New Dimension Stakes Interpreted Extensions to Known High-Grade Gold and Base Metal Targets at Savant Lake, Ontario
New Dimension Stakes Interpreted Extensions to Known High-Grade Gold
and Base Metal Targets at Savant Lake, Ontario
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.
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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 09:00e 18-JUN-19