Northern Shield Resources (TSXV:NRN)
Historical Stock Chart
1 Year : From Feb 2019 to Feb 2020
OTTAWA, Aug. 14, 2019 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 ("Shot Rock") in Nova Scotia, and the Root & Cellar Gold Property ("Root & Cellar") in Newfoundland; both of which are being explored for epithermal gold mineralization. Northern Shield can earn up to an 80% interest in the Shot Rock and 100% in Root & Cellar.
Grab sample results from two sample batches totalling 141 samples from Highway Zones at Shot Rock have been received. Sixty percent of the samples from these latest batches returned anomalous gold (>0.025 g/t Au) with 28% over 0.1 g/t Au and a high of 2.5 g./t Au.
Importantly, field crews have identified numerous outcrops in the Highway Zone of what the company now believes to represent a silica cap. These shallowly dipping horizons sometimes have the appearance of a banded quartz vein but are now interpreted to be the result of the silicification of lacustrine sediments that are forming at the same time as the epithermal event. The identification of such a silica cap is viewed as a significant step forward in understanding the Shot Rock mineralizing system, as the main veins, often hosting better mineralization, are typically located directly beneath the silica cap. Remnants of a silica cap in outcrop also indicate a high level of exposure and suggests that the system is largely preserved.
This silica cap carries weakly to moderately enriched gold values (0.025-0.1 g/t Au) and generally subordinate silver that relate to leakage through the silica cap. Stockwork veining and occasional larger veins (usually colloform/crustiform banded) are locally exposed where the silica cap is eroded and carry higher gold grades (0.1-5.3 g.t Au) and have higher silver:gold ratios. Field crews have recently exposed a 5 meter-wide vein consisting of banded quartz, milky quartz and quartz breccia below the silica cap outcrops on the western flank of the Highway Zone.
The resistant nature of the silica cap and its shallow dip explains the spatial coincidence of the epithermal discovery with the flat top hill on which it is centered. The silica cap covers an area 250 metres wide and 300 metres long with additional outcrop of gold bearing stockwork being downslope, a further 300 metres to the south.
"Thanks to our field crew, we now have a much better grasp of the epithermal system at Shot Rock; we now know where we are in the system with greater confidence; we can distinguish the different components of the system and; we understand the grade variation. We can now focus in on chasing those gold-bearing components," explains Northern Shield President and CEO, Ian Bliss. "The stockwork veining we see, where the silica cap has been eroded on the flanks of the hill, are the very tip of the vein system and typically grade between 0.1 to 1 g/t at Shot Rock That's not bad for being so high up in the system," continues Mr. Bliss.
A drill program to test the system directly below the silica cap and the down dip extension of the stockwork is being planned for the fall on completion of the mapping and sampling.
Root & Cellar
Thirteen of forty-two grab samples collected from a recent reconnaissance of the Drop Zone and Conquest Zone at the Root & Cellar property returned greater than 1 g/t Au with a high of 5.3 g/t Au and 113 g/t Ag with a further sixteen samples assaying between 0.1 and 1 g/t Au. A property wide soil/till sample program is now underway which will be followed by a mechanical trenching program. The objective of the trenching program is to expose the full width of the known gold occurrences and trace them along strike, guided by the results of the soil sample program.
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 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 meet targeted values.
Root & Cellar
Top twenty Root & Cellar and Shot Rock respective assay results from current sample batches. (Assays in g/t)
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.