VANCOUVER, Feb. 24, 2020 /CNW/ - New Dimension Resources Ltd. (TSXV:NDR) (the "Company", or "New Dimension") notes Yamana Gold Inc.'s (TSX:YRI; NYSE:AUY) (or "Yamana") recent announcement in which it provides an update for exploration activities on its pipeline of highly-prospective gold projects, including the Domain Joint Venture ("JV") in Manitoba. The Domain JV is held 70.4% by Yamana and 29.6% by New Dimension, with Yamana being the Project Operator (Figure 1).
The Domain JV claims total 576 hectares and cover an area in which 62 holes / 9,660m of historic drilling have been completed and which successfully delineated significant high-grade iron formation-hosted gold mineralization. Notable intercepts from this drilling include: RR-08-23, 2.65 metres ("m") at 17.44 grams per tonne ("g/t") of gold ("Au") and 2.67m at 10.43 g/t Au; RR-08-21, 2.70m at 15.16 g/t Au; and RR-08-20, 9.0m at 7.29 g/t Au (see Company News Release dated June 12, 2017). True widths are estimated to be 80-100% of core length based on limited drilling.
Drilling to date has been focused on the "Main Zone", where high-grade iron formation-hosted gold mineralization has been partially tested along some 800m of strike and remains open at both depth and along strike (Figures 2 and 3). The "Main Zone" mineralization lies on a prominent, northwest-trending HLEM (Horizontal Loop ElectroMagnetic) anomaly, and a combined strike length of approximately 5km of HLEM anomalies remain to be tested within the Domain JV area. Drilling of HLEM conductors during the last drill program in the winter of 2017 was successful in discovering additional gold mineralization.
Yamana comments that they will continue to engage with the Bunibonibee Cree Nation in 2020 in an effort to reach a mutually beneficial agreement supporting the advancement of exploration within this large, prospective land package.
Yamana considers the Domain project to be a "Tier Two" project, which are defined as being "Projects that have achieved significant drill intercepts and whose geology along with other factors support rapid resource growth". NDR holds a participating 29.6% interest in the Domain JV, however, retains the option to dilute its interest should it elect not to participate in any program proposed by Yamana. In the event that NDR's direct interest in the project should fall below 10%, it would revert to a 1% Net Smelter Royalty.
Eric Roth, New Dimension's CEO, commented today: "We are very pleased to be reporting that Yamana is continuing to evaluate the Domain JV area. Considering the significant amount of drilling that has been completed at Main Zone, together with the potential for new discovery, we feel strongly that the project has the potential to grow rapidly. I look forward to keeping the market informed on progress at Domain".
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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 more than 25 years of experience in international minerals exploration and mining project evaluation.
On Behalf of the Board of New Dimension Resources Ltd.
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 high-grade precious metals deposits. The Company's current focus is on the discovery of new high-grade gold resources at the drill-ready and 100%-owned Savant Lake (Canada) and Sierra Blanca (Argentina) projects. The Company also continues to evaluate strategic alternatives for the 100%-owned Las Calandrias and Los Cisnes projects in the highly prospective Deseado Massif of Santa Cruz Province, southern Argentina, as well as its 29.6% Joint Venture interest with Yamana Gold in the Domain gold project in Manitoba.
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.
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SOURCE New Dimension Resources Ltd.