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| | Mon Dec 10, 2007
3-D IP Geophysics Underway on La Negra Project, Chile
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| | TSX-V: NW
Vancouver B.C. - New World Resource Corp. (the "Company") announces that it has commenced geophysical and geochemical surveys on its La Negra lead-zinc-silver project in central Chile.
The 38 line kilometre geophysical survey covers an area of 3.4 square kilometres and overlies two exposures of the favourable host rock. Both a three dimensional induced polarization (IP) survey and a ground magnetics survey are being conducted. A separate geochemical survey is comprised of in excess of 1,000 soil samples. The entire work program is on schedule and anticipated to be completed before the end of the year.
The La Negra project is located 350 kilometres ("km") north of Santiago, Chile and 15 km east-northeast of the mining centre of Combarbala The project is a large polymetallic (lead-zinc-silver) mineralized system associated with an extensive quartztourmaline- kaolin alteration event. The hydrothermal system is exposed in at least two closely spaced parallel belts of volcaniclastic agglomerates and breccias. Geological mapping of the quartz-tourmaline alteration zone reveals that this favourable unit is exposed over 40 hectares. The mineralization trends north-south, and is developed within porphyritic andesites adjacent to a granodiorite intrusive. The lead-zinc-silver mineralization is peripheral to the intrusive and may be associated with a porphyry copper system, as there are widespread copper showings within and proximal to the intrusion.
Initial sampling identified high-grade polymetallic mineralization, including combined lead and zinc values of more than 18%, in the workings of a Spanish-era mine on the property. The initial soil survey completed in September 2007 defined a prominent lead-zinc soil anomaly extending approximately 700 metres north-south and remaining open to the west. A second anomaly occurred on the southern portion of the initial grid that trends north-south for 400 metres and is open to the south. This newly expanded grid and surveys will aid in the definition and delineation of the anomalies and will be important in the selection of drill targets.
Prior to the Company's involvement, there have been no modern exploration programs, and only limited mapping and sampling at La Negra. The Company has recently completed the construction of a 8.5 km access road.
Planned La Negra Exploration
Once the Company has received and processed the data from these geophysical and geochemical surveys, drill target selection will be finalized. Initial planning for a February drill program is currently underway.
The La Negra Option Agreement
Under the La Negra option agreement (the "Option Agreement") with Inversiones Y Minería Andalé ("Andalé"), a Chilean company controlled by Doug MacDonald, the Company has the right to acquire an undivided 80% interest in the project by incurring US$1,000,000 in exploration expenditures, paying US$600,000 and issuing 550,000 shares, over three years. The Company may acquire the remaining 20% interest in the project by paying Andalé an additional US$250,000 and issuing to it an additional 250,000 shares.
Quality Control and Assurance
Exploration work on the project will be under the supervision of Joan McCorquodale, P.Geo, the Company's Vice President, Exploration and a "qualified person" as defined in National Instrument 43-101. Ms. McCorquodale is responsible for the preparation of the information contained in this news release.
About New World
New World Resource Corp. is a Canadian based mining exploration company focused on building a strong, diversified project portfolio within the Americas.
NEW WORLD RESOURCE CORP.
John Lando, President
For information with respect to the Company or the contents of this news release, please contact John Lando or Don Flahiff at (604) 669-2701 or toll free at 1-800-663-0510, email at info@newworldresource.com, or visit the web site at www.newworldresource.com.
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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. |
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