Northern Shield Resources (TSXV:NRN)
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1 Year : From Oct 2018 to Oct 2019
OTTAWA, March 19, 2019 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to provide an update on exploration at the Shot Rock Gold Property (the "Property") in Nova Scotia, which is being explored for epithermal gold mineralization. Northern Shield can earn up to an 80% interest in the Property.
On-going grab sampling has continued to locate epithermal-type quartz vein and, quartz breccia material within the Highway Zone. Sixteen of thirty-nine samples from the latest batch show anomalous gold with assays ranging from 0.0025 to 1.4 g/t Au. Some of these samples contain ginguro-style bands consisting of extremely fine-grained pyrite as well as clusters of pyrite filling voids that contain inclusions of argentite, molybdenite and occasional gold as well as sporadic grains of electrum (native gold-silver alloy).
More detailed analytical studies to help constrain the relative positions of the samples within the system and to provide a potential vector to the core of the system are underway at Saint Mary's University. Very preliminary observations of the hand samples have identified many of the key textural and mineralogical aspects one would expect to see in classic low-sulfidation epithermal gold systems. These include:
- Abundant alternating bands of coarser quartz crystals transitioning to fine-grained colloform banding with "ginguro" sulfidic bands containing the assemblage of pyrite-argentite (or other silver carriers)-gold-As-Sb;
- Presence of hematite/barite that indicates a hydrothermal system that was shallow oxidized, and neutralized and, involved meteoric water incursion;
- Evidence from fluid inclusions of rapid "flash boiling" which, along with meteoric water incursion, is critical for gold deposition. Colloform banding is consistent with boiling in classic, large epithermal systems.
"Field observation of textures and mineralogy are consistent with the upper levels of an epithermal system, likely above the boiling cap, where typically only very low levels of gold are expected," explains Northern Shield President and CEO, Ian Bliss. "Nonetheless we see an abundance of gold anomalous material over a considerable and, ever expanding area, which indicates the fluids were gold-enriched and the system reasonably efficient at dumping gold and silver. This bodes very well for what may be encountered below the boiling cap."
The high resolution airborne magnetic survey announced on February 19th has been successfully completed. Interpretation of the survey is underway but distinct features are readily apparent from the survey that are spatially coincident with where the majority of the mineralized quartz veins samples have been found to date. Further details of the magnetic survey may be provided once interpretation is complete. The survey was flown at 50 metre spaced lines and covered approximately 50 square kilometres of the Highway Zone. The survey was undertaken by Prospectair Geosurveys Inc.
The programs are 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.