OTTAWA, Jan. 18, 2018 /CNW/ - Northern Shield Resources
Inc. ("Northern Shield" or the "Company") (TSXV: NRN) announced
today that while South32 successfully met the Phase 1 requirements
entitling it to acquire a 50% interest in the Huckleberry Project,
it elected to relinquish the entitlement to acquire such interest
and, as such, Northern Shield now hold a 100% interest in
Huckleberry Property with no longer any third-party rights thereto.
Accordingly, the Huckleberry Option and Joint Venture agreement
announced on June 7, 2016 has been
terminated.
"We remain confident in the technical merits and exploration
potential of the Huckleberry Project and Labrador Trough, including
Séquoi and Sé2," explains Northern Shield President and CEO,
Ian Bliss. "However, planned
exploration for 2018 at Huckleberry and surrounding area may be
limited as we focus on the Shot-Rock Gold Property in Nova Scotia and other Ni-Cu-PGE targets in
Quebec and elsewhere. This will
also allow for research at Huckleberry and the Labrador Trough in
general to come to fruition and assist in future exploration.
Research includes initiatives by the Geological Survey of
Canada and a Ph.D. supervised by
Dr. Wolfgang Maier at the University
of Cardiff, Wales.
"We are very pleased with the relationship forged with South32
and appreciate their dynamic approach to exploration. We look
forward to opportunities to re-establish joint ventures in the
future," adds Mr Bliss.
Throughout 2017, desktop evaluations of geological environments
similar to the Labrador Trough elsewhere in the world have revealed
two areas of interest for follow-up. Within the next few weeks the
Company expects to have its geologists on the ground undertaking
reconnaissance and due diligence on these projects it may acquire.
At the same time, exploration will also commence at its newly
optioned Shot-Rock Gold Property in Nova
Scotia.
Northern Shield Resources Inc. is a Canadian-based company
focused on generating high-quality exploration programs with
experience in many geological terranes. It is known as a leader in
executing grass roots exploration program for Ni-Cu-PGEs and
utilizes expertise and innovation toward working on other deposit
types.
Forward-Looking Statements Advisory
This news release contains statements concerning the
exploration plans at the Company's Labrador Trough Properties and
the Shot Rock Gold Property in Nova
Scotia, acquisition targets, the Company's capitalization
and other goals, objectives, assumptions, information or statements
about future events, conditions, results of exploration or
performance that may constitute forward-looking statements or
information under applicable securities legislation. Such
forward-looking statements or information are based on a number of
assumptions, which may prove to be incorrect.
Although Northern Shield believes that the expectations
reflected in such forward-looking statements or information are
reasonable, undue reliance should not be placed on forward‑looking
statements because Northern Shield can give no assurance that such
expectations will prove to be correct. Forward-looking
statements or information are based on current expectations,
estimates and projections that involve a number of risks and
uncertainties which could cause actual results to differ materially
from those anticipated by Northern Shield and described in the
forward‑looking statements or information. These risks and
uncertainties include, but are not limited to, risks associated
with geological, geometrical and geophysical interpretation and
analysis, the ability of Northern Shield to obtain financing,
equipment, supplies and qualified personnel necessary to carry on
exploration and the general risks and uncertainties involved in
mineral exploration and analysis.
The forward-looking statements or information contained in this
news release are made as of the date hereof and Northern Shield
undertakes no obligation to update publicly or revise any
forward‑looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Northern Shield Resources Inc.