THUNDER BAY – New Dimension Resources Ltd. have announced that final permits have been received and a contract has been signed to commence a 1,800 metre diamond drill program at the Midas gold property (“the Property”), located approximately 50 kilometres northeast of the town of Wawa in north central Ontario.
The drill program is anticipated to begin within the next week and will be supervised by Clark Exploration Consulting Inc. of Thunder Bay, Ontario, under the direction of New Dimension.
Since the agreement was announced in September to option the Midas Project from Lakeland Resources Ltd. (“Lakeland”), the Company has completed a field work program on the Property to prepare for drilling, including geological mapping, grab and channel outcrop sampling together with rock sampling from 5 trenches.
New Dimension can earn an initial 70% property interest by spending $1.2 million in exploration expenditures, issuing 1.5 million shares of New Dimension and paying $100,000 to Lakeland on or before December 31, 2016. Lakeland holds the Property under option from local prospectors and can earn a 100% interest subject to a 2% NSR production royalty.
Midas Project – Background Information:
The Midas Project consists of 12 staked claims (139 units) covering 2,112 hectares within the Sault Ste. Marie Mining Division. The Property is road accessible and lies 20 kilometres southeast of Richmont Mines’ Island Gold Mine complex and Argonaut Gold’s Magino Gold Project.