New World Resources Ltd (ASX: NWC) shares are flying this morning after the company announced it has found a 'massive' copper-zinc deposit. As of writing, the New World share price has leapt 8.3% to 6.3 cents.
In earlier trade, the company's shares rallied as high as 6.8 cents to hit a new, 52-week high before partially retreating. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.99%.
Let's take a closer look at what the mining company announced.
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What did New World announce?
The New World Resources share price is on the rise after the miner declared it has found "new deep massive sulphide intercepts" at its Antler Copper Project in Arizona.
The company claims it has been continuously drilling the site for the last 6 to 8 months. In that time, in deeper extraction points, it has discovered at least a 23.3 metre thick ore containing 6.7% copper equivalent and a 23.1 metre thick ore containing 4.5% copper equivalent.
In its announcement, New World claims it "intersected more than 17 metres of very well mineralised material…"
At its secondary drill site in Antler, the company also stated its belief that mineralisation quality is improving at deeper levels.
New World managing director Mike Haynes said of the result:
This is another significant achievement in our exploration of the Antler Copper Deposit. In the past week, we have completed the deepest holes we have drilled so far… These holes have both intersected more than 17m of very good-looking mineralisation.
He added:
This bodes well for the potential to expand the resource base at Antler. And the thick, high-grade, nature of the mineralisation intersected should continue to positively impact the economics of our plans to resume mining operations in the near term.
Copper's commodity price is soaring
The website Trading Economics lists the price of copper in the commodities market at US$4.15 per pound. It's up by 2.5% today, by nearly 9% in the past month and by 17.8% over the course of the year.
Copper, along with lithium and rhodium, is becoming more valuable as consumers and industries increase their focus on moving towards a greener, climate-friendly future. Many expect the price of copper to continue to increase as demand recovers from the COVID-19 pandemic, and supply constricts due to labour unrest in Chile.
New World share price snapshot
This time last year, the New World share price was sitting at 0.9 cents. At today's market price, the company has increased its value by a whopping 622%. New World shares hit a 52-week high of 6.6 cents at the beginning of this year before breaching this record in intraday trading today.
New World Resources has a market capitalisation of around $80 million.
