New World has exclusive rights to conduct exploration activities at Pinafore during the option period. Credit: Erica Finstad / Shutterstock.

New World Resources has secured a five-year option to acquire a 100% interest in the Pinafore Copper Deposit in northern Arizona, US.

This option agreement with Jacobsons Mining is set to expand New World’s copper assets in the region.

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The Pinafore Copper Deposit spans 134 acres and is a proterozoic-aged volcanogenic massive sulphide (VMS) deposit.

It shares geological characteristics with New World’s Antler copper deposit, which is located 75km to the north-west.

Historical production at Pinafore yielded around 10,000t, with notable concentrations of copper at 5% and zinc at 11%.

Under the agreement, New World made an initial payment of $300,000 to Jacobsons upon executing the deal.

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To maintain the option, the company is obliged to make five annual payments of $850,000 to Jacobsons.

During the option period, New World has exclusive rights to conduct exploration activities at Pinafore.

The company will cover all associated costs, including funding, planning, permitting, implementing, and reclaiming work programmes.

New World can claim full ownership of the Pinafore deposit at any point during the option period.

To do so, it must pay Jacobsons $2.5m and agree to a 2.5% royalty on all future production from the deposit.

New World managing director Mike Haynes said: “We are very pleased to have secured the right to acquire 100% of the very high-grade Pinafore Copper Deposit, which is located only 75km from our flagship high-grade Antler Copper Deposit in northern Arizona.

“This is yet another positive development as we implement our strategy of expanding our high-grade resource base – as we expect that a larger resource base will further enhance the already very robust economics of developing the Antler VMS Deposit.

“We are very encouraged that only nine holes have ever been drilled at Pinafore previously and that the mineralisation remains open in all directions. We are therefore confident we can increase our resource base by undertaking additional drilling at Pinafore.”