New World Resources : Outstanding Intercepts from Deep Drilling Continue at Antler

OUTSTANDING INTERCEPTS FROM DEEP DRILLING CONTINUE

TO EXPAND THE ANTLER COPPER PROJECT

Thick, high-grade mineralisation continues to be intersected in the deepest holes drilled at the Antler Deposit, pointing to further growth in the resource base

Highlights
onlyDrilling to Test Depth Extensions of the Antler Deposit
 Excellent assay results received from two of the deepest holes ever drilled at the Antler
	Copper Deposit in Arizona, USA.
 A combined total of 21.7m of mineralisation intersected in three intervals in drill-hole
use	ANT70W1, including:
• 17.9m# @ 1.8% Cu, 8.9% Zn, 0.7% Pb, 32.3 g/t Ag and 0.42 g/t Au from 918.6m
(17.9m# @ 4.8% Cu-equivalent*); and
personal	• 2.8m# @ 3.1% Cu, 7.8% Zn, 0.1% Pb, 13.3 g/t Ag and 0.05 g/t Au from 951.9m
(2.8m# @ 5.3% Cu-equivalent*).
 A combined total of 21.1m of mineralisation intersected in three intervals in drill-hole
	ANT77#, including:

• 19.1m# @ 2.2% Cu, 1.4% Zn, 1.1% Pb, 50.3 g/t Ag and 0.73 g/t Au from 893.4m (19.1m# @ 3.0% Cu-equivalent*).

 Results from ANT70W1 and ANT77 demonstrate that thick, very high-grade mineralisation in the "Main Shoot" extends over at least 100m of strike at the deepest levels drilled to date - with the mineralisation remaining completely open at depth.

In-fill Drilling at the Antler Deposit

 Significant intersections of high-grade mineralisation in several shallow drill holes, including:

• • 10.3m# @ 0.9% Cu, 1.4% Zn, 1.7% Pb, 77.4 g/t Ag and 1.08 g/t Au from 106.6m (10.3m# @ 2.3% Cu-equivalent*)in ANT79;
  • 4.4m# @ 0.8% Cu, 5.2% Zn, 1.3% Pb, 37.0 g/t Ag and 0.16 g/t Au from 91.5m For (4.4m# @ 2.7% Cu-equivalent*)in ANT82; and
  • 3.9m# @ 0.7% Cu, 5.5% Zn, 0.8% Pb, 20.2 g/t Ag and 0.09 g/t Au from 256.1m (3.9m# @ 2.6% Cu-equivalent*)in ANT75.
• Three rigs continue to drill at Antler to further expand the Resource, with assays pending for 16 completed drill holes.

#True thicknesses are interpreted to be approximately 80-90% of the down-hole thicknesses that are reported here.

*Refer to the detailed explanation of the assumptions and pricing underpinning the copper equivalent calculations on page 6 of this announcement and in Section 2 of the attached JORC Code Table (Appendix 1).

New World's Managing Director, Mike Haynes, said: "We have had a great start to 2022, with deep drilling at Antler continuing to deliver outstanding results. Intersecting more than 21 metres of very high-grademineralisation in each of two of the deepest holes drilled to date shows that the Main Shoot extends over a considerable strike extent at depth."

New World Resources Limited I ASX: NWC I Page 1

ASX RELEASE

20 JANUARY 2022

New World Resources

Limited

ABN: 23 108 456 444

ASX Code: NWC

DIRECTORS AND

OFFICERS:

Richard Hill

Chairman

Mike Haynes

Managing Director/CEO

Tony Polglase

Non-Executive Director

Ian Cunningham

Company Secretary

CAPITAL STRUCTURE: Shares: 1,594.7m Share Price (19/1/22): $0.084

PROJECTS:

Antler Copper Project,

Arizona, USA

Tererro Copper-Gold-

Zinc Project, New

Mexico, USA

Colson Cobalt-Copper

Project, Idaho, USA

Blackpine Cobalt-

Copper-Gold Project,

Idaho, USA

Panther

Cobalt-Copper Project,

Idaho, USA

CONTACT DETAILS:

1/100 Railway Road, Subiaco, WA Australia 6008

Ph: [phone] [e-mail] www.newworldres.com

1.0m# @ 4.8% Cu, 2.0% Zn, 0.1% Pb, 18.9 g/t Ag and 0.43 g/t Au from 914.4m (1.0m# @ 5.1% Cu-equivalent*);

17.9m# @ 1.8% Cu, 8.9% Zn, 0.7% Pb, 32.3 g/t Ag and 0.42 g/t Au from 918.6m (17.9m# @ 4.8% Cu-equivalent*);and

2.8m# @ 3.1% Cu, 7.8% Zn, 0.1% Pb, 13.3 g/t Ag and 0.05 g/t Au from 951.9m (2.8m# @ 5.3% Cu-equivalent*).

"This gives us further confidence that there is enormous potential to discover more mineralisation and expand the already significant maiden Mineral Resource of 7.7Mt at 3.9% copper equivalent which we announced in November last year. We have three rigs operating on site and we continue to drill deeper and deeper to discover the true extent and scale of the system while we advance rapidly towards our objective of restarting production at Antler.

only"Given the favourable outlook for all of the metals contained within this high-quality,high-grade deposit, and the favourable jurisdiction within which it is located, namely Arizona, we are very optimistic about the outlook for New World in 2022 and beyond."

New World Resources Limited ("NWC", "New World" or the "Company") is pleased to report that it has received assay results for a further eight (8) drill holes completed at its 100%-owned Antler Copper Deposit in Arizona, USA.

The objectives of recent drilling have been to:

1. Continue to extend the mineralisation at the Antler Deposit at depth; and
2. Complete additional, relatively shallow, drilling to improve the understanding of the mineralisation that is expected to be developed early in the mine schedule.

useA ays have now been received for two additional "deep" holes (ANT70W1 and ANT77) as well as for six "shallow" holes (ANT73, ANT75, ANT76, ANT78, ANT79 and ANT82; see Figures 1 & 2 and Tables 1 & 2).

Assay Results from Deep Extensional Drilling in the Main Shoot at the Antler Deposit

Following the intersection of a combined total of 43.5m of mineralisation in the deepest hole ever drilled at the Antler Deposit, ANT70, (see NWC's ASX Announcement dated 30 November 2021) a "wedge" was drilled from that parent

personalho e to test for the strike extension of that thick mineralisation to the north (ANT70W1).

Like ANT70, ANT70W1 also intersected three intervals of mineralisation, this time with a combined thickness of 21.7m, over a 40.3m interval (down-hole) which included 3.2m and 15.3m intervals of unmineralised "waste" between the three mineralised intervals.

Assay results show the mineralised intervals intersected in ANT70W1 comprised:

•

•

•

The mineralisation intersected in ANT70W1 is located approximately 50m to the north of the mineralisation intersected in ANT70.

ForConcurrent with the drilling of ANT70W1, a second rig drilled a new "parent hole", ANT77, to continue to explore the depth extensions of the Antler Deposit - this time targeting the deep mineralisation in the Main Shoot to the south of that intersected in ANT70.

ANT77 also intersected three intervals of mineralisation, this time with a combined thickness of 21.1m, over a 27.5m interval (down-hole) which included 3.3m and 3.1m intervals of marginally mineralised "low-grade waste" between the three mineralised intervals.

Assay results show the mineralised intervals intersected in ANT77 comprised:

• 1.4m# @ 0.2% Cu, 0% Zn, 0.8% Pb, 44.0 g/t Ag and 2.69 g/t Au from 885.0m (1.4m# @ 1.5% Cu-equivalent*);
• 0.7m# @ 1.1% Cu, 0.1% Zn, 0.4% Pb, 28.0 g/t Ag and 1.05 g/t Au from 889.7m (0.7m# @ 1.6% Cu-equivalent*); and

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10.3m# @ 0.9% Cu, 1.4% Zn, 1.7% Pb, 77.4 g/t Ag and 1.08 g/t Au from 106.6m (10.3m# @ 2.3% Cu-equivalent*)in ANT79;

4.4m# @ 0.8% Cu, 5.2% Zn, 1.3% Pb, 37.0 g/t Ag and 0.16 g/t Au from 91.5m (4.4m# @ 2.7% Cu-equivalent*)in ANT82; and

3.9m# @ 0.7% Cu, 5.5% Zn, 0.8% Pb, 20.2 g/t Ag and 0.09 g/t Au from 256.1m (3.9m# @ 2.6% Cu-equivalent*)in ANT75.

• 19.1m# @ 2.2% Cu, 1.4% Zn, 1.1% Pb, 50.3 g/t Ag and 0.73 g/t Au from 893.4m (19.1m# @ 3.0% Cu-equivalent*).

ANT77 deviated off-course from its intended position, eventually intersecting mineralisation closer to ANT70 than intended - albeit that the mineralisation intersected in ANT77 is located approximately 20m to the south of the

onlymineralisation intersected in ANT70.

As a result, the intercepts now reported for ANT77W1, ANT70 and ANT77 have defined the strike extent of the Main Shoot to be at least 100m at the deepest levels tested by drilling to date - which is approximately 680m down-dip from the mineralisation that outcrops at surface. This clearly demonstrates the growing scale and significance of the mineralised system at Antler at depth.

Mineralisation remains completely open at depth over the entire 500m of strike that has been drill-tested to date, so further deep extensional drilling to further expand the resource base is continuing.

useAssay Results from Recent Shallow Drilling at the Antler Deposit

While preparing the Company's maiden JORC Mineral Resource Estimate for the Antler Deposit recently (which, at a 1.0% Cu-equivalentcut-off, comprises 7.7Mt @ 2.2% Cu, 5.3% Zn, 0.9% Pb, 28.8g/t Ag and 0.18g/t Au or 7.7Mt @ 3.9% Cu-equivalent*; see Table 3), New World decided to undertake a 10-12 hole program of relatively shallow drilling to improve its understanding of the shallow mineralisation that is expected to be developed early in the mine schedule.

The results of this shallow drilling program will also help to evaluate the merits of potentially seeking to develop a starter open pit mine at Antler.

personalAssay results have been received for six of these shallow holes. Significant mineralisation has been intersected in several of them, with results including:

•

•

•

The assay results from these holes are in-line with expectations, as this drilling is essentially "in-fill" drilling around pr vious holes. However, importantly, the new results continue to add confidence to the Resource base, which will facilitate more accurate mine design work during the ongoing mining study (see below).

Forward Plans

Ongoing Drilling Program

ForThree diamond core drilling rigs continue to operate at the Antler Project. With the recent, small, shallow drilling pr gram now complete (see above), all three rigs are now working on resource expansion, particularly at depth.

Two rigs are currently drilling at depth under the Main and South Shoots.

The third rig has commenced drilling from a recently constructed drilling pad to begin to test for the southern extension of the Antler Deposit. This includes testing a 150m-long extension of a sizeable CSAMT anomaly that has recently been confirmed to be associated with high-grade mineralisation, but which is yet to be drill-tested (see NWC ASX Announcement dated 20 April 2021).

Assay results are currently pending for an additional 16 completed holes.

Ongoing Mining Study

The robustness and high-grade nature of the Mineral Resource Estimate announced for the Antler Deposit in November 2021 gives the Company confidence that it should be possible to re-commence mining at Antler for the first time since 1970.

New World Resources Limited I ASX: NWC I Page 3

Accordingly, the Company has commenced initial mining studies, which is a critical step in the preparation of mine permit applications. Initial results from these studies are expected in the coming months.

personal use only

Figure 1. Long Section through the Antler Deposit showing the location of the Company's drill-holes (gold and green colours), with historical

For

underground workings, historical drilling and select significant intersections in previous drilling (white text boxes).

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use only
personal
Figure 2. Long Section of grade x thickness for copper equivalent results from the Antler Deposit showing historical underground workings,
	grade-thickness results for all surface drilling and select significant intersections in previous drilling (yellow text boxes for previously
For		announced results and green text boxes for new results announced here).
Authorised for release by Michael Haynes, Managing Director
or further information please contact:
Mike Haynes		Media Inquiries:
Managing Director/CEO		Nicholas Read - Read Corporate
New World Resources Limited	Phone: [phone]
Phone: [phone]		Email:[e-mail]
Email:[e-mail]

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