Northern Shield Resources (TSXV:NRN)
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1 Year : From Oct 2018 to Oct 2019
OTTAWA, Nov. 7, 2018 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to announce significant advancements from the Shot Rock Property (the "Property") in Nova Scotia. Shot Rock is being explored for epithermal gold mineralization through Northern Shield's wholly-owned subsidiary, Seabourne Resources Inc., which can earn up to an 80% interest in the Property.
Large, well-banded low sulphidation, epithermal quartz veins (Photo A), some up to 45 centimetres thick, have been found in outcrop (Photo B) within the Highway Zone. The larger veins trend generally east-west and have a sub-vertical dip. Intensive stockwork veining and breccias (Photo C) have also been found in outcrop. Dozens of similarly composed (Photos E, F and G) angular boulders (up to 1 metre) have been uncovered in the area, some exhibiting multiple phases of veining, stockwork and brecciation (Photo D). These new outcrops are located approximately 350 metres (across strike) from the outcrop of stockwork veining that assayed up to 0.95 g/t Au and is 700-1500 metres (along strike) from much smaller boulders, collected along a nearby stream that assayed up to 3.3 g/t Au (see Press Release October 18, 2018). Further large angular boulders were found up-slope from the last outcrop suggesting the width of epithermal system could be up to 650 metres.
Also of potential significance is the discovery of quartz veins (Photos H, I, and J) of a different genre than the ones mentioned above. These quartz veins generally do not exhibit colloform/crustiform banding but contain brecciated fragments of various hosts rocks with fine pyrite along the contacts of the fragments, near the margins of the vein itself and sometimes disseminated within the host rocks. Injection breccias are also noted and consist of fine-grained granitic material injecting into a rhyolite with fragments of both lithologies often containing disseminated pyrite. Both lithologies are then cut by pyritic quartz veins. Most of the float samples were collected along or near the upper reaches of the same creek containing the gold anomalous and gold-bearing colloform and crustiform banded boulders sampled earlier in the year. Thus, mineralized quartz vein material has been seen along the entire two kilometre length of this creek.
Assays are pending on all samples. The textures and mineralogy of some of the quartz veins in outcrop and boulders are consistent with the upper levels of epithermal gold systems, likely well above the boiling cap. Boiling caps form at the level where rising boiling fluids, which carry the gold, interreact with cooler near surface water (water table). This results in epithermal quartz veins that typically show significant and rapid vertical zonation in gold grades from low-grades high in the system and above the cap to higher grades at and below the boiling level.
"We believe this is a significant development at Shot Rock. We have located some very large veins and zones of intense stockwork. The size of some of the veins we are now discovering in bedrock is impressive, especially considering that they appear to represent the very top of an epithermal system and would typically thicken at depth. The distribution of the outcrops identified to date, the concentration of locally derived boulders and the variety of quartz vein phases and alteration indicates that this could be a very large epithermal system," explains Northern Shield President and CEO, Ian Bliss.
For reasons of safety and consideration to the local hunters, field crews have vacated the field at the commencement of deer hunting season but will return shortly.
The program is being overseen by Christine Vaillancourt, P. Geo., the Company's Chief Geologist and a Qualified Person under National Instrument 43-101.
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.