New World Resources has announced a significant 25% increase in the Antler Copper Project's mineral resource to 14.2 million tonnes at 3.8% copper equivalent, with 88% now classified as measured and indicated, underpinning its path to production in 2027.
- 25% increase in Antler Mineral Resource to 14.2Mt at 3.8% CuEq
- 88% of resource now classified as measured and indicated
- 16% rise in contained copper equivalent metal to 543kt
- Updated resource supports ongoing Definitive Feasibility Study (DFS)
- Strong project economics highlighted in prior Pre-Feasibility Study (PFS)
Resource Upgrade Marks Major Milestone
New World Resources Limited (ASX: NWC) has delivered a substantial boost to its flagship Antler Copper Project in northern Arizona, announcing a 25% increase in its mineral resource to 14.2 million tonnes at an impressive 3.8% copper equivalent. This update not only expands the size of the resource but also enhances geological confidence, with 88% now classified as measured and indicated, categories that reflect a high degree of certainty and underpin robust mine planning.
Contained Metals and Geological Confidence
The revised Mineral Resource Estimate (MRE) reveals a 16% increase in contained copper equivalent metal to approximately 543,000 tonnes, alongside a 27% rise in contained silver and a 15% uplift in gold. Notably, the Antler Sulphide Domain, which forms the core of the planned mining operation, has grown by 11% to 12.7 million tonnes at 4.1% CuEq, with 90% of this now in the measured and indicated categories. This domain’s high-grade material is expected to support the first 3 to 4 years of mining, providing a strong foundation for early production.
Pathway to Production and Project Economics
The resource upgrade comes as New World progresses its Definitive Feasibility Study (DFS), scheduled for completion in late 2025, with first production targeted for 2027. The company’s Managing Director, Nick Woolrych, emphasised the significance of the update, highlighting that the enhanced resource base and increased confidence materially de-risk the project and strengthen its financing and permitting prospects.
Earlier in 2024, the Pre-Feasibility Study (PFS) outlined robust project economics, including a 12.2-year mine life, average annual production of 30,100 tonnes copper equivalent, and a pre-tax net present value (NPV) of US$636 million with an internal rate of return (IRR) exceeding 30%. The updated resource is expected to underpin an even more reliable DFS and support a range of financing options, including commercial debt and precious metals streaming.
Geological Insights and Exploration Upside
The Antler deposit is a volcanogenic massive sulphide (VMS) system, with mineralization hosted in multiple domains including the Antler Sulphide Zone, Alteration Zone, and the B-Lode. The recent drilling and exploration review have refined the geological model, revealing new mineralized zones and improving the understanding of the deposit’s morphology. The B-Lode, in particular, remains underexplored and presents a compelling target for resource expansion near existing underground infrastructure.
With the deposit remaining open at depth and along strike, New World is well positioned to continue exploration efforts that could extend mine life or increase production scale, further enhancing the project’s value proposition.
Next Steps and Market Implications
As New World advances the DFS and moves toward securing permits by early 2026, the market will be watching closely for updates on financing arrangements and detailed mine plans. The company’s ability to translate this upgraded resource into a viable, high-grade copper operation will be critical amid rising global demand for copper driven by the energy transition.
Bottom Line?
New World’s resource upgrade cements Antler’s status as a high-grade copper contender, setting the stage for a pivotal DFS and financing phase ahead of 2027 production.
Questions in the middle?
- How will the updated resource impact the final mine plan and reserve estimates in the DFS?
- What financing structures will New World pursue to fund development given the improved resource confidence?
- What exploration potential remains in the under-drilled B-Lode and other domains to extend mine life?