracted strong support for a placement from domestic and international institutional investors, at a time of very robust copper prices.

Firm commitments have been received to raise $20.4 million before costs, at $0.036, a 18.2% discount to the most recent closing price.

The company also held $8.4 million in cash at the end of 2023, with $280,000 in securities.

Proceeds will be applied to accelerate exploration drilling, reserve definition drilling, project development work and mine permitting at the high-grade and wholly-owned Antler Copper Project in Arizona.

U.S. copper potential

The jurisdiction is mining friendly and skilled, with 70% of all U.S. copper is mined in the state.

Antler is one of the highest-grade emerging copper development projects globally, with a compelling exploration upside.

The resource at a 1.0% copper equivalent cut-off stands at 11.4 million tonnes at 2.1% copper, 5.0% zinc, 0.9% lead, 32.9 g/t silver and 0.36 g/t gold.

This represents a 4.1% copper-equivalent, with 79% in the indicated confidence category.

The robust nature of the resource is reinforced when an even more rigorous 2.0% copper-equivalent cut-off grade is applied, which results in only a 5% reduction in tonnes of contained metal on a copper equivalent basis.

Advance towards production

Mike Haynes, managing director, commented:

“Near-term work will include expediting exploration drilling to continue to expand our resource base while we rapidly advance Antler to production.

“We have recently defined a multitude of high-priority exploration targets that have never been drill-tested – and the funds from the placement will enable us to fast-track their evaluation.”

Responsible development approach

The company considers Antler to be an environmentally and socially responsible development approach.

There will be underground mining only, with dry-stack filtered tailings, and around half of the tailings to be used as underground fill.

Almost all infrastructure on privately-owned land, with comparably low carbon emissions.

The project is both 15 kilometres from rail and the interstate highway, and 55 kilometres from a city of 30,000 people.

Scoping Study

  • Mining a total of 15.4 million tonnes from an underground mining operation at a rate of 1.3-1.5 million tonnes per annum over an initial 13+ year operating period
  • Producing 381,400 tonnes of copper-equivalent metal in concentrate over the initial 13+ year operating period, including 190,300 tonnes of copper-in-concentrate
  • Producing an average of 32,700 tonnes of copper-equivalent metal-in-concentrate per year once steady-state production is achieved. This includes an average of 16,400 tonnes, and up to 18,700 tonnes of copper-in-concentrate per year

 

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