Northern Shield Resources (TSXV:NRN)
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OTTAWA, Oct. 18, 2018 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to announce that the stockwork-style epithermal quartz veining recently found in bedrock through grab sampling at the Shot Rock Gold Property (the "Property") in Nova Scotia assayed 0.96 g/t Au. Additionally, a newly discovered boulder found approximately 600 metres east of this outcrop assayed 3.3 g/t Au. This is the highest gold assay from Shot Rock to date and to the Company's knowledge, the first known occurrence of mineralised epithermal banded quartz veins in northern Nova Scotia. Shot Rock is being explored through Northern Shield's wholly-owned subsidiary, Seabourne Resources Inc., which can earn up to an 80% interest in the Property.
Thirteen other samples from the current batch assayed between 0.1 and 0.6 g/t Au. All of these are within the Highway Zone. The mineralization appears to be related to a five kilometre-long, east-west structure that forms a splay off a larger regional structure. The western end of the structural zone is exposed along a windmill access road on top of the ridge. While very little epithermal quartz veining has been noted here, the altered fault zone is marked by sporadic anomalous gold and strong enrichment in the pathfinder elements associated with the quartz veins. This could represent the uppermost levels of the fault system which hosts the quartz veins to the east. The eastern end coincides with a topographic low and hence this area may represent the deepest erosional level of the vein system. It is within this topographic low that the boulders with the highest gold grade have been found to date. This would be supportive of the model whereby gold grades in epithermal systems typically increase rapidly at depth within the vein. The outcrop exhibiting stockwork epithermal veining is midway between these two end points.
"Textures observed in many of the quartz boulders suggest a vigorously boiling system and the current erosional levels appear to be relatively high in the system," explains Northern Shield President and CEO, Ian Bliss. "If what we are sampling right now is indeed high in the system, it bodes well to what could be a depth. We believe the size of the system and textures of the quartz veins are remarkably similar to what is observed in prolific epithermal gold camps such as Nevada."
Further stream sediment sample results are pending. Some of these samples targeted an area 5 kilometres further east that the Company believes may host a continuation of the same structure as seen in the Highway Zone.
The program is being overseen by Christine Vaillancourt, P. Geo., the Company's Chief Geologist and a Qualified Person under National Instrument 43-101. Samples from the program were analyzed by ALS Global in Sudbury, Ontario and in Vancouver, BC, for Au by Fire Assay with ICP-AES finish and base metals by four acid digestion and ICP-AES. All standards and duplicates by ALS Global meet targeted values.
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 utilizing expertise and innovation toward working on other deposit types. Seabourne Resources Inc. is a wholly-owned subsidiary of Northern Shield focussing on epithermal gold and related deposits in Atlantic Canada and elsewhere.
Forward-Looking Statements Advisory
This news release contains statements concerning the exploration plans, results and potential for epithermal gold deposits, and other mineralization at the Company's Nova Scotia properties, geological, and geometrical analyses of the properties and comparisons of the properties to known epithermal gold deposits in Nevada and elsewhere, and other expectations, plans, goals, objectives, assumptions, information or statements about future, 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.