New Dimension Resources Commences Ground Exploration Program at Savant Lake Gold Project, Northwestern Ontario
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 22, 2016) - New Dimension Resources Ltd. (TSX VENTURE:NDR) (the "Company" or "New Dimension") is pleased to announce that its Board has approved a program and budget to conduct surface investigations on 18 priority targets identified from a recent VTEM (Versatile Time Domain Electro Magnetic) airborne geophysical survey of the Savant Lake gold project (the "Property"), located approximately 240 kilometres northwest of Thunder Bay, Ontario. Click on the following link to view a map depicting the locations of the targets identified from the VTEM: Savant Lake Project high potential anomalies.
"The airborne program did its job in outlining a number of high priority, high potential geophysical anomalies. With many occurring near to, or on the edge of the original claim block the Company was prompted to more than double its land position to secure these new targets and their emerging trends. We are now ready to begin our detailed field investigations to examine these potential gold bearing occurrences," said Fred Hewett, President and CEO of New Dimension. "The program will complete detailed surface work over the selected target areas with the objective of identifying mineralization that conforms to our exploration model of gold bearing quartz-sulfide bodies hosted within banded iron formation."
New Dimension acquired the original 83.5 square kilometer Savant Lake gold project with the knowledge there were significant occurrences of banded iron formation (BIF) on the Property that could host auriferous quartz-sulfide bodies. After completing the first ever VTEM airborne program over the Property, the Company expanded its size by staking an additional 104.3 square kilometres of contiguous claims, representing a 125% increase to the now 187.8 square kilometre Property. The VTEM survey, considered the most advanced airborne geophysical method available in identifying sulfide conductors that can host gold mineralization, was effective in identifying 18 new and untested priority targets. The upcoming field program will use the tried and tested "boots on the ground" methodology and include detailed mapping and sampling with the aim of verifying the anomalies. The Company expects the initial field program to take between 3 and 4 weeks to complete. Additional follow-up that could include outcrop stripping and drilling will be contingent on results.
About Savant Lake Gold Project
Savant Lake covers a classic iron formation hosted system of gold occurrences within a very prospective mineral district in northwestern Ontario. The Property, which has not been significantly explored since the early 1980s, hosts seven known gold occurrences that have yielded high grade gold values up to 138.87 g/t from surface prospecting. New Dimension was attracted to the Savant Lake Property for its gold in iron formation characteristics that it believes are analogous to Goldcorp's neighbouring Musselwhite gold mine and Agnico Eagle's newly discovered Amaruq deposit in Nunavut. The Company can earn a 100% interest in the Savant Lake Property by paying the vendors C$100,000 and issuing 600,000 shares (100,000 shares issued) of New Dimension over a four year period. The Property is subject to a 2% NSR, of which one percent (1%) can be purchased for C$1,000,000.
Following a technical review of its mineral projects, New Dimension has elected to return the Midas properties under option from ALX Uranium Corp.
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 bulk tonnage gold and silver deposits. The Company is currently focused on mineral projects in Canada with a priority directed toward the Savant Lake gold property. New Dimension also holds a 30% interest in a joint venture with Yamana Gold Inc. on the Domain Gold property in northern Manitoba.
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, 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.
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New Dimension Resources Ltd.
New Dimension Resources Ltd.
New Dimension Resources Ltd.