New Dimension ResourcesLtd. said April 5 that it has executed an option agreement to acquirea 100% interest in the 8,352-hectare SavantLake gold property in Ontario's Savant Lake Greenstone Belt.
Company President and CEO Fred Hewett said the property has sevenknown gold occurrences that have yielded high-grade gold values of up to 138.87g/t of gold from surface prospecting.
The company believes the Savant Lake property's gold in ironformations is analogous to GoldcorpInc.'s neighboring Musselwhitegold mine and Agnico Eagle Mines Ltd.'snewly discovered Amaruqdeposit in Nunavut.
The company plans an initial exploration program on the property,which will include an airborne geophysical survey aimed at delineating targets forfuture drilling.