VANCOUVER, Dec. 2, 2019 /PRNewswire/ - 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.
- 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:
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.
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, 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.
SOURCE New Dimension Resources Ltd.