Skip to main content

The Antler Copper Deposit is located 15km east of Yucca in northwestern Arizona, USA. It is a high-grade, polymetallic, volcanogenic massive-sulphide (VMS) Cu-Zn-Pb-Ag-Au deposit. Mineralisation outcrops at surface over 750m of strike. The Deposit dips to the west-northwest at around 55ᵒ.

Intermittent production from the Deposit between 1916 and 1970 totalled approximately 70,000 tonnes of ore at a grade of around 2.9% Cu, 6.9% Zn, 1.1% Pb, 31 g/t Ag and 0.3 g/t Au.

In January 2020 New World entered into an option agreement that provided it the right to acquire 100% of the Antler Deposit that is located on two patented mining claims (private surface and mineral rights covering a total of 40 acres).

In September 2021, following very successful initial work programs, New World exercised its option – so now owns the Antler Deposit while also holding a 100% interest in an additional 240 unpatented mining claims (covering 4,050 acres) on adjoining federal lands administered by the Bureau of Land Management (“BLM”).

Excellent infrastructure services the Antler Project, including:

  • An interstate highway and transcontinental rail line both servicing Yucca, 15km to the east of Antler;
  • Unsealed roads extend directly to the historical headframe at the Antler Deposit;
  • A mains power transmission line already comes to within 750m of the headframe, albeit the power lines will need to be upgraded for mining operations; and
  • A skilled workforce of 30,000 people living in the town of Kingman, 40km to the north.

JORC Mineral Resource Estimate

Utilising assay results available for all drilling completed to the end October 2022, the Mineral Resource Estimate for the Antler Copper Deposit, at a 1.0% Cu-equivalent cut-off, comprises:

11.4Mt @ 2.1% Cu, 5.0% Zn, 0.9% Pb, 32.9g/t Ag and 0.36g/t Au

(11.4Mt @ 4.1% Cu-equivalent)

79% of the mineralisation is classified in the high-confidence “Indicated” category.

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

9.8Mt @ 2.4% Cu, 5.6% Zn, 0.9% Pb, 34.3g/t Ag and 0.35g/t Au

(9.8Mt @ 4.5% Cu-equivalent)

Scoping Study

In May 2023 New World announced the results from a Scoping Study that assessed the potential development of the Antler Copper Deposit. Assumed commodity prices were: copper – US$8,500/tonne; zinc – US$2,800/tonne; lead – US$2,000/tonne; silver – US$20/oz; and gold – US$1,800/oz.

Key Outcomes

Production Profile

The Scoping Study contemplates:

  • Mining a total of 15.4Mt from an underground mining operation at a rate of 1.3-1.5Mtpa 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); and
  • 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.

Project Economics

Favourable economics have been forecast in the Scoping Study, including:

  • Generation of US$3.0bn (A$4.3bn) of revenue during the period under study;
  • US$1.5bn (A$2.1bn) of free cash flow (after all capital expenditure) over the initial operating period;
  • Modest pre-production capital requirements of US$252m (including US$44.2m contingency);
  • US$153m (A$219m) of free-cash is generated each year when steady-state production averaging 1.3Mtpa is achieved;
  • C1 cash costs, on a copper-equivalent basis, of US$1.68/lb over the initial operating period;
  • C1 cash costs for copper, after co-product credits, of negative US$0.50/lb over the initial operating period;
  • NPV7 of US$835m (A$1.2bn; pre-tax); and
  • IRR of 40.2% (pre-tax).

Mine Permitting

Given the very robust economics outlined in the Scoping Study, New World is now advancing the Antler Project through mine permitting so it can commence mining operations as soon as practicable.

Exploration Potential

Mineralisation at the Antler Copper Deposit remains completely open at depth, with results from some of the deeper holes drilled to date including:

  • 27.0m @ 7.0% Cu-equivalent
  • 18.2m @ 3.4% Cu-equivalent;
  • 10.7m @ 13.7% Cu-equivalent; and
  • 21.3m @ 5.3% Cu-equivalent

So there remains considerable potential to continue to increase the resource base at the Antler Project, including:

  • At depth at the Antler Deposit itself;
  • Along strike from the Antler Deposit, particularly to the south;
  • Over >6km of strike to the NE of the Antler Deposit, in the Roadrunner Project area, where multiple coincident soil geochemistry and induced polarisation (IP) geophysical anomalies have been delineated recently in highly prospective geological sequences; and
  • At regional projects where additional mineralisation may be within trucking distance of the Antler Project.

Accordingly, further exploration to continue to increase the resource base, remains a high priority for the Company.

Pre-Feasibility Study

To continue to de-risk the technical aspects of the development of the Antler Project, a Pre-Feasibility Study (PFS) has commenced. This will include evaluation of multiple parameters that may further enhance the development of the Project.

Figure 1. Location of the Antler Copper Project, Arizona, USA.

Figure 2. Infrastructure in the Antler Project Area.

Figure 3. All Indicated and Inferred Blocks greater than 1.0% Cu-equivalent for the Antler Resource Block Model – looking north (local grid).

Figure 4. All Indicated and Inferred Blocks greater than 1.0% Cu-equivalent for the Antler Resource Block Model – looking east (local grid).

Figure 5: Annual production profile for the initial operating period at the Antler Copper Deposit.

Figure 6. Proposed Site Development Plan.

Figure 7: Grade-thickness long section illustrating distribution of mineralisation at the Antler Copper Deposit.

Figure 8. Extensive soil geochemical anomalies remain untested at and along strike from the Antler Copper Deposit.