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New Dimension Resources Options Savant Lake Gold Project in Ontario
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 5, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES N
About this update from Capella Minerals Limited
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 5, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES New Dimension Resources Ltd. (TSX VENTURE:NDR) (the \"Company\" or \"New Dimension\") is pleased to report that it has executed an option agreement (the \"Agreement\") to acquire a 100% interest in the 8,352 hectare Savant Lake gold property (the \"Property\") located approximately 240 kilometres northwest of Thunder Bay, Ontario in the Savant Lake Greenstone Belt. \"The Savant Lake gold project covers a classic iron formation hosted system of gold occurrences within a very prospective mineral district in Ontario,\" said Fred Hewett, President & CEO of New Dimension. \"The Property, which has not been significantly explored since the early 1980's, has seven known gold occurrences that have yielded high grade gold values up to 138.87 g/t from surface prospecting. New Dimension was attracted to the Savant Lake Property for its gold in iron formation characteristics that it believes are analogous to Goldcorp's neighbouring Musselwhite gold mine and Agnico Eagle's newly discovered Amaruq deposit in Nunavut. The Company's initial exploration program will include an airborne geophysical survey designed to rapidly delineate targets for future drilling.\" Please click the following link to view a location map of the Savant Lake gold property:http://www.newdimensionresources.com/i/pdf/2016-04-04_SavantLakeLocation.pdf The Savant Lake Gold Project 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 and complexly folded such that the iron formation horizons have been repeated (as shown by magnetic surveys). There is an interpreted cumulative strike length of 60 kilometres of prospective iron formation. There are seven historical gold showings on the property and all but one are spatially related to oxide facies iron formation. The setting of the gold showings is quite similar being hosted in mixed iron formation and adjacent pyritic metasediments with or without quartz veins and carbonate alteration. Two of the gold showings were tested by shallow drilling in the 1980's and returned values of 0.3 to 0.5 oz...