VANCOUVER, April 10, 2017 /CNW/ - New Dimension Resources Ltd. (TSXV: NDR) (the "Company" or "New Dimension") announces the completion of the Phase I drill program on its Savant Lake Gold project located approximately 240 kilometres northwest of Thunder Bay, Ontario.
The Savant Lake project is a 187.8 square kilometre property with district scale potential identified by both geophysical surveys and multiple > 30g/t gold showings.
The recently completed drill program consisted of 1,626 meters of NQ core in 8 holes which tested 8 of 18 targets prioritized in 2016 from the Company's airborne geophysical and ground exploration programs. Based on initial reviews the Company focused on two target types summarized as follows:
Holes 1 to 3 targeted conductive anomalies with relatively low magnetic signatures in a package of intermediate to mafic volcanic rocks and tested the prospectivity of volcanogenic massive sulfide mineralization. Holes 4 through 8 were collared in a sequence of siliciclastic sedimentary rocks with variable amounts of oxide and silicate iron formation and tested the prospectivity of iron formation and shear zone hosted lode gold mineralization. These holes were mainly targeted on anomalies generated from a 2016 airborne VTEM survey. Priority targets were usually outlined by significant 'conductors' coinciding with strong magnetic signatures and a confluence of regional structural features (see map: Savant Lake project 2017 Drill Hole Locations). It is anticipated that the results from this program will be released late April/early May.
The Savant Lake property covers a classic iron formation setting with associated gold occurrences within a prospective greenstone belt in northwestern Ontario. The property hosts' multiple gold occurrences that have returned values as high as 138.9 g/t gold from exposed outcrops. The Company believes the geologic setting at Savant Lake is analogous to Goldcorp's Musselwhite Mine (located some 200 km to the north), as well as Agnico Eagle's Meadowbank Mine and newly discovered Amaruq deposit in Nunavut.
Equity Exploration Consultants managed the exploration program with support from Clark Exploration Consulting of Thunder Bay.
About New Dimension Resources Ltd.:
New Dimension is engaged in the acquisition, exploration and development of quality mineral resource properties throughout the Americas with a focus on potential gold and silver deposits. The Company's current priority is the Savant Lake gold property but is also reviewing other opportunities in Canada.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Fred Hewett, the Company's President & CEO, a director and a Qualified Person under NI 43-101.
ON BEHALF OF THE BOARD
NEW DIMENSION RESOURCES LTD.
"Fred G. Hewett"
Fred G. Hewett, P.Eng.
President & CEO
Neither 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.
This news release may contain forward looking statements which are not historical facts, such as statements of belief of similarity of geological characteristics or features, statements of unverified drilling and sampling results and expectations of receipt of permits and plans for future work. Forward looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, unexpected geological factors, exploration results, results of verification work and unanticipated regulatory obstacles. See New Dimension's filings for a more detailed discussion of factors that may impact expected results.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE New Dimension Resources Ltd.