Thursday, 3rd July 2008 (297 views)

New Dimension Resources has announced it is to acquire a gold mineral system in Peru.

The company has two options; the first agreement will allow it to purchase the Chen Six property for $2 million (£1 million) over five years after an initial payment of $25,000.

According to the second option, New Dimension Resources will be able to buy the Puma Dorado property for $1.5 million over five years following an initial payment of $15,000.

The Puma Dorado property, which is located near Querobamba, has two 1,000 hectare concessions.

Early sampling at the property has returned a range of 0.5 to 3.2 g/t of gold from the magnetite zone which covers 1,700 metres by 500 metres.

Follow up sampling of 12 rock chips found an average of 0.92 g/t of gold. Of these, four assayed over one g/t of gold.

New Dimension Resources has exploration projects in Nevada, Canada and Peru. In May this year it made an agreement to buy a 65 per cent interest in the East Walker gold project in Nevada.

 

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