TSX-V: NDR
VANCOUVER, June 5, 2018 /CNW/ - New Dimension Resources Ltd.
(TSXV: NDR) (the "Company" or "New Dimension") is pleased to
announce that a 5,000 metre ("m") diamond drill program has
commenced on an initial four high grade gold-silver targets at its
100%-owned Las Calandrias and Los Cisnes projects, Santa Cruz Province, southern Argentina. This "Phase I" program will consist
of 3,500m of drilling on three gold
targets at the flagship Las Calandrias Project (Calandria Norte,
Morena, and Refugio), together with a further 1,500m on the high silver-gold grade Brio
vein/breccia target at the Los Cisnes Project.
Program Highlights
- A 5,000m diamond drill program
has commenced to evaluate the resource potential of four high-grade
gold-silver targets at the Company's 100%-owned Las Calandrias and
Los Cisnes projects (Figure 1). This "Phase I" drill program will
commence at Los Cisnes and conclude at Las Calandrias.
- The Las Calandrias program will consist of 3,500m of diamond drilling, with a focus on three
priority target areas: i) Calandria Norte, where drilling will test
both lateral and down-dip extensions to the existing high grade
gold-silver resource, ii) Morena, a sub-parallel gold-bearing vein
structure to Calandria Norte but with only limited previous
drilling at its southern end, and iii) Refugio, an undrilled vein
target with favourable alteration and anomalous geochemical
signatures at surface (Figures 2-4).
- The Los Cisnes program will consist of 1,500m of diamond drilling and will focus on the
Brio structure with the aim of extending the high-grade
silver(-gold) mineralization identified from a 2015 scout drill
program (Figure 5).
Eric Roth, New Dimension's CEO,
commented today: "I am delighted to announce the commencement of
drilling on four high-grade gold-silver targets at our Las
Calandrias and Los Cisnes Projects. The majority of previous work
at Las Calandrias had focused on defining the bulk-tonnage,
low-grade Calandria Sur deposit. In contrast, New Dimension sees
tremendous opportunity to explore for additional high-grade gold
mineralization around the Calandria Norte resource area, and the
Morena and Refugio targets. At Los Cisnes, previous sampling and
scout drilling identified high-grade silver mineralization in the
Brio vein/breccia, and this program will seek extensions to this
recently-discovered mineralization.
Results of this ongoing drill program will be released over the
coming months, and will culminate in the preparation of an updated
Mineral Resource Estimate (MRE) for the Las Calandrias project.
This updated MRE is currently scheduled for release in
mid-September, 2018. I look forward to keeping the market
informed on progress as drilling advances".
Link to figures:
http://www.newdimensionresources.com/i/pdf/news/2018_06_05_NDR_Drilling_Figures.pdf
Drill Program Overview
Las Calandrias
Prior to New Dimension's acquisition of the Las Calandrias
Project, previous work had focused on evaluating the gold-silver
resource potential of the Calandria Sur deposit, a bulk tonnage
rhyolite dome-hosted deposit located in the southern portion of the
Calandria I mining claim. However, sufficient drilling had also
been completed along approximately 400m strike length of the NE-trending Calandria
Norte vein/breccia system, which allowed for the declaration of an
Indicated Category mineral resource of 162kT @ 9.35 g/t
AuEq1,2 (see also Appendix 1). Significant intercepts
from a central high-grade shoot at Calandria Norte that were
reported by Mariana Resources Ltd3 include:
- CND45 4.0 m @ 75.9
g/t Au and 70.0 g/t Ag from 92.5m
downhole
- CND46 4.5 m @ 101.8
g/t Au + 72.0 g/t Ag from 81.5m
downhole
As the Calandria Norte vein/breccia zone remains open to the
north and south (and potentially down plunge), the testing of
possible extensions to the known high-grade gold-silver resource
area represents an immediate priority for the Company.
The Morena vein/breccia system lies immediately to the northwest
of Calandria Norte and has seen only limited drilling. Outcrops
along the vein system returned gold grades ranging from below
detection ("BDL")(<0.1 g/t Au) to a high of 116 g/t Au. The
current interpretation is that the Morena vein/breccia zone strikes
northeast (i.e., is sub-parallel to Calandria Norte) and dips
steeply to the east-southeast. A total of 11 drill holes were
completed in the southern part of the Morena zone, with the best
mineralized intercept being 0.6m @
68.1 g/t Au + 107 g/t Ag from 59m
downhole in CND250. The northern extension of the Morena vein
remains completely untested, where chalcedonic silica, similar to
that observed in the northern part of the Calandria Norte vein, is
exposed on surface. This geologic similarity to Calandria Norte
reasons that the Morena drilling should initially be focused on
testing around 100-150m vertically
below surface.
The Refugio target lies approximately 6km west of Calandria
Norte, and consists of a 1.5km-long, northeast trending
sub-cropping vein/breccia system with high anomalous molybdenum
concentrations (from BDL to 800ppm). The Refugio vein/breccia
system has not yet been drilled, so scout drilling of this target
will form part of the current drill program.
Additional targets at Las Calandrias include the
Despreciada/Nido vein system, which is defined by classic
epithermal vein textures on surface yet has only seen very wide
spaced previous drilling, and the Pichones coincident geochemical /
geophysical anomaly (to date undrilled). However, drill testing of
these targets is expected to take place in a future drill
program.
Los Cisnes Project
At Los Cisnes, high-grade silver(-gold) values were identified
from previous channel sampling and scout diamond drilling on the
Brio vein/breccia system. Brio is a quartz-sulfide vein/breccia
system which strikes ENE, can be traced on surface for
approximately 2.3km, and is up to 3m
wide. Channel samples taken by Mariana Resources Ltd3
had returned assay values ranging from BDL to 0.8m @ 3,840 g/t Ag + 3.0 g/t Au. In 2015, 8
scout drill holes for 723m were
completed along the Brio structure, with the best intercept being
2.9m @ 755 g/t Ag from
32.1m downhole in LCsD-09.
For the current 2018 program, drilling will focus on testing
both lateral and down-dip extensions to this high-grade drill
intercept. These offset holes will initially be done at
50m step outs with a possibility of
25 m if warranted. The drill program
will also be designed to test for possible parallel mineralized
structures to the main Brio structure.
1 Gold
equivalent grades are calculated by dividing silver grades by 60,
adding this value to the gold grade, and with no differences in
metallurgical recovery for gold and silver.
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2 This
information comes from the technical report entitled "Updated
Technical Report for Estimated Gold-Silver Resources at Las
Calandrias, Santa Cruz Province, Argentina" with an effective date
of February 20, 2018, filed on New Dimension's SEDAR profile on
April 9, 2018.
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3 A
potential investor should not place undue reliance on these
historical results when making an investment decision, nor should
they be used as the sole criterion for making investment decisions.
There is no assurance that the Company can reproduce such results,
or that the historical results described therein will be
realized.
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Sierra Blanca and Regional Prospects
Drill target generation activities at the Sierra Blanca Project
will continue in parallel with the current drill program at Las
Calandrias and Los Cisnes. However, the drill testing of high grade
targets at Sierra Blanca is not expected to occur before Q4, 2018,
at the earliest. Reconnaissance activities on the Company's
Regional Prospects are also anticipated to restart after the
termination of the Patagonian winter.
Incentive Stock Option Grant
The Company also reports that the Board of Directors has
granted, subject to TSX Venture Exchange approval, an aggregate
3,350,000 incentive stock options to directors, officers, employees
and key consultants to the Company. The stock options are
exercisable at a price of $0.25 per
share and will have a term of 5 years, expiring on June 5, 2023. Each stock option will allow the
holder to purchase one common share of the Company. All stock
options granted are subject to staged vesting periods.
On Behalf of the Board of New Dimension Resources Ltd.
"Eric
Roth"
_________________________
Eric Roth, Ph.D., FAusIMM
President
& CEO
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
precious metals. The Company's current focus is on the
discovery through drilling of new high-grade gold-silver resources
at its 100%-owned Las Calandrias, Los Cisnes and Sierra Blanca
projects, all located in the highly prospective Deseado Massif of
Santa Cruz Province, southern
Argentina. The Company also holds
an option on the Savant Lake gold
project in Ontario, together with
an active JV interest (with Yamana Gold) in the Domain gold project
in Manitoba.
Qualified Persons and Disclosure Statement
The
technical information in this news release has been prepared in
accordance with Canadian regulatory requirements set out in NI
43-101, and approved by Eric Roth,
the Company's President & CEO, a director and a Qualified
Person under NI 43-101.
Cautionary Notes and Forward-looking
Statements
This news release contains forward-looking
information within the meaning of applicable securities
legislation. Forward-looking information is typically
identified by words such as: believe, expect, anticipate,
intend, estimate, postulate and similar expressions, or are those,
which, by their nature, refer to future events. Such
statements include, without limitation, statements regarding the
future results of operations, performance and achievements of New
Dimension, including the timing, completion of and results from the
drill programs described in this release. Although the
Company believes that such statements are reasonable, it can give
no assurances that such expectations will prove to be
correct. All such forward-looking information is based
on certain assumptions and analyses made by New Dimension in light
of their experience and perception of historical trends, current
conditions and expected future developments, as well as other
factors management believes are appropriate in the circumstances.
This information, however, is subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information. Important factors that could cause
actual results to differ from this forward-looking information
include those described under the heading "Risks and Uncertainties"
in New Dimension s most recently filed MD&A. New Dimension does
not intend, and expressly disclaims any obligation to, update or
revise the forward-looking information contained in this news
release, except as required by law. Readers are cautioned not to
place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
This news release does not constitute an offer to purchase
securities. The securities to be offered in the Private Placement
have not been and will not be registered under the United States
Securities Act of 1933, as amended, or any state securities laws
and may not be offered or sold in the
United States or to, or for the benefit or account of, a
U.S. person, except pursuant to an available exemption from such
registration requirements.
![Appendix 1. Las Calandrias Mineral Resource Estimate (CNW Group/New Dimension Resources Ltd.) Appendix 1. Las Calandrias Mineral Resource Estimate (CNW Group/New Dimension Resources Ltd.)](https://mma.prnewswire.com/media/701139/New_Dimension_Resources_Ltd__Drilling_Commences_on_High_Grade_Go.jpg)
- The Las Calandrias Global Mineral Resource has been calculated
using a variable cutoff grade for varying metallurgical recoveries:
0.3 gAuEq/t for oxide and transition material and 0.7 gAuEq/t for
primary. The Mineral Resource Estimate for the Calandria Norte vein
has been calculated using a 3 gAuEq/t cutoff grade.
- Gold equivalent grades are calculated by dividing silver grades
by 60, adding this value to the gold grade, and assuming no
differences in metallurgical recovery for gold and silver.
- The resource estimate was completed by Steven Ristorcelli, of Mine Development
Associates, an Independent Qualified Person as defined by National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101"). This information comes from the technical report
entitled "Updated Technical Report for Estimated Gold-Silver
Resources at Las Calandrias, Santa Cruz
Province, Argentina" with
an effective date of February 20,
2018, filed on New Dimension's SEDAR profile on April 9, 2018. Mineral Resources, which are not
Mineral Reserves have not yet demonstrated economic viability. The
estimate of mineral resources may be materially affected by
environmental, permitting, legal, title, taxation, sociopolitical,
marketing, or other relevant issues. The estimate is based on the
results from 44,911 metres of drilling in 326 diamond drill
holes.
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SOURCE New Dimension Resources Ltd.