The Savant Lake project covers 20,270Ha of underexplored but highly prospective Archean stratigraphy for the discovery of both high-grade, iron formation-hosted gold deposits
New Dimension Resources Ltd. (TSXV: NDR) (the “Company”, or “New Dimension”) is pleased to announce that it has successfully completed its earn-in to a 100% interest in the Savant Lake high-grade gold project in northwestern Ontario.
The Savant Lake project covers 20,270Ha of underexplored but highly prospective Archean stratigraphy for the discovery of both high-grade, iron formation-hosted gold deposits, and base metal-rich massive sulfide deposits. Seven priority target areas (5 high-grade gold and 2 massive sulfide) have been identified to date at Savant Lake for drill testing (see Company News Release dated December 2, 2019). A further 2,679Ha of new exploration claims were staked by the Company in June, 2019, over interpreted extensions to the known priority target areas.
Eric Roth, New Dimension’s CEO, commented today: “I am very pleased to be reporting today that New Dimension has completed its earn-in to a 100% interest in the Savant Lake project. Savant Lake is a drill-ready project with significant potential for the discovery of both high-grade gold and base metals deposits. Our short-term priority for the Savant Lakeproject will be to continue discussions related to the funding of an initial 3,500m diamond drill program, including through potential deals with appropriate Joint Venture partners. I look forward to keeping the market informed as we move towards executing this drilling”.
About the Savant Lake Project
The Savant Lake project is located within the Archean-age Savant Lake–Sturgeon Lake greenstone belt, some 240 km NW of Thunder Bay and 240 km S of Goldcorp’s operating Musselwhite mine (Proven and Probable Reserves at June 30, 2017: 8.84 MT @ 6.65 g/t Au for 1.85Moz Au)1. The Company’s mineral claims in the Savant Lake area total 229 square kilometres and cover meta-volcanic and meta-sedimentary rock sequences which are prospective for iron formation (“Musselwhite-type”)- and shear zone-hosted gold deposits, in addition to base metal-rich (copper-zinc-gold) massive sulfide (“VMS”) deposits. The Company completed an initial 8 hole / 1,626 m diamond drill program at Savant Lake in 2017 on select geophysical targets in the northern part of the property, however, numerous high-grade gold targets in the central and southern portion of the property remain untested.
The vendors of the Savant Lake property will retain a 2% Net Smelter Royalty (“NSR”) on any future metal production from Savant Lake, with being 1% of this NSR being available for purchase by NDR for CAD 1M.
Source: Company Press Release