TSX-V: NDR
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).
Highlights
- 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".
Link to figures:
https://newdimensionresources.com/site/assets/files/13136/2019_06_savant_lake_figures.pdf
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"
___________________________
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.
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SOURCE New Dimension Resources Ltd.