Northern Shield Resources (TSXV:NRN)
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2 Years : From Dec 2017 to Dec 2019
OTTAWA, Nov. 27, 2018 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to announce results from on-going exploration at the Shot Rock Property (the "Property") in Nova Scotia. These results show the continued identification of gold-anomalous to gold-bearing quartz veins in outcrop and boulders, and the significant expansion of the area hosting the epithermal system. Shot Rock is being explored for low sulphidation epithermal gold mineralization through Northern Shield's wholly-owned subsidiary, Seabourne Resources Inc., which can earn up to an 80% interest in the Property.
Twenty-four of the 42 samples of quartz vein material recently submitted for analysis returned anomalous gold (>0.025 g/t Au). The highest assay of 2.5 g/t Au and 17.0 g/t Ag came from a large angular boulder composed of stockwork quartz veining hosted within a rhyolitic rock that also contains disseminated pyrite. Importantly, one of the larger banded quartz veins previously found in outcrop at the Property by Northern Shield (see press release dated November 7, 2018) assayed 0.47 g/t Au. A full list of assays from the Highway Zone are provided on the Company's website.
The textures and mineralogy of the quartz veins in outcrop and boulders from the Property are believed by Northern Shield to be consistent with the upper levels of epithermal gold systems, likely above the boiling cap. In typical epithermal systems, only modestly anomalous gold is expected to be seen above the boiling cap. If higher grades exist, they are usually found below, or at the level of the boiling cap.
In addition to the results from the above-mentioned samples, further prospecting and sampling has been undertaken. These samples are being submitted for analysis and assays are pending. This sampling has considerably expanded the footprint of the low sulphidation epithermal systems at the Highway Zone. The core area, where large-scale quartz veins and zones of intense stockwork have been found in outcrop, has been increased from 350 metres across to approximately 550 metres. In addition, numerous large angular boulders up to 1.5 metres in diameter consisting of crustiform/colloform banded quartz veins and stockwork veining, have been identified up-ice and up-hill from these outcrops which could further expand the cross-section vein system by 650 metres to the north. Outcrops and boulders with banded and crystalline quartz veins have also been identified 1,900 metres and 1,600 metres east and west respectively, along strike from this core area.
"We are very happy with the progress at Shot Rock. Although at an early stage, we continue to check a lot of critical technical boxes; firstly, the fluids forming these veins are gold-rich as indicated by the assays; rock textures provide evidence for a prolonged history of hydrothermal activity and efficient, vigorous boiling and; the numerous cycles of banding each represent a discrete boiling event. All these criteria are prerequisite to "grow" large and productive epithermal systems", explains Northern Shield President and CEO, Ian Bliss. "Furthermore, we keep expanding the footprint of this system by finding new areas of quartz veining and mineralization. We look forward to continuing to advance our exploration of the Property over winter."
The programs are 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 will be 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.