VANCOUVER, June 18, 2019 /CNW/ - New Dimension Resources Ltd. (TSXV:NDR) (the "Company", or "New Dimension") is pleased to announce that it has staked a total of 2,679 Ha of new exploration claims covering interpreted extensions to known high-grade gold and base metal targets in the Savant Lake project area, Ontario. This staking program includes three contiguous blocks of claims located immediately adjacent to New Dimension's existing 20,270 Ha Savant Lake project, in addition to a fourth block of claims covering prospective stratigraphy located along strike from Commander Resources' (TSXV:CMD) Sabin volcanogenic-hosted massive sulfide ("VMS") deposit (Figures 1 and 2).
- Exploration activities at Savant Lake are ongoing and remain focused on the discovery of i) high-grade, iron formation- (Musselwhite-type) and shear zone-hosted gold deposits, and ii) high-grade, base metal-rich (copper-zinc-gold) VMS deposits.
- Three new blocks of exploration claims have been staked along the margins of the existing Savant Lake project – one interpreted extension to the Big Sandy shear zone-hosted gold target, in addition to two interpreted extensions to VMS target areas located along the southern and southwestern margins of the existing property (Figures 3 – 6)1.
- A fourth block of exploration claims has also been staked over the stratigraphy prospective for the discovery of new VMS deposits along strike from Commander Resources' Sabin VMS deposit.
- Seven priority target areas (5 high-grade gold and 2 VMS targets) have been identified for future drill testing within the enlarged Savant Lake property package.
Eric Roth, New Dimension's CEO, commented today: "New Dimension has taken the initiative to stake new, highly-prospective exploration claims in the Savant Lake area, which will enhance the Company's exposure to potential new discoveries of high-grade gold and/or base metal deposits. Ontario's greenstone belts remain prospective for the discovery of new precious and base metal deposits, as evidenced by Great Bear Resources' recent success at the Dixie gold project, Red Lake. Our current activities are focused on defining specific drill sites within our 7 priority target areas at Savant Lake, all or which have seen either little or no previous drilling. I look forward to keeping the market informed as we complete these target generation activities and move towards drill testing at Savant Lake".
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Savant Lake Project
The Company's Savant Lake project is located within the Archean-age Savant Lake-Sturgeon Lake greenstone belt, some 240 km NW of Thunder Bay and 240 km S of Goldcorp's operating Musselwhite mine (Proven and Probable Reserves at June 30, 2017: 8.84 MT @ 6.65 g/t Au for 1.85Moz Au)2. The existing Savant Lake property covers approximately 20,270 Ha of meta-volcanic and meta-sedimentary rocks which are prospective for both iron formation- / shear zone-hosted gold and base metal-rich (copper-zinc-gold) VMS deposits. A further 2,679 Ha of new exploration claims have now been selectively staked over interpreted extensions to 4 key gold and base metal target areas.
Work completed by the Company at Savant Lake since 2016 has included surface mapping and prospecting, the completion of an airborne geophysical survey (both electromagnetics and magnetics), and an initial 8 hole / 1,626m diamond drill hole focused on geophysical targets in the northern portion of the property. However, a number of target areas with high-grade surface gold values were not tested by this drill program (Figure 4). A detailed project review undertaken in May, 2019, by independent Thunder Bay-based consulting company Fladgate has identified seven priority target areas (5 high-grade gold and 2 VMS targets) at Savant Lake for further field evaluation and drill testing.
With the completion of the recent staking, the status of New Dimension's property holdings in the Savant Lake area is as follows:
- The Company's is currently earning-in to a 100% interest in the existing 20,270 Ha Savant Lake property, with one final cash payment of CAD 30,000 due to be paid to the vendors on or before April 1, 2020, in order to complete the earn-in. The vendors also retain a 2% Net Smelter Royalty ("NSR") on the property, with 1% purchasable for CAD 1M.
- New Dimension is 100% beneficial owner of the recently-staked exploration claims. Those claims that fall within the 3.2 km Area of Interest ("AOI") as defined in the original Savant Lake property purchase agreement will be subject to a 2% NSR, with the remainder being free of NSR's.
1 Photographs shown in Figures 5 & 6 are of select samples/intervals and are not necessarily representative of the mineralization hosted on the property.
2 Mineralization hosted on adjacent and nearby properties is not necessarily indicative of mineralization that may be hosted on the Company's Savant Lake project.
Qualified Persons and Disclosure Statement
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101, and approved by Eric Roth, the Company's President & CEO, a director and a Qualified Person under NI 43-101. Mr. Roth holds a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM), and is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has over 25 years of experience in international minerals exploration and mining project evaluation.
On Behalf of the Board of New Dimension Resources Ltd.
Eric Roth, Ph.D., FAusIMM
President & CEO
About New Dimension Resources
New Dimension is engaged in the acquisition, exploration, and development of quality mineral resource properties throughout the Americas, with a focus on high-grade precious metals deposits. The Company's current focus is on the discovery of new high-grade gold-silver resources at its 100%-owned Las Calandrias, Los Cisnes and Sierra Blanca projects, all located in the highly prospective Deseado Massif of Santa Cruz Province, southern Argentina. The Company also holds an option to earn-in to a 100% interest in the Savant Lake gold project in Ontario, together with an active 29.56% JV interest (with Yamana Gold) in the Domain gold project in Manitoba.
Cautionary Notes and Forward-looking Statements
This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of New Dimension, including the timing, completion of and results from the exploration and drill programs described in this release. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyses made by New Dimension in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking information include those described under the heading "Risks and Uncertainties" in New Dimension's most recently filed MD&A. New Dimension does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE New Dimension Resources Ltd.