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.