New Dimension Provides Exploration Update on Savant Lake and Sierra Blanca Projects and Corporate Update
New Dimension Provides Exploration Update on Savant Lake and Sierra
Blanca Projects and Corporate Update
VANCOUVER
,
Dec. 2, 2019
/CNW/ - New Dimension Resources Ltd. (TSXV:NDR) (the "Company", or "New Dimension") is pleased to provide an update on
ongoing exploration activities at its recently-expanded
Savant Lake
gold project in northwestern
Ontario
, and the high-grade Sierra Blanca silver-gold project in
Santa Cruz
province,
Argentina
. Recent activities at both projects have focused on completing drill target generation programs, with seven broad priority target
areas having been delineated at
Savant Lake
, and drill hole locations having been defined for three high-grade epithermal silver-gold veins at Sierra Blanca.
Highlights
Drill hole planning at the
Savant Lake
project has now been virtually completed with the incorporation of detailed geochemical data (including trace and
"pathfinder" elements) into the target areas previously defined on the basis of geology, geophysics, and known gold showings.
The Company's focus at
Savant Lake
remains on the discovery of: i) high-grade, iron formation-(Musselwhite-type) and shear zone-hosted gold deposits
within the central portion of the property, and ii) high-grade, base metal-rich (copper-zinc-gold) volcanogenic massive sulfide-type ("VMS") deposits along the
southern and northern margins of the project area (Figures 1-3). Seven priority target areas (5 for high-grade gold and 2 for VMS deposits) have been
identified for drill testing.
At the Sierra Blanca project, drill hole planning has been completed with the focus on prioritizing targets in the extensive northwest-trending Ana/Ana Splay,
Tranquilo, and Laguna epithermal "vein fields". The current exploration program was successful in defining anomalous silver-gold assays over at least 2 km
strike of the main Ana vein system, as well as defining clear drill targets along the southeastern portions of the Tranquilo and Laguna vein systems (Figures 4-
7).
A preliminary drill program of
3,200m
has been designed for Sierra Blanca with two principal objectives: i) a shallow drill program designed to target high-
grade oxide mineralization in the Chala-Achen vein system, and ii) a first pass test of priority sulfide targets in the Ana, Tranquilo, and Laguna vein fields.
Eric Roth
, New Dimension's CEO, commented today: "We are pleased to be reporting that our
Savant Lake
and Sierra Blanca projects are now "drill-ready".
Our short-term priority has been pursuing discussions for undertaking the proposed drill programs at both projects, including potential deals with appropriate
Joint Venture partners. I look forward to keeping the market informed as we move towards drilling at both
Savant Lake
and Sierra Blanca".
Link to figures:
https://newdimensionresources.com/site/assets/files/13162/2019_12_update_figures.pdf
Savant Lake Project
The Company's
Savant Lake
project is located within the Archean-age Savant-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 original
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 were staked in June, 2019, to cover interpreted extensions to
4 key gold and base metal target areas.
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.
Work completed by the Company at
Savant Lake
in Q4 2019 has focused on fine-tuning drill hole locations through the incorporation of detailed geochemical data
(including trace and "pathfinder" elements) into the broader target areas previously defined on the basis of geology, geophysics, and known gold showings. With
respect to high-grade gold targets, coincident anomalies of silver, arsenic, lead, and tellurium ("pathfinders" to both gold mineralization and the associated sulfide,
arsenopyrite) have allowed for more precise definition of targets for future drill testing. Similarly, coincident copper, nickel, cobalt, and zinc anomalies in areas
with geophysical targets (electromagnetic conductors defined from the Company's 2016 airborne geophysics survey) have refined the areas considered to hold
potential for VMS discoveries.
The status of New Dimension's property holdings in the
Savant Lake
area is as follows:
The Company is currently earning-in to a 100% interest in the original 20,270
Ha Savant Lake
property, with one final cash payment of
CAD 30,000
due to be
paid to the underlying 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, of which 1% can be purchased for
CAD 1M
.
New Dimension is 100% beneficial owner of the 2,679Ha of new exploration claims which were staked in June, 2019 (see Company News Release dated
June 18, 2019
). 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, whilst the remainder remain free of NSR's.
Sierra Blanca Project,
Santa Cruz
Sierra Blanca is an advanced, high-grade silver-gold project which is located approximately 40km NW of Anglogold Ashanti's
Cerro Vanguardia
gold-silver mine
(and immediately adjacent to Austral Gold's Pinguino silver-gold project) in
Santa Cruz Province
, southern
Argentina
. The Sierra Blanca Project is owned 100% by
New Dimension.
Previous work at Sierra Blanca had mostly been focused on the E-W-trending Chala-Achen and Lucila vein systems, where high-grade silver values had been
derived from channel sampling (including
9.4m
@ 2,362 g/t Ag at Chala-Achen; see Company News Release dated
March 4, 2019
).
Exploration activities undertaken at Sierra Blanca during 2019 have focused on finalizing and prioritizing drill targets in the extensive NW-trending Ana, Tranquilo,
and Laguna "vein fields", which are located immediately to the south of the Chala-Achen and Lucila vein systems (Figures 4 and 5). The drill targeting program
was completed using a combination of new mapping, surface sampling, and a 16-trench program designed to delineate potential lateral extensions to known veins
under post-mineral cover. The 2019 exploration program was successful in defining anomalous silver-gold assays in rock chip samples over approximately 2 km
strike of the main Ana vein system, with strong flanking "pathfinder" element anomalies (particularly arsenic) defined in both rock chips and adjacent soil samples.
This geochemical association is interpreted by the Company to represent a high-level in the epithermal vein system (and therefore overlying any potential high-
grade precious metal mineralization). In addition, previously unrecognised high-grade Au-Ag mineralisation was identified along the SE end of the Tranquilo vein
(Figure 6 and 7). Rock chip sampling at Tranquilo has returned assays ranging from geochemically anomalous to high-grade, with a best grab sample of 10 g/t Au
+ 150 g/t Ag.
A preliminary drill program of
3,200m
has been designed for Sierra Blanca with two principal objectives: i) a shallow drill program designed to define oxide mineral
resources in the Chala-Achen vein system, and ii) a first pass test of priority targets in the Ana, Tranquilo, and Laguna vein fields.
Corporate Update
The Company also wishes to announce the resignations of both Mr.
Scott Heffernan
and Mr.
John Wenger
from its Board of Directors, as a direct result of work
commitments with their ever-demanding full-time positions at Equinox Gold and Contact Gold, respectively. New Dimension wishes to extend its gratitude to
Messrs. Heffernan and Wenger for their services and wishes them well in their future endeavors.
While the Company continues to reduce costs and pursue other opportunities, it will not seek to replace the resigning directors at this time. The Company's board
of directors comprising Mr.
Eric Roth
(Director and CEO) and Ms.
Mary Little
and Mr.
Glen Parsons
(Independent Directors) maintains the Company's
independent majority whilst reducing associated Corporate costs.
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 more than 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
P
resident & 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 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
, southern
Argentina
, as well as its 29.56% Joint Venture 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.
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For further information:
New Dimension Contacts: Eric Roth, Email: [email protected]; Karen Davies, +1 604-314-2662
CO: New Dimension Resources Ltd.
CNW 13:46e 02-DEC-19