TSX-V: NDR
VANCOUVER, BC, Oct. 28, 2020 /CNW/ - New Dimension Resources
Ltd. (TSXV: NDR) (the "Company", New Dimension" or "NDR") is
pleased to report that it has successfully completed its on-site
due diligence on the Løkken and Kjøli base metal projects in
Norway and the Southern Gold Line
project in Sweden (collectively,
the "Scandinavian Projects"). The Company holds the right to
acquire 100% interests in the Scandinavian Projects pursuant to an
option and purchase agreement with EMX Royalty Corporation (NYSE
American: EMX; TSXV: EMX)(Figure 1) (refer to the Company's press
release dated August 11, 2020). The
Company is also pleased to report that field crews have been
mobilized to all three projects with the objective of advancing
priority targets to drilling.
Project Highlights
- New Dimension has successfully completed on-site due diligence
on the district-scale land holdings optioned from EMX around the
past-producing Løkken and Kjøli copper-zinc(-silver-gold) deposits
in central Norway and the Southern
Gold Line gold project in central Sweden.
- Field crews have been mobilized to all three Scandinavian
Projects, with the immediate focus being on:
-
- Prioritizing high-grade copper-rich massive sulfide ("VMS")
targets at both Løkken and Kjøli for drilling. Previous targeting
focused on the locations of mineral occurrences and
high-conductivity anomalies in airborne electromagnetic data, with
the current work program further refining these targets through the
acquisition of detailed ground magnetic data and select soil
geochemical sampling. Approximately 4.5km of the prospective 15km
strike length at Kjøli has now been covered by detailed ground
magnetic data (Figures 2 & 3). Field crews were mobilized to
Løkken in early October to undertake similar field programs.
- Planning is underway for a "bottom of till" auger drill program
on the Rötjärnen claim at Southern Gold Line, where locating the
source of gold-mineralized boulder trains remains a high priority.
In parallel, a low-cost regional Bulk Leach Extractable Gold
("BLEG") sampling program continues on the 50,000 Ha property.
- The Company is adequately funded to advance the Scandinavian
Projects to drilling after the completion of its recent
financing.
- The Company intends to complete a technical report in
compliance with National Instrument 43–101 ("NI 43-101") on one of
the Scandinavian Projects; a technical report for Løkken has now
been initiated and is expected to be filed by mid-November.
Eric Roth, New Dimension's
President and CEO, commented today: "I am very pleased to be
reporting that our on-site due diligence of the Scandinavian
Projects has been completed, and that field crews are now busy
working on the advancement of our priority targets to drilling. I
am particularly excited by the potential for new discovery at both
Løkken and Kjøli, given that existing geological and geophysical
datasets suggest numerous untested anomalies (including some
"walk-up" drill targets) along strike from previous mining
operations. At Southern Gold Line, our immediate focus is to locate
the source of gold-mineralized boulder trains in the southernmost
Rötjärnen claim. In parallel, a low-cost reconnaissance BLEG
sampling program is being undertaken across the entire property.
Having been on-site at all three properties, I can personally
attest to the potential for significant discovery and upside
therein for New Dimension.
Aside from short term news flow from our three Scandinavian
properties, I am also looking forward to keeping the market
informed on advances made at our two high-grade gold Joint Venture
projects - Domain (Yamana Gold JV) and Savant Lake (Ethos Gold JV) – as well as the
recent Sierra Blanca divestiture
(Austral Gold). The Company is now entering a phase of
unprecedented exploration activity on a quality mix of high-grade
gold and base metals projects."
Link to figures:
https://newdimensionresources.com/site/assets/files/13136/2020_10_scandinavia_acquisition.pdf
Scandinavian Project Overview
Kjøli Copper-Zinc(-Silver-Gold) VMS Project, Norway
The Kjøli copper-zinc(-silver-gold) VMS project represents a
district-scale (120 square kilometres, or 12,000 Ha) land position
on the northern extension of the greater Røros district, which saw
mining for over 300 years beginning in the mid-1600's. The Kjøli
claims covers approximately 15 km of prospective stratigraphy
extending north from the past-producing Killingdal mine, which
operated from 1674 to 1986 and produced some 2.9 Mt @ 1.7% Cu +
5.5% Zn1 from one of Europe's deepest (1.4km) underground mines,
and also covering the former Kjøli mine and numerous mineral
occurrences in between. Recent field mapping and airborne
geophysical surveys have identified numerous exploration targets on
the Kjøli claim block that have not yet been followed up. In
addition, a regional-scale thrust fault has superimposed
post-mineralization sandstones over the mineralized
volcano-sedimentary sequences in the western portion of the
property, and the potential for the discovery of buried massive
sulfide deposits beneath the thrust remains high.
Field activities were initiated at Kjøli during September with
ground magnetic and soil sampling surveys having now been completed
over approximately 4.5km of the 15km of the prospective
stratigraphy which hosts the historic copper mines and key mineral
occurrences. Nearly 200 line kilometres of ground magnetic data
have been acquired to date and 400 partial leach samples taken.
Data from the ground magnetic survey is currently in the process of
being processed and interpreted, with results from samples taken
from the geochemical survey pending.
1 Historic production figures are
from Birkeland, A. (1986) Mineralogisk og geokjemisk undersokelseav
Killingdal gruver, Sor-Trondelag. M. Scient. Thesis, University of
Oslo in Geological Survey of Finland, Special Paper 53 pg.
86.
|
Løkken Copper-Zinc(-Silver-Gold) Project, Norway
The Løkken copper-zinc(-silver-gold) project is located
approximately 50km SW of the regional centre of Trondheim in
central Norway. The Løkken claim
block covers a total area of 210 square kilometres (21,000 Ha) and
includes the former Løkken underground mine (which closed in 1987
in response to low metals prices), the associated historical
mineral processing facilities, plus multiple satellite bodies of
mineralization with varying degrees of development. Løkken is
considered to be one of the largest ophiolite-hosted Cypress-type
VMS deposits by tonnage to have been developed in the world and
produced around 24Mt @ 2.3% Cu and 1.8% Zn (plus silver and gold
credits)2. Historical records also suggest incomplete
extraction of all high-grade copper-zinc blocks in the underground
mining operation.
Field work is currently in progress at Løkken and includes the
undertaking of ground magnetic and soil geochemical surveys over
key regional target areas, commencing with the Dragset target
(Figures 4 & 5). In parallel, efforts to obtain and reprocess
existing regional airborne electromagnetic datasets (key for
modelling buried massive sulfide mineralization), together with the
digitizing of former underground mine plans for Løkken, are in
progress. The Company expects to be able to continue undertaking
field activities at Løkken until the arrival of winter snows
(likely late November), with the permitting of drill targets
expected to be undertaken immediately thereafter.
2 Historic production values quoted
for Løkken are from Grenne T, Ihlen PM, Vokes FM (1999)
Scandinavian Caledonide metallogeny in a plate-tectonic
perspective. Mineral Deposita 34:422–471, Neither NDR or EMX have
performed sufficient work to verify the published data reported
above, but both Companies believe this information to be considered
reliable and relevant.
|
Southern Gold Line, Sweden
The Southern Gold Line project is located in north-central
Sweden and consists of 500 square
kilometres (50,000ha) of mineral claims located in the immediate
vicinity of Dragon Mining Ltd's Fäboliden development project and
Svartliden gold mine3 (Figure 6). The Southern Gold Line
exploration concessions cover areas with similar geologic and
structural settings to the Fäboliden deposit (orogenic gold
deposits located at, or near, granitoid-greenstone contacts). Host
rocks to the high-grade gold mineralization are Paleoproterozoic in
age. Reconnaissance sampling and mapping programs are ongoing, with
initial BLEG samples collected across portions of the licenses
showing multiple areas with enrichment of gold in stream sediments.
Planning for bottom of till / top of bedrock auger drilling in the
highly prospective southern Rötjärnen claim, where gold mineralized
boulder trains have been identified on surface, is underway with
auger drilling currently expected to be undertaken in late
2020.
3 References made to nearby mines and
analogous deposits provide context for the Southern Gold Line
project but are not necessarily indicative that the project hosts
similar tonnages or grades of gold mineralization.
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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. Mr. Roth holds a Ph.D. in Economic
Geology from the University of Western
Australia, is a Fellow of the Australian Institute of Mining
and Metallurgy (AusIMM), and is a Fellow of the Society of Economic
Geologists (SEG). Mr. Roth has over 25 years of experience in
international minerals exploration and mining project
evaluation.
On Behalf of the Board of New Dimension Resources Ltd.
"Eric Roth"
___________________________
Eric Roth, Ph.D.,
FAusIMM
President & CEO
About New Dimension Resources Ltd
New Dimension is engaged in the acquisition, exploration, and
development of quality mineral resource properties in favourable
jurisdictions with a focus on high-grade gold and base metal
deposits. The Company's precious metals focus is on the discovery
through exploration of high-grade gold deposits on its recently
optioned Southern Gold Line Project (Sweden), as well as on its active Joint
Ventures with Ethos Gold Corp. at Savant Lake (Ontario) and Yamana Gold Inc. at Domain
(Manitoba), and the divestiture of
Sierra Blanca (Argentina) to Austral Gold Ltd. The Company's
base metals focus is on the discovery of high-grade copper-rich VMS
deposits on the district-scale land positions around the
past-producing Løkken and Kjøli mines in central Norway. Field activities are underway on all
projects, with the primary focus being to advance priority targets
to drilling.
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
exploration and 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.
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SOURCE New Dimension Resources Ltd.