New Dimension Options Lancing Project in the Yukon from Strategic Metals
March 07 2011 - 8:00AM
Marketwired
New Dimension Resources Ltd. (TSX VENTURE: NDR) (the "Company" or
"New Dimension") is pleased to report that it has executed a
binding option agreement (the "Agreement") with Strategic Metals
Ltd., ("Strategic Metals") to earn up to a 100% interest in
Strategic Metals' Lancing Property ("the Property") located within
the prospective Tintina Gold Belt in central Yukon.
The Lancing Property:
The Lancing Project is comprised of 11 claim blocks (410 claims
covering about 1,900 hectares) located 40 to 140 kilometres south
of ATAC Resources' large Rau gold property.
The claims cover areas anomalous in any or all of gold, silver,
copper, lead, zinc, antimony, bismuth and arsenic, as defined by
regional GSC stream-sediment surveys.
Additional exploration has been conducted on two specific claim
blocks referred to as Husky and Lorne:
-- The Husky claim block, located in the southern part of the project area,
hosts three mineralized zones with grab samples grading up to 3.3 g/t
gold and 127 g/t silver (+ anomalous lead, antimony, arsenic, bismuth,
zinc and copper:
-- The Lorne claim block, located in the northern area, hosts a significant
number of soil samples (collected in 2010) with values that are
moderately to strongly anomalous in gold, silver, molybdenum and
bismuth.
Exploration will commence in conjunction with the Company's Gild
gold exploration program, which is also a venture with Strategic
Metals in the Yukon (see additional information below and in the
Company's news release dated November 3, 2010).
Please click on the link below to view the location of the
Lancing Property:
http://www.newdimensionresources.com/i/maps/lancing/2011-03-02_Lansing_Project_Area2.jpg
The Agreement:
New Dimension can earn an initial 50% property interest by
spending $1.8 million in exploration expenditures and making
payments totaling $450,000 in cash or stock to Strategic Metals
over a three year period. The Company can also earn an additional
50% (aggregate 100% property interest), by paying Strategic Metals
$3 million over the following 3 years. Upon NDR earning 100%,
Strategic Metals would retain a 2% net smelter returns (NSR)
production royalty on precious metals and a 1% NSR production
royalty on non-precious metals.
The Agreement is subject to regulatory approval, including
approval of the TSX Venture Exchange.
About New Dimension Resources:
New Dimension is engaged in the acquisition, exploration and
development of quality mineral resource properties throughout the
Americas with a focus on significant bulk tonnage gold and silver
deposits. In addition to its 100% owned Cenepa gold project in
northern Peru.
New Dimension has an option to earn a 100% interest in Strategic
Metals' Gild gold property within a geological belt that the
Company & Strategic Metals believes has similar characteristics
to discoveries by ATAC Resources Ltd. in the Yukon
(http://media3.marketwire.com/docs/ndr-gild.pdf). Drilling on the
ATAC Property has returned significant gold values, as demonstrated
by announced intercepts of 9.25 g/t gold over 31.1 metres and 24.07
g/t gold over 28.4 metres from over 25,000 metres of diamond
drilling in excess of 130 holes. An initial exploration program is
planned by the Company as soon as spring weather conditions allow.
Subject to favourable results from this initial program and the
receipt of all necessary permits, a drill program is likely to be
carried out in the fall of 2011.
ON BEHALF OF THE BOARD
NEW DIMENSION RESOURCES LTD.
Fred G. Hewett, P.Eng., President & CEO
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.
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.
Contacts: New Dimension Resources Ltd. Fred Hewett or Chris
Curran (604)687-7545 or (888)338-2200 info@northair.com
www.newdimensionresources.com
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