Welcome!

News Feed Item

New World Encounters Sulphide Mineralization in First Two Drill Holes at Agua Grande Gold-Copper Project, Chile/Corporate Restructuring

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/05/14 -- New World Resource Corp. (TSX VENTURE: NW)(FRANKFURT: NWU) ("New World" or the "Company") announces an update on the ongoing diamond drill program at the Agua Grande gold-copper project ("Agua Grande") located in Chile.

The first two holes of the proposed five hole drill program have been completed with a total drill depth of 755 metres ("m"). These two drill holes targeted areas of high induced polarization chargeability and are approximately 1,200m apart. The first drill hole, AGD-01 was drilled to a depth of 305m. The upper zone is leached and there is visible oxide mineralization to approximately 55m. This drill hole ended in sulphide mineralization which was observed from approximately 55m to 305m. Hole AGD-01 ended at 305m due to mechanical issues. The second drill hole, AGD-02 also ended in mineralization and was drilled to a depth of approximately 450m. The upper zone is leached with visible oxide mineralization to approximately 33m. Sulphide mineralization is then observed continuously to 450m. Photos of the drill core can be viewed on the Company's website, http://www.newworldresource.com/s/AguaGrande.asp. Photos for AGD-02 are currently available up to 241m. The remaining drill core for AGD-02 is reported to be similar to the material above in this hole and is similar to drill hole AGD-01. Assays results are pending and will be released upon receipt by the Company.

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 January 21, 2014). The program was designed to test several copper and gold based targets that were identified through previous geophysical surveys and geochemical sampling. These geological indicators suggest the area is underlain by a porphyry-style mineralized system.

Agua Grande

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. 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.

Quality Control and Assurance

Exploration work on the Agua Grande project is under the supervision of Brian McEwen, P.Geol., the Company's Chief Operating Officer, who is a "qualified person", as defined in National Instrument 43- 101, and is responsible for the preparation of the technical information contained in this news release.

Agreement

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. EPG Exploration Fund is the project operator.

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.

Corporate Update

The Company also announces, subject to TSX Venture Exchange approval, to consolidate its common shares. The Company proposes to consolidate its share capital of one (1) new share for every six (6) old shares (the "Consolidation") to provide the Company with the ability to attract financing in the current market conditions. The Company will not be changing its name and trading symbol in connection with the Consolidation.

As at the date hereof, there are an aggregate 56,834,892 issued and outstanding common shares. The share consolidation would result in an aggregate of approximately 9,472,482 common shares issued and outstanding post-consolidation. The exact number of post-consolidation common shares will vary depending on the treatment of fractional shares. Outstanding stock options would similarly be adjusted by the consolidation ratio.

A Letter of Transmittal with respect to the Consolidation will be mailed to the shareholders of the Company post consolidation describing the process by which shareholders may obtain new certificates representing their consolidated common shares.

The Company intends to effect the Consolidation immediately and will provide further details of the regulatory approval process in due course.

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.

Contacts:
New World Resource Corp.
John Lando
(604) 669-2701 or Toll Free: 1 800 663 0510

New World Resource Corp.
Ian Mitchell
(604) 669-2701 or Toll Free: 1 800 663 0510
[email protected]
www.newworldresource.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"The reason Tier 1 companies are coming to us is we're able to narrow the gap where custom applications need to be built. They provide a lot of services, like IBM has Watson, and they provide a lot of hardware but how do you bring it all together? Bringing it all together they have to build custom applications and that's the niche that we are able to help them with," explained Peter Jung, Product Leader at Pulzze Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2,...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...