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
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 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.