TSXV: NDR
VANCOUVER, BC, Sept. 21, 2020 /CNW/ - New Dimension Resources
Ltd. (TSXV: NDR) (the "Company", or "New Dimension") is pleased to
announce that it has executed an earn-in agreement with Ethos Gold
Corp. (TSXV: ECC)("Ethos") in which Ethos may earn-in to a 70%
interest in the Savant Lake
project in return for staged cash and share payments to New
Dimension and $C 2M of work
commitments.
The Savant Lake project is
located 240km NW of Thunder Bay,
Ontario, and covers 22,900 Ha (229 square kilometres) of
underexplored but highly prospective stratigraphy for the discovery
of high-grade iron formation- and shear-hosted gold deposits.
Exploration activities to date have focused on seven known iron
formation-hosted gold occurrences, with the highest gold grade
showings (Horseshoe, Snowbird, L28) having never been drill tested
and the remainder inadequately tested by historical drilling (see
Company New Releases dated November 21,
2018 and December 2, 2019).
Airborne magnetic data also indicate that 60km of cumulative strike
length of prospective, folded iron formations remain to be
evaluated (with 90% of this strike length having either limited or
no surface exposure). Shear-hosted gold occurrences have also been
identified within flanking bimodal volcanic rock sequences.
Terms of the Agreement
Ethos may earn-In to a 70% interest in the Savant Lake property in return for the
following cash and share payments to New Dimension and associated
work commitments:
|
Cash
|
Ethos
Shares
|
Work
Commitment
|
|
|
|
|
On
signing
|
$50,000
|
2,000,000
|
|
|
|
|
|
September 20,
2021
|
$50,000
|
2,000,000
|
$500,000
|
|
|
|
|
September 20,
2022
|
$50,000
|
2,000,000
|
$1,500,000
|
|
|
|
|
September 20,
2023
|
$50,000
|
2,000,000
|
$500,000
|
|
|
|
|
Total
|
$200,000
|
8,000,000
|
$2,000,000
|
In addition, in the event of a National Instrument 43-101
("NI-43-101") compliant mineral resource of >1 million ounces of
gold being defined on the property, then Ethos will make a further
payment to New Dimension of $50,000
in cash and 2 million Ethos shares.
Eric Roth, New Dimension's CEO,
commented today: "I am extremely pleased to be announcing this
earn-in agreement with Ethos on our Savant Lake property. We have always been firm
believers in the potential for a significant discovery at
Savant Lake, and now in Ethos we
have a strong partner with an impressive track record of discovery
and the financial strength to move the project forward. Ethos's
technical team is headed by Jo Price
as VP Exploration, with Rob
Carpenter - the former CEO of Kaminak Gold, which was
acquired by Goldcorp in 2016 for $500
million - leading Ethos's Technical Advisory Group.
With day-to-day operations at both our Savant Lake and Domain projects now being
managed by Joint Venture partners, this will allow us to focus on
advancing our recently-acquired, high-grade Løkken and Kjøli copper
projects in Norway and the
Southern Gold Line project in Sweden towards drilling. I look forward to
keeping the market informed on advances at all of our Canadian and
Scandinavian projects".
About the Savant Lake Project
The Savant Lake project is
located within the Archean-age Savant
Lake-Sturgeon Lake
greenstone belt, approximately 240 km NW of Thunder Bay and 240 km S of Newmont's
operating Musselwhite mine1 (Proven and Probable
Reserves at December 31, 2019: 9.9 MT
@ 6.52 g/t Au for 2.09Moz Au2). The Company's mineral
claims in the Savant Lake area
total 229 square kilometres and cover meta-volcanic and
meta-sedimentary rock sequences which are prospective for both iron
formation ("Musselwhite-type")- and shear zone-hosted gold
deposits, in addition to base metal-rich (copper-zinc-gold) massive
sulfide ("VMS") deposits. The Company completed an initial 8 hole /
1,626 m diamond drill program at
Savant Lake in 2017 on select
geophysical targets in the northern part of the property, however,
numerous high-grade gold targets in the central and southern
portion of the property remain untested.
1
Mineralization hosted on adjacent and nearby properties is not
necessarily indicative of mineralization that may be hosted on the
Company's Savant Lake project. 2 Source: Newmont Reserve
and Resource Statement: February 13, 2020.
|
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 Ltd
New Dimension is engaged in the acquisition, exploration, and
development of quality mineral resource properties in favourable
jurisdictions with a focus on high-grade gold and base metal
deposits. The Company's current focus is on the discovery through
exploration of high-grade gold deposits on its newly-acquired
100%-owned Southern Gold Line Project (Sweden), as well as on its Savant Lake project (Ontario) and its 29.6% interest in the Domain
Joint Venture with Yamana Gold in Manitoba (Canada). In addition, the Company
has acquired 100% interests in two large properties covering the
past-producing Løkken and Kjøli copper-rich massive sulfide
deposits in central Norway and in
which drill-ready targets have already been identified.
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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content:http://www.prnewswire.com/news-releases/new-dimension-options-savant-lake-gold-project-to-ethos-gold-301134150.html
SOURCE New Dimension Resources Ltd.