New World Initiates Diamond Drill Program at the Agua Grande Gold-Copper Project, Chile
January 21 2014 - 2:00PM
Marketwired
New World Initiates Diamond Drill Program at the Agua Grande
Gold-Copper Project, Chile
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 21, 2014) - New
World Resource Corp. (TSX-VENTURE:NW)(FRANKFURT:NWU) ("New World"
or the "Company") announces the start of a diamond drill program at
the Agua Grande gold-copper project ("Agua Grande"). The 2,500
metre program, which began January 20, 2014, is designed to test
several targets that have been identified through previous and
recent geophysical surveys and geochemical sampling.
The drill program is being funded through an arrangement with
the Company's project partner, Fondo de Inversión Privado EPG
Exploración Minera ("EPG Exploration Fund"), a private equity fund
managed by EPG Partners S.A., in Santiago, Chile (reported November
20, 2013). EPG Exploration Fund is the program operator and five
diamond drill holes are planned to be drilled, each up to a 500
metre depth. Major Drilling has been contracted for the diamond
drill program. The main target areas of the program are zones of
high continuous induced polarization ("IP") chargeability, which
were identified in 2011 by Geoxploraciones S.A. These zones are
also anomalous in copper and gold based on surface samples.
Geological indicators suggest the area is underlain by a
porphyry-style mineralized system. The area is bounded by major
structures where several veins occur.
New World Resources CEO, John Lando commented, "The Company
is excited to have this drill program now underway. Agua Grande is
located in a well-established mining jurisdiction and there are a
number of positive geological indicators from previous work. We are
pleased to be working with an experienced Chilean team and we look
forward to receiving results."
The Project
Agua Grande, located in Region IV of Chile, consists of 15
concessions covering 1,074 hectares within the Agua Grande Mining
District. The Project lies 900 metres above sea level and is
approximately 95 kilometres northeast of La Serena and 565
kilometres north of Santiago. The access from La Serena is via the
Panamerican Highway for 80 kilometres followed by 20 kilometres of
gravel road, suitable for all types of vehicles year round. Several
mining roads cross the area and provide access throughout the
property. Power is available from the grid and approximately 20
kilometres to the north.
Small scale open-pit and underground mining has occurred in the
area with grades ranging from 2 to 5 grams per tonne gold and from
0.6 to 3% copper. An intrusive complex of granitic to granodiorite
composition outcrops in the Agua Grande area. The complex has two
district-scale intersecting faults running north-northwest and
these are believed to be the main feeders of hydrothermal fluids to
the system. The area is extensively covered with colluvium and
could overlie porphyry mineralization as indicated by the sampling
and geophysics.
Agreement
New World has entered into an agreement with EPG Exploration
Fund (reported November 20, 2013). Pursuant to the Agreement, EPG
Exploration Fund owns 60% and the Company owns 40% interest in
Minera Asturias SpA ("Asturias"). Asturias has entered into an
option agreement with the Vendor to acquire up to 100% interest in
Agua Grande by paying US$9,000,000 (US$150,000 paid) over 54
months.
About EPG Partners
EPG Partners S.A. is a Chilean financial boutique with focus on
financial advisory and private equity fund management. EPG
Exploration Fund was created to capture exploration opportunities
in Chile. This fund is managed by a senior team with experience in
geology, business administration and M&A transactions; and has
a solid financial position to conduct exploration activities at
early stage mining projects.
Quality Control and Assurance
Exploration work on the Agua Grande project will be under the
supervision of Brian McEwen, P.Geol., the Company's Chief Operating
Officer, who is a "qualified person", as defined in NI 43- 101, and
is responsible for the preparation of the technical information
contained in this news release.
About New World
New World Resource Corp. is a Canadian based exploration company
focused on building a strong, diversified project portfolio within
the Americas. The Company's projects include the Lipeña/Bonete
copper-gold project and the Pastos Grandes lithium brine project in
Bolivia.
NEW WORLD RESOURCE CORP.
John Lando, President
This news release includes "forward-looking information", as
such term is defined in applicable securities laws. The
forward-looking information includes, without limitation,
exploration plans of the Company, including the time thereof, the
success of exploration activities and other similar statements
concerning anticipated future events, conditions or results that
are not historical facts. These statements reflect management's
current estimates, beliefs, intentions and expectations; they are
not guarantees of future performance. The Company cautions that all
forward-looking information is inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond the Company's control. Such factors include,
among others, risks and uncertainties relating to exploration and
development; risks arising as a result of the Company operating in
Chile; the ability of the Company to obtain additional financing;
including through EPG Exploration Fund funding pursuant to the
Agreement; the Company's limited operating history; the need to
comply with environmental and governmental regulations; potential
defects in title to the Company's properties; fluctuations in
currency exchange rates; fluctuating prices of commodities;
operating hazards and risks; competition; and other risks and
uncertainties. Accordingly, actual future events, conditions and
results may differ materially from the estimates, beliefs,
intentions and expectations expressed or implied in the
forward-looking information. All statements are made as of the date
of this news release and, except as required by law, the Company is
under no obligation to update or alter any forward-looking
information.
NEITHER THE
TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE.
New World Resource Corp.John Lando(604) 669-2701 or Toll Free:
1-800-663-0510New World Resource Corp.Ian Mitchell(604) 669-2701 or
Toll Free:
1-800-663-0510info@newworldresource.comwww.newworldresource.com
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