New World (ASX:NWC) add top end VMS targets to Javelin
July 31, 2023New World Resources’ completed IP survey over Javelin has delineated exceptional near-term drill targets to add to its VMS copper project in the US state of Arizona.
The company considers its several new shallow and very strong chargeability anomalies to offer considerable discovery potential, revealed alongside a deeper and similarly strong anomaly just seven kilometres from the fifth largest copper mine in the United States.
New World Managing Director Mike Haynes said the IP results had exceeded its expectations, defining a very strong, distinct, shallow IP anomaly in the exact position it expects to find VMS mineralisation.
“With past production from six very high-grade VMS deposits in the immediate vicinity, coupled with its proximity to the 5th largest copper mine in the US, the Bagdad Porphyry Copper Deposit, the Javelin Project always had considerable exploration potential,” Mr Haynes said.
“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,” he added.
“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!”
Forward plan
New World has applied for a drill permit and expect to begin drilling this year and has also welcomed a strategic $5 million investment from US private equity firm RCF Opportunities to bring its high-grade Antler Copper Project to production as soon as possible 75 kilometres to the northwest of Javelin.
In a busy news day, the company also announced the transition of Non-Executive Director Nick Woolrych to full-time capacity, and the seasoned mining engineer will now serve as Executive Director and Chief Operating Officer as it finalises the Mine Plan of Operations for Antler.
Geology of Javelin and location of recent IP anomalies
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