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New World Initiates Diamond Drill Program at the Agua Grande Gold-Copper Project, Chile
|By Marketwired .
|January 21, 2014 03:00 PM EST
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/21/14 -- New World Resource Corp. (TSX VENTURE:NW)(FRANKFURT:NWU) ("New World" or the "Company") announces the start of a diamond drill program at the Agua Grande gold-copper project ("Agua Grande"). The 2,500 metre program, which began January 20, 2014, is designed to test several targets that have been identified through previous and recent geophysical surveys and geochemical sampling.
The drill program is being funded through an arrangement with the Company's project partner, Fondo de Inversion Privado EPG Exploracion Minera ("EPG Exploration Fund"), a private equity fund managed by EPG Partners S.A., in Santiago, Chile (reported November 20, 2013). EPG Exploration Fund is the program operator and five diamond drill holes are planned to be drilled, each up to a 500 metre depth. Major Drilling has been contracted for the diamond drill program. The main target areas of the program are zones of high continuous induced polarization ("IP") chargeability, which were identified in 2011 by Geoxploraciones S.A. These zones are also anomalous in copper and gold based on surface samples. Geological indicators suggest the area is underlain by a porphyry-style mineralized system. The area is bounded by major structures where several veins occur.
New World Resources CEO, John Lando commented, "The Company is excited to have this drill program now underway. Agua Grande is located in a well-established mining jurisdiction and there are a number of positive geological indicators from previous work. We are pleased to be working with an experienced Chilean team and we look forward to receiving results."
Agua Grande, located in Region IV of Chile, consists of 15 concessions covering 1,074 hectares within the Agua Grande Mining District. The Project lies 900 metres above sea level and is approximately 95 kilometres northeast of La Serena and 565 kilometres north of Santiago. The access from La Serena is via the Panamerican Highway for 80 kilometres followed by 20 kilometres of gravel road, suitable for all types of vehicles year round. Several mining roads cross the area and provide access throughout the property. Power is available from the grid and approximately 20 kilometres to the north.
Small scale open-pit and underground mining has occurred in the area with grades ranging from 2 to 5 grams per tonne gold and from 0.6 to 3% copper. An intrusive complex of granitic to granodiorite composition outcrops in the Agua Grande area. The complex has two district-scale intersecting faults running north-northwest and these are believed to be the main feeders of hydrothermal fluids to the system. The area is extensively covered with colluvium and could overlie porphyry mineralization as indicated by the sampling and geophysics.
New World has entered into an agreement with EPG Exploration Fund (reported November 20, 2013). Pursuant to the Agreement, EPG Exploration Fund owns 60% and the Company owns 40% interest in Minera Asturias SpA ("Asturias"). Asturias has entered into an option agreement with the Vendor to acquire up to 100% interest in Agua Grande by paying US$9,000,000 (US$150,000 paid) over 54 months.
About EPG Partners
EPG Partners S.A. is a Chilean financial boutique with focus on financial advisory and private equity fund management. EPG Exploration Fund was created to capture exploration opportunities in Chile. This fund is managed by a senior team with experience in geology, business administration and M&A transactions; and has a solid financial position to conduct exploration activities at early stage mining projects.
Quality Control and Assurance
Exploration work on the Agua Grande project will be under the supervision of Brian McEwen, P.Geol., the Company's Chief Operating Officer, who is a "qualified person", as defined in NI 43- 101, and is responsible for the preparation of the technical information contained in this news release.
About New World
New World Resource Corp. is a Canadian based exploration company focused on building a strong, diversified project portfolio within the Americas. The Company's projects include the Lipena/Bonete copper-gold project and the Pastos Grandes lithium brine project in Bolivia.
NEW WORLD RESOURCE CORP.
John Lando, President
This news release includes "forward-looking information", as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, exploration plans of the Company, including the time thereof, the success of exploration activities and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among others, risks and uncertainties relating to exploration and development; risks arising as a result of the Company operating in Chile; the ability of the Company to obtain additional financing; including through EPG Exploration Fund funding pursuant to the Agreement; the Company's limited operating history; the need to comply with environmental and governmental regulations; potential defects in title to the Company's properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and, except as required by law, the Company is under no obligation to update or alter any forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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