Savant Lake ProjectOpportunity:
- Low acquisition cost
- Option to earn 100% interest by paying vendors $100K and issuing 600K shares over 4 years
- Infrastructure - power, rail and all season road accessible
- District scale potential
- Minimal exploration done mid-80's on small portion of ground
- Multiple > 30g/t gold showings, surface prospecting has yielded high grade gold values up to 138.87 g/t
- VTEM airborne geophysical program (925 line kilometres) completed over the property in 2016
- 18 priority targets identified to date
- Potential for 3 styles of gold deposits
- Classic iron formation hosted gold systems - original focus
- Recent work has highlighted VMS & shear related potential
- Possible analogs to iron formation gold occurrences at Savant Lake include Goldcorp's Mussewhite Mine, Agnico Eagle's Meadowbank Mine and its recently discovered Amaruq deposit
- Drilling planned Q1 2017
The Savant Lake gold project is situated approximately 240 kilometres northwest of Thunder Bay, Ontario in the Savant Lake Greenstone Belt. The Property is accessible by an all-weather road (provincial highways 17 and 599) and is within 25 kilometres of the Canadian National Railway's main line.
The Savant Lake gold project covers a classic iron formation hosted system of gold occurrences within a very prospective mineral district in Ontario. The Property consists of 87 contiguous staked claims (1,204 units) covering 187.8 square kilometres. New Dimension can earn a 100% interest in the Savant Lake Property by paying the vendors C$100,000 and issuing 600,000 shares of New Dimension over a four year period. These payments can be accelerated at the option of the Company, with no cash payments due in the first year. The Property is subject to a 2% NSR, of which one percent (1%) can be purchased for C$1,000,000.
Upcoming Work Program:
Winter 2017 the Company will commence a drill program on the Savant Lake Project. The Phase 1 program will consists of approximately 2000 metres of drilling to test 8 to 10 high priority targets.
New Dimension carried out an a 925 line kilometre VTEM airborne geophysical program over the Property. The airborne survey successfully identified 18 high priority anomalies and resulted in a significant expansion of the claims via strategic staking of an additional 104.3 square kilometres; representing a 125% increase to the now 187.8 square kilometre Property.
A mapping and prospecting campaign completed in the Fall of 2016 successfully advanced the understanding of multiple target types on the project including iron-formation hosted gold that was the initial project target priority. In addition, increased focus is being given to gold-bearing volcanogenic massive sulphides ("VMS") targets and a newly recognized shear related style of mineralization, both of which were highlighted by the 2016 airborne VTEM (Versatile Time Domain Electro Magnetic) survey. This new shear zone type of mineralization significantly expands the discovery potential on the project.
Significant program highlights include:
- Recognition of a previously unknown shear-related style of mineralization with values up to 3.6 g/t gold;
- Values of 38.8 g/t and 14.3 g/t gold from grab samples at the Horseshoe iron-formation target.
Further prospecting at the Horseshoe target yielded additional high-grade gold mineralization, including samples yielding 38.8 g/t and 14.3 g/t, extending the strike potential to over 500 metres.
The Property, which had not been significantly explored since the early 1980's hosts seven known gold occurrences that have yielded high grade gold values up to 138.87 g/t from recent surface prospecting. Of the seven historical gold showings on the property, all but one are spatially related to oxide facies iron formation. Gold mineralization is similar among all of the showings, being hosted in mixed iron formation and adjacent pyritic metasediments with varying amounts of quartz veining and carbonate alteration.
During the 1980's two of the gold showings were tested by shallow drilling which returned values of 0.3 to 0.5 oz/t gold (8.5 g/t to 14.17 g/t) over narrow widths of 1.0 to 1.4 feet (0.3 metres to 0.43 metres). Historical stripped areas over the western drilled area exposed mixed oxide facies iron formation and clastic metasediments, which are host to pyrite and arsenopyrite mineralization as well as quartz veining and ankerite alteration.
In 2014, a total of 57 samples were taken by the Property vendors over the historical showings with values ranging from 138.87 g/t gold to 0.005 g/t gold. In total, 35 samples reported grades exceeding 1.0 g/t gold including 11 samples exceeding 20 g/t gold. The known showings are locally covered by shallow overburden, but more than 90% of the interpreted iron formation horizons do not outcrop.
Magnetic data indicates that strong folding of the iron formation has occurred resulting in the development of multiple steeply plunging fold hinges. Examples of fold hinges hosting mineralization include the past producing Lupin and Homestake mines. The setting of the Savant Lake gold occurrences also shows many similarities to a number of other significant iron formation hosted gold deposits including Goldcorp's Mussewhite Mine, Agnico Eagle's Meadowbank Mine and Agnico's recently discovered Amaruq deposit.
The Property is situated within the Archean age Savant Lake Greenstone Belt and is underlain primarily by greywacke interbedded with cherty magnetite iron formation and minor mafic volcanics. These rocks have been metamorphosed to upper greenchist (+/- amphibolite) facies and complexly folded such that the iron formation horizons appear to have been repeated. There is a geophysically interpreted cumulative strike length of 60 kilometres of prospective iron formation. Physiography is typical of the Canadian Shield with almost flat, tree-covered terrain interspersed with muskeg and lakes.