New Dimension Completes Earn-In on Savant Lake Gold Project
New Dimension Completes Earn-In on Savant Lake Gold
Project
VANCOUVER
,
April 7, 2020
/CNW/ - New Dimension Resources Ltd. (TSXV: NDR) (the "Company", or "New Dimension")
is pleased to announce that it has successfully completed its earn-in to a 100% interest in the
Savant Lake
high-grade
gold project in northwestern
Ontario
.
The
Savant Lake
project covers 20,270Ha of underexplored but highly prospective Archean stratigraphy for the discovery
of both high-grade, iron formation-hosted gold deposits, and base metal-rich massive sulfide deposits. Seven priority
target areas (5 high-grade gold and 2 massive sulfide) have been identified to date at
Savant Lake
for drill testing (see
Company News Release dated
December 2, 2019
). A further 2,679Ha of new exploration claims were staked by the
Company in June, 2019, over interpreted extensions to the known priority target areas.
Eric Roth
, New Dimension's CEO, commented today: "I am very pleased to be reporting today that New Dimension has
completed its earn-in to a 100% interest in the
Savant Lake
project.
Savant Lake
is a drill-ready project with significant
potential for the discovery of both high-grade gold and base metals deposits. Our short-term priority for the
Savant Lake
project will be to continue discussions related to the funding of an initial
3,500m
diamond drill program, including through
potential deals with appropriate Joint Venture partners. I look forward to keeping the market informed as we move
towards executing this drilling".
About the Savant Lake Project
The
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)
1
. 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 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.
The vendors of the
Savant Lake
property will retain a 2% Net Smelter Royalty ("NSR") on any future metal production
from
Savant Lake
, with being 1% of this NSR being available for purchase by NDR for
CAD 1M
.
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.
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
advancing the Domain gold project in
Manitoba
(NDR 29.6% JV interest with Yamana Gold Inc), together with the
discovery of new high-grade gold resources at the drill-ready and 100%-owned
Savant Lake
(
Canada
) and
Sierra Blanca
(
Argentina
) projects. The Company also continues to evaluate strategic alternatives for the 100%-owned Las Calandrias
and Los Cisnes projects in the highly prospective Deseado Massif of
Santa Cruz Province
.
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.
View original content:
http://www.newswire.ca/en/releases/archive/April2020/07/c6088.html
%SEDAR: 00023195E
For further information:
New Dimension Contacts: Eric Roth, Email: [email protected], Karen Davies,
+1 604-314-2662
CO: New Dimension Resources Ltd.
CNW 09:00e 07-APR-20