New Dimension Receives Drill Permit for Midas Gold Project, Ontario
October 31 2013 - 7:30AM
Marketwired Canada
New Dimension Resources Ltd. (TSX VENTURE:NDR) (the "Company" or "New
Dimension") is pleased to announce that final permits have been received and a
contract has been signed to commence a 1,800 metre diamond drill program at the
Midas gold property ("the Property"), located approximately 50 kilometres
northeast of the town of Wawa in north central Ontario.
The drill program is anticipated to begin within the next week and will be
supervised by Clark Exploration Consulting Inc. of Thunder Bay, Ontario, under
the direction of New Dimension.
Since the agreement was announced in September to option the Midas Project from
Lakeland Resources Ltd. ("Lakeland"), the Company has completed a field work
program on the Property to prepare for drilling, including geological mapping,
grab and channel outcrop sampling together with rock sampling from 5 trenches.
New Dimension can earn an initial 70% property interest by spending $1.2 million
in exploration expenditures, issuing 1.5 million shares of New Dimension and
paying $100,000 to Lakeland on or before December 31, 2016. Lakeland holds the
Property under option from local prospectors and can earn a 100% interest
subject to a 2% NSR production royalty.
Midas Project - Background Information:
The Midas Project consists of 12 staked claims (139 units) covering 2,112
hectares within the Sault Ste. Marie Mining Division. The Property is road
accessible and lies 20 kilometres southeast of Richmont Mines' Island Gold Mine
complex and Argonaut Gold's Magino Gold Project.
Click the following link to view a location map of the Midas gold property:
www.newdimensionresources.com/i/maps/midas/2013-09-16-Midas_Project_Regional.jpg.
Sporadic exploration has been carried out in the Midas Project area, beginning
in the 1940s, with most work completed in the late 1970s to 1990. Past
exploration has included surface sampling, trenching airborne and ground
geophysics and diamond drilling.
During the winter of 2011, Lakeland carried out ground magnetics and induced
polarization in the southwestern area of the Property. To follow up this program
they completed sixteen (16) diamond drill holes totaling 2,353 metres. The
drilling was designed to test induced polarization anomalies and surface gold
showings. Drilling partially defined two gold bearing zones (zones M-11 and
M-16) with fourteen (14) of the holes reporting gold mineralization. Highlights
of the drilling are summarized in the following table:
------------------------------------------------
Midas Gold Project - Significant Drill Hole
Intervals
----------------------------------------------------------------------------
Drill Hole From To Width Grade Au
(metres) (metres) (metres) (g/t)
----------------------------------------------------------------------------
M-11-01 55.00 57.00 2.00 4.61
----------------------------------------------------------------------------
M-11-02 89.00 96.00 7.00 0.34
----------------------------------------------------------------------------
M-11-03 55.40 56.80 1.40 1.06
----------------------------------------------------------------------------
M-11-04 45.70 50.40 4.70 5.92
----------------------------------------------------------------------------
Including 46.70 49.30 2.60 8.88
----------------------------------------------------------------------------
M-11-05 21.00 22.00 1.00 1.34
----------------------------------------------------------------------------
28.90 30.90 2.00 7.03
----------------------------------------------------------------------------
M-11-08 56.50 57.50 1.00 2.39
----------------------------------------------------------------------------
M-11-09 59.20 61.00 1.80 4.04
----------------------------------------------------------------------------
M-11-14 36.50 38.50 2.00 1.92
----------------------------------------------------------------------------
Including 36.50 37.50 1.00 3.33
----------------------------------------------------------------------------
-- All results shown are over core lengths. True widths are not known;
-- Drill core was industry standards NQ in size. All split or sawn core
samples from Phase 1 drilling were submitted to Swastika Laboratories of
Swastika, Ontario for analysis; samples from Phase II drilling were
submitted to Accurassay Laboratories of Thunder Bay, Ontario. All gold
assaying was performed using a 30g standard fire assay with an AA and
/or gravimetric finish.
Please click the following link to view a map of the drill plan at the Midas
gold property:
www.newdimensionresources.com/i/maps/midas/2013-09-16-Midas_Drill_Plan.jpg.
The drilling identified a broad gold-bearing structure, which can be traced for
over 500 metres in strike length. Work to date indicates that the gold system
lies along the southern limb of a broad anticlinal fold structure and is
associated with widespread silicification and carbonatization. Gold
mineralization remains open on strike and down dip.
About New Dimension Resources Ltd.:
New Dimension Resources Ltd. is engaged in the acquisition, exploration and
development of quality exploration opportunities throughout the Americas. The
Company has an option to earn a 70% interest in the Midas gold property in north
central Ontario from Lakeland Resources Inc. and an option to earn up to a 100%
interest in 13 properties located in the Yukon from Strategic Metals Ltd.
The background information in this news release was been taken from a report
prepared under Canadian regulatory requirements set out in National Instrument
43-101 and authored by David S. Hunt, P. Geo., a Qualified Person under NI
43-101. This news release was also reviewed by Fred Hewett, P. Eng. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
New Dimension Resources Ltd.
Fred Hewett
(604) 687-7545 or (888) 338-2200
(604) 689-5041 (FAX)
New Dimension Resources Ltd.
Chris Curran
(604) 687-7545 or (888) 338-2200
(604) 689-5041 (FAX)
info@northair.com
www.newdimensionresources.com
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