Current Stock Quote:
Last - $0.11 High - $0.11 Low - $0.09 Volume - 135000
Last - $0.11 High - $0.11 Low - $0.09 Volume - 135000
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Current Stock Quote:
Last - $0.11 High - $0.11 Low - $0.09 Volume - 135000 | |
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| |  Highlights
Location The Cenepa gold project is located in the highly prospective Cordillera del Condor mineral belt in northern Peru; along the Ecuador border and on trend with the Fruta Del Norte gold deposit held by Kinross Gold Corp. (Kinross)(click here to see map). Overview The Cenepa Project, staked by Minera NDR Peru SAC ("NDR Peru") in 2006, is comprised of ten mining concessions totaling approximately 9,000 hectares which cover the projection of a 20 kilometre long north-south trending mineral belt that includes Kinross' Condor Project and the Fruta del Norte gold deposit. The Condor Project, situated in Ecuador within close proximity to the border with Peru, was acquired by Kinross in September 2008 through the acquisition of Aurelian Resources Inc. The Kinross property includes a NI 43-101 compliant Inferred Mineral Resource at Fruta del Norte ("FDN") consisting of 58.9 million tonnes grading 7.2 g/t gold and 11.8 g/t silver containing 13.7 million ounces of gold and 22.4 million ounces of silver. Kinross currently has four drill rigs active on the project and intends to complete a pre-feasibility study in 2010. Also within the Condor Project is the Aquas Mesas Sur prospect, which includes an announced drill intercept of 51.06 g/t gold over 9.2 metres. This prospect is the southern-most known gold occurrence within this newly emerging gold belt and is located only five kilometres north, and on trend with, NDR Peru's Cenepa concessions. Although there has been very limited exploration work in Peru where the mineral trend crosses the border, the Company believes the area is geologically highly permissive for the discovery of significant gold deposits. The geology on the Peruvian side of the border is similar to that in Ecuador where numerous mineral deposits are known to occur. These include FDN style epithermal gold-silver deposits as well as gold skarn systems such as the 1 million ounces of high-grade gold (+30 g/t) mined at the Nambija deposit near the town of Zamora, Ecuador; approximately 30 kilometres southwest of Cenepa. Mineralization at Nambija occurs in tectonic and intrusive breccias, veins and shear zones and the geology that hosts these skarn systems is also thought to occur over portions of the Cenepa concessions. Copper-gold porphyries are also found within the border area. The largest of these are associated with the Corriente porphyry belt which contains four main deposits and a number of prospects along a 100 kilometre long trend controlled by Corriente Resources Inc. The Mirador and Mirador Norte deposits, located in the southern part of the trend have a combined total estimated resource of approximately 890 million tonnes averaging 0.56% copper and 0.16 g/t gold. The San Carlos and Panantza deposits, located 40 kilometres north of the Mirador deposit contain a combined total resource estimated at 1.063 billion tonnes @ 0.62% copper. The deposits are related to the emplacement of late-stage phases of the Zamora Batholith and this intrusive complex apparently passes through a portion of the Cenepa concessions, with the Mirador deposits situated approximately 40 kilometres north and on trend from Cenepa. Much of the ongoing exploration along the border south of Cenepa is focused on epithermal gold-silver-base metal veins and breccia pipes. The most well known of these copper occurrences is in the Chinapintza area that lies only 12 kilometres southwest of the Cenepa project. Veins here consist of massive to semi-massive pyrite with variable amounts of quartz, native gold, electrum and base metals. Gold grades reportedly range from less than 5 grams to more than 60 grams per tonne. In recent years Dynasty Metals & Mining Inc. has carried out extensive drilling on their Jerusalem property located near the western edge of the Chinapintza complex where mineralization is hosted in a swarm of north to northwest-trending veins. A recent 43-101 compliant report released by Dynasty estimates a combined resource for Jerusalem at 1.3 million ounces of gold and 10.7 million ounces of silver. Recent drill results at Dorato Resources Inc.'s Taricori Project, located directly southwest of the Cenepa concession include 18 metres of 35.9 g/t gold and 46.9 g/t silver. Work Performed In March of 2010, a geological reconnaissance team consisting of two geologists and five local prospectors visited the Cenepa project and collected 12 stream sediment and three rock samples to test for evidence of mineralization. The samples were collected along four principle drainages found within the southeastern portion of the Cenepa concessions. The results from the stream sediment samples outline a moderate gold anomaly that could suggest a possible east-west orientation to potential mineralization through this portion of the Cenepa concessions. Seven of the samples returned values from 14 - 19 ppb gold with three samples greater than 35 ppb gold (CNS-5, 6 and 11) reporting values ranging from 37 - 59 ppb gold. The strongest anomalous values were obtained from two parallel drainages (#3 and #4) spaced approximately 1 kilometre apart.
In drainage #3 the stronger gold value is upstream indicating a possible source of the gold anomaly at higher elevations. However, the highest gold value of the complete sample set (59 ppb gold) is found in drainage #4 (which is parallel to drainage #3) and at a lower elevation indicating either a separate gold source or the presence of an east-west zone of mineralization cross-cutting through the two drainages. The multi-element geochemical signature of drainage #4 is characterized by relatively elevated values of arsenic, copper, nickel, strontium, titanium, vanadium and zinc suggesting the presence of hydrothermally altered intrusive rocks further upstream. In the southernmost drainages (#1 and #2), the gold values are weakly anomalous ranging from 14 - 19 ppb gold. The multi-element analysis of the samples shows distinct geochemical signatures from each drainage, which will be followed up with further sampling to provide exploration targets. Three rock chip samples were taken along a 500 metre stretch of river bed near the eastern border of the concession block from separate outcrops of polymictic andesite breccia (angular lithic fragments) with chlorite and up to 10% pyrite in the matrix. The rock chip samples returned background values of gold with weakly anomalous values in copper and zinc related to alteration in the sampled outcrops. CNR-02 contained 57 ppm copper and 107 ppm zinc while CNR-03 gave anomalous values in titanium and vanadium (0.41% titanium, 114 ppm vanadium).
Work Planned New Dimension will continue to focus on several key issues including exploration logistics, social networking, and evaluating various access options. To achieve these objectives, the Company is working with a local community leader from the Cenepa region and has engaged several of his associates to identify access routes and locate mineral occurrences. The association with the local community is an important step in strengthening community relations and advancing the Cenepa Project. In the near future, New Dimension anticipates carrying out an extensive exploration program that will include additional reconnaissance, mapping, prospecting and stream sediment sampling.
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