VANCOUVER, Jan. 23, 2017 /CNW/ - New Dimension Resources Ltd. (TSXV: NDR) (the "Company" or "New Dimension") announces that a contract has been awarded for a Phase I drilling program at its Savant Lake Gold Project located approximately 240 kilometres northwest of Thunder Bay, Ontario,
The Phase I program will test approximately 10 priority targets of the 18 developed from ground exploration and airborne geophysical programs conducted by the Company in 2016. Equity Exploration Consultants of Vancouver will manage this work with assistance from Clark Exploration of Thunder Bay. The program is scheduled to commence early February 2017 and is expected to require approximately 30 days to complete. Results will be released as they are received and compiled.
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. New Dimension was initially attracted to the Savant Lake property for its known iron formation-associated gold showings. The Company believes the setting 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.
As well as identifying numerous iron formation targets, last year's fieldwork also identified shear-zone hosted gold occurrences for testing. Additional follow-up will be contingent on the Company's preliminary drill results.
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 is currently focused on mineral projects in Canada with a priority directed toward the Savant Lake gold property.
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.
For further information: Nancy Curry at (604-220-2971) or Fred Hewett/Wayne Johnstone at (604-563-4807), INTERNET ADDRESS: www.newdimensionresources.com, Email: [email protected]