Oct 27 2016
New Dimension Resources Ltd. (TSX VENTURE:NDR) (the "Company" or "New Dimension") is pleased to announce that it has completed the initial ground exploration program on its 187.8 square kilometre Savant Lake gold project (the "Property"), located approximately 240 kilometres northwest of Thunder Bay, Ontario.
Significant program highlights include:
- Recognition of a previously unknown shear-related style of mineralization with values up to 3.6 g/t gold;
- Values of 38.8 g/t and 14.3 g/t gold from grab samples at the Horseshoe iron-formation target.
The mapping and prospecting campaign has successfully advanced the understanding of multiple target types on the project including iron-formation hosted gold that was the initial project target priority. In addition, increased focus is being given to gold-bearing volcanogenic massive sulphides ("VMS") targets and a newly recognized shear related style of mineralization, both of which were highlighted by the 2016 airborne VTEM (Versatile Time Domain Electro Magnetic) survey. This new shear zone type of mineralization significantly expands the discovery potential on the project.
Sampling at the newly discovered "Big Sandy" occurrence returned gold values of up to 3.6 g/t from grab samples collected from variably sheared mafic volcanic rocks over an area measuring 300 metres by 500 metres.
Further prospecting at the Horseshoe target yielded additional high-grade gold mineralization, including samples yielding 38.8 g/t and 14.3 g/t, extending the strike potential to over 500 metres.
To view a map of the results of the sampling program please click on the following map: http://www.newdimensionresources.com/i/maps/Savant/2016-10-25-Prospecting_Program_Results_Map.pdf
President & CEO of New Dimension, Fred Hewett commented, "We are extremely pleased with our progress to date at Savant Lake. In six months we have doubled the size of the project, discovered a number of new targets and prepared the Property for drilling. We look forward to the next stage."
The Company is currently designing a follow-up field program that will likely include ground geophysical (EM) surveying and diamond drilling of multiple high-priority targets. The initiation of additional fieldwork is contingent upon funding and the Company is reviewing its options.
The recently completed field program was designed to evaluate known iron-formation hosted gold occurrences and 18 new, untested geophysical anomalies identified from a VTEM (Versatile Time Domain Electro Magnetic) airborne survey completed earlier this year. Geological mapping and prospecting was carried out over a four (4) week period during which a total of 252 grab and chip samples were collected. Values ranged from below detection to 38.6 g/t gold. This sampling was distributed over 15 separate targets and the results, combined with the data from the VTEM survey, will be the main drivers in prioritizing targets for follow-up.
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 1980's, hosts multiple outcropping gold occurrences that have yielded gold values up to 138.9 g/t from exposed outcrops. 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.
Source: http://www.newdimensionresources.com/