ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

NDR New Dimension Resources Ltd

0.08
0.00 (0.00%)
13 Sep 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
New Dimension Resources Ltd TSXV:NDR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.08 0.075 0.085 0 01:00:00

New Dimension and International Minerals Sign Agreement to Drill Reese River Silver Property, Nevada

02/04/2009 2:01pm

Marketwired Canada


New Dimension Resources Ltd. (TSX VENTURE:NDR) and its wholly-owned subsidiary
Dimension Resources (USA) Inc. (the "Company" or "New Dimension") is pleased to
announce that it has executed a Letter Agreement (the "Agreement") with
International Minerals Corp. (TSX:IMZ) ("International Minerals") to earn an
interest in New Dimension's Reese River Project, (the "Property" or "Reese
River"), located in the Austin Mining District of Nevada.


The Agreement obligates International Minerals to fund a 2,000 metre Phase I
reverse circulation drill program in the first year of the Agreement following
the receipt of all necessary permits. This drill program is expected to commence
in the second quarter of this year. To view a map showing the planned drilling
and further information regarding the project, please visit our website at the
following link:
www.newdimensionresources.com/i/maps/reese/2009-03-17-Reese_River_Project_Claim_Proposed_Drill.jpg.


New Dimension is very enthusiastic about the potential of Reese River and
pleased to join forces with International Minerals in evaluating this important
project. International Minerals is an emerging gold and silver producer, with an
operating silver-gold mine (Pallancata) in Peru and two gold development
projects in Ecuador together with a strong balance sheet that includes cash and
short term investments of approximately US$48 million.


Reese River Project - Background Information

New Dimension's Reese River Project includes the Amador Canyon and New York
Canyon priority target areas which, along with the intervening ground, cover
over 4.5 square kilometres of very prospective geology. Within the property
there are numerous historical mine workings with most of these positioned along
a sedimentary-intrusive contact that hosts much of the known mineralization in
the district. Reported historical silver production from the Austin District
exceeded 20 million ounces with the majority of production coming from veins
over a 30 year period following the discovery of the district in 1862. The
Company believes the property holds significant potential for both high grade
underground and open-pittable silver deposits. The property is well located with
good access and infrastructure.


Although the New York Canyon area of the Property is the site of several
historic underground bonanza silver mines, there is very little outcrop and all
the underground workings are inaccessible. Surprisingly there has been no modern
exploration or any drilling on these historic high-grade targets. In addition to
the historical underground vein mineralization, there is evidence for important
wall-rock mineralization that could support an open pit deposit. This evidence
includes the results of 89 rock chip and representative dump samples collected
by the Company over the main target area. All the samples reported anomalous
silver with 21 of these assaying over 100 g/t with an average of 254 g/t silver
and a range from 102 to 601 g/t silver. In addition, 39 one to three metre rock
chip samples collected by the Company's consulting geologist averaged 60 g/t
silver. Samples values ranged from 1 to 285 g/t silver and 10 grab samples from
wall rock material collected from mine dumps averaged 160 g/t silver with a
range of 32 to 485 g/t silver. A high silver value of 1,829 g/t was not used in
the average.


Of the initial 2,000 metre drill program, approximately one half of the program
will consist of eight holes to be completed at New York Canyon as a preliminary
test of a large 1,000 by 300 metre mineralized area hosting multiple historical
vein feeder structures and potentially important wall rock mineralization.


At the Amador Canyon area on the Property, located approximately two kilometres
to the northwest of New York Canyon, two styles of silver mineralization have
been identified by the Company. One style is related to shallow-dipping shear
zones on bedding planes that had limited drilling by another unrelated company
in 2004. Historical results from one of these drill holes were reported to
include 12.2 metres (drill width) of 286 g/t silver. The Company cannot verify
the accuracy of these results.


A second style of mineralization is related to an easterly trending fault zone
called the Amador Fault that extends approximately 1,000 metres along Amador
Canyon. Both styles of mineralization saw significant historical mining activity
as evidenced by numerous large mine dumps. The Company believes that the Amador
Fault was an important feeder for these historical mines and the planned
drilling will be the first modern test of its potential to host significant
silver mineralization In addition, a previously unknown gold zone was discovered
by New Dimension in 2007 several hundred metres east of the silver zone. Here
two 1-metre chip samples of altered sediments, exposed through cover
approximately 50 metres apart, reported values of 9.8 g/t and 4.8 g/t gold.


The Amador Canyon area will also be drill tested, with six to eight drill holes
totaling approximately 1,000 metres.


Letter Agreement

The Agreement allows International Minerals, over a four year period, to earn an
initial 60% interest in the Property by undertaking US$1.0 million in
exploration expenditures and maintaining the underlying property obligations.
The Agreement is subject to legal due diligence, the approval of the respective
Boards and receipt of any necessary regulatory approval.


Exploration expenditures include a firm commitment to complete a 2,000 metre
drill reverse circulation program at the Reese River Property within one year of
receiving all necessary permits. International Minerals will have the option to
acquire an additional 10% interest (for a total interest of 70%) by funding and
completing a Feasibility Study within eight years. New Dimension will collect
US$10,000 upon the Agreement receiving all necessary approvals and a further
US$100,000 in cash or equivalent value in International Mineral shares (at the
election of International Minerals) upon International Minerals earning a 60%
interest in the Property.


Once International Minerals has earned its interest (either 60% or 70%), either
party can be diluted to a 1% net smelter return ("NSR") royalty for
non-participation in approved expenditures on the Property. International
Minerals will be the operator of the project, with New Dimension managing the
initial Phase 1 drill program.


Corporate Update

During the last fiscal quarter, New Dimension has taken positive steps to
decrease its future cash flow requirements by significantly reducing its
Peruvian support costs and reducing corporate overhead and exploration costs in
response to weakness in global financial markets. As part of a continued
strategic review of its properties, the Company has elected to terminate its
agreement to obtain a 100 percent interest in the Blackrock Property, located in
Nevada.


In addition, the Company reports that Richard Godfrey has resigned as CFO of the
Company to devote his full efforts to Capstone Mining Corp., which recently
completed a business combination with Sherwood Copper Corp. As a result of Mr.
Godfrey's departure, the Company is very pleased to have Mr. Bernie Zacharias,
C.A. assume the duties of Chief Financial Officer. Mr. Zacharias has a proven
track record of providing financial services to resource companies, and New
Dimension welcomes him to their team.


New Dimension, under the Company's Stock Option Plan, has granted 150,000
incentive stock options to an officer and employees of the Company. The options
are exercisable over a period 5 years at a price of $0.15.


The technical information in this news release has been prepared in accordance
with Canadian regulatory requirements set out in National Instrument 43-101 and
reviewed by Thomas Burkhart, the Company's Vice President of Exploration, a
director and a Qualified Person under NI 43-101.


About New Dimension Resources

New Dimension Resources Ltd. is engaged in the acquisition, exploration and
development of quality exploration opportunities throughout the Americas.
Currently, the Company's exploration activities are focused on mineral
properties situated in Nevada, with drilling planned for the Reese River silver
property. The Company also maintains strategic properties in Canada and South
America, including the Cenepa Project, which is located along the Ecuadorian
border in northern Peru, and covers the projection of a 20 kilometre long
north-south trending mineral belt that includes Kinross Gold Corp.'s (TSX:K)
Condor Project and the Fruta Del Norte gold discovery.


ON BEHALF OF THE BOARD

NEW DIMENSION RESOURCES LTD.

Fred G. Hewett, P.Eng., President & CEO

This news release may contain forward looking statements which are not
historical facts, such as ore reserve estimates, anticipated production or
results, sales, revenues, costs, or discussions of goals and exploration
results, and involves a number of risks and uncertainties that could cause
actual results to differ materially from those projected. These risks and
uncertainties include, but are not limited to, metal price volatility,
volatility of metals production, project development, ore reserve estimates,
future anticipated reserves and cost engineering estimate risks, geological
factors and exploration results. See New Dimension's filings for a more detailed
discussion of factors that may impact expected results.


1 Year New Dimension Resources Chart

1 Year New Dimension Resources Chart

1 Month New Dimension Resources Chart

1 Month New Dimension Resources Chart

Your Recent History

Delayed Upgrade Clock