The expanded claim position represents a 125% increase to the now 187.8 square kilometre property. The new claims were acquired to cover additional high priority, preliminary airborne geophysical anomalies that lie outside of or overlap the boundaries of the original claim block. The targets were derived from a 925 line kilometre VTEM airborne geophysical program recently conducted over the property. Please click on the following link to view map of the Project’s new staked claims.
“While final data processing and interpretation continues, the preliminary results from the airborne survey have outlined numerous anomalies and emerging trends,” stated Fred Hewett, President and CEO of New Dimension. “This massive expansion to the Savant lake project secures New Dimension’s solid position in this exciting new district.”
The completed airborne geophysical survey was designed to identify possible gold-bearing sulfide horizons and favourable structural environments within iron formation stratigraphy of the Savant Lake Greenstone Belt. The survey will also potentially identify precious metal-rich volcanogenic massive sulphide (VMS) deposits. Final data processing and interpretation of the airborne geophysics is underway and results are expected in the coming weeks.
The newly staked claims are situated within the Area of Influence (AOI) of the Savant Lake Option Agreement (as referenced in the Company’s press release dated April 5, 2016) and are thus subject to existing terms of this Agreement wherein the Company can earn a 100% interest in the Savant Lake Property by paying the vendors C$100,000 and issuing 600,000 shares 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.
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 current focus on the Savant Lake project. New Dimension also holds a 30% interest in a joint venture with Yamana Gold Inc. on the Domain gold property in northern Manitoba as well as an option to earn a 70% interest in the Midas gold property, located in north central Ontario.
Timeline
Read the press release here.
See the investor’s presentation here.