The company's drilling over the past year has allowed it to outline a new resource of 11.4 million tonnes at 4.1% copper equivalent, based on a 1% CuEq cut-off.

 

That is up from the resource of 7.7Mt at 3.9% CuEq.

 

With 79% of the resource now defined as indicated, New World managing director Mike Haynes said the deposit was now more robust than ever and "is one of the highest-grade copper deposits in the world".

 

He expects the economics should support a larger redevelopment than was originally considered, with an updated scoping study is due in early 2023, and a prefeasibility study expected in the second half of the year.

 

The initial 1Mtpa scoping study, suggesting revenue of $2 billion and free cash flow of $952 million over the 10-year life of mine from a $201 million development.

 

The study estimated C1 cash costs for copper, after credits for the zinc, lead, silver, and gold co-products of negative 31c per pound.

 

The junior has three rigs at Antler looking to further grow resources. 

 

The main deposit is open at depth, with recent deep drilling delivering some of the highest grades yet, including 27m at 7% in the South Shoot below 900m.

 

Recent work has defined new, high-priority coincident geophysical/geochemical targets over 6km of strike to the north-east of Antler that it plans to drill next year seeking more mineralisation above 300m.

 

If New World can resurrect Antler it will be the first time the mine has operated in over 50 years. 

 

Construction could begin in late 2024.

 

The company raised A$8 million at 3.2c in July and had $6 million remaining at the start of the quarter.

 

New World's shares have traded at 2.8-9c over the past year and were last traded at 3.8c, valuing it at $70 million.