Vancouver, BC / ACCESSWIRE / May 1, 2014 / New World Resource Corp. ("New World" or the "Company") announces that its partner, Fondo de Inversion Privado EPG Exploracion Minera ("EPG Exploration Fund") has provided the Company with assay results from the diamond drill program at the Agua Grande gold-copper project ("Agua Grande") in Chile, and based on these results, the Company will not finance any further exploration work on the project.
The drill program comprised 2,089 metres of diamond drilling in five holes and was designed to test several targets that were based on a 17 kilometre 13 line Electric Resistivity and Induced Polarization survey, a ground magnetic survey and geochemical sampling. The first two drill holes had sulphide mineralization throughout most of the holes (reported February 5, 2014), which was also the case with the remaining three holes. The assays showed very low grade for gold, copper and molybdenum. The surface samples and mining in the area that have good gold and copper grades are part of an older IOCG system of veins, which are not associated with the intrusive and possible porphyry target which was being drilled.
The drill program was funded through an arrangement with New World's partner, EPG Exploration Fund, a private equity fund managed by EPG Partners S.A., in Santiago, Chile (reported January 21, 2014) by way of a shareholders agreement. Pursuant to the shareholders agreement, EPG Exploration Fund is the operator and owns 60% interest, and the Company owns 40% interest in Minera Asturias SpA (reported November 20, 2013).
New World Resources CEO, John Lando commented, "The Company is disappointed with the results of the drilling at Agua Grande. The view that this could host a major deposit was shared by many experienced geologists familiar with the project. New World continues to evaluate projects in mining-friendly jurisdictions."
Quality Control and Assurance
Exploration work on the Agua Grande project was 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.
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 continues to hold an interest in the Lipena project with its partner Emusa Minera Marte S.R.L.
NEW WORLD RESOURCE CORP.
John Lando, President
For information with respect to the Company or the contents of this news release, please contact the Company at (604) 669-2701 or toll free at 1-800-663-0510, email at [email protected], or visit the web site at www.newworldresource.com.
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 and Bolivia; the ability of the Company to obtain additional financing; 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.
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SOURCE: New World Resource Corp.