Northern Shield Resources (TSXV:NRN)
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2 Months : From Aug 2019 to Oct 2019
OTTAWA, Sept. 9, 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 ("Shot Rock" or the "Property") in Nova Scotia which is being explored for epithermal gold mineralization. Northern Shield can earn up to an 80% interest in Shot Rock.
The principal phase of field mapping at Shot Rock is now complete and the compilation is in its final stages. In summary (details further below), four distinct gold-bearing epithermal systems of low sulphidation affinity have been identified along a ridge that sits between the Piedmont Valley and Trans-Canada Highway in the central portion of the Property with indications of district scale potential. The system appears to have been very active and long lived, driven by large multi-phased intrusions which underlie that portion of the Property. It is believed that these intrusions created a large linear doming of the stratigraphy. Along with cross-cutting structures, this "superdome" helped focus the fluid flow and trap it along its apex creating very favourable geological conditions for accumulation of significant gold mineralization.
Drill targets and collar locations are currently being selected and prioritized for testing by a 2-3000 metre drill program being planned for the fall.
Channel sampling of stockwork at the Middle Zone was completed and 34 samples are currently being analysed for gold. Crews will shortly be moving to the Highway Zone to conduct channel sampling on numerous zones of stockwork and veining recently exposed by hand-trenching. Soil sampling has also been completed along the Windmill-Highway Zone. The objective of the soil sampling program is to try to locate shallowly buried gold-bearing structures not yet exposed through hand-grubbing. A second phase of soil sampling, along with prospecting, will soon commence east of the Highway Zone in an effort to locate any additional epithermal cells on this unexplored part of the property.
"I appreciate that's a lot of technical information here," quips Northern Shield President and CEO, Ian Bliss, "but one needs to recall that we were at ground zero a little over a year ago; we started with a few grains of gold in a pan and a theory of a low sulphidation epithermal gold system. At that time, no such system was known to exist in the Province so we had nothing to compare it to. We now have identified four separate epithermal cells of which three host gold-bearing quartz veins. The footprint of the Highway Zone alone is comparable in scale to known epithermal mines, including the Martha Mine in New Zealand, and we have strong indications of the existence of further cells providing for district scale epithermal gold potential within the 300 square kilometer Property. Those opportunities do not arise very often, especially within sight of the Trans-Canada Highway," adds Mr. Bliss.
Technical highlights from mapping program and related research
- The identification of four separate fluid cells (epithermal systems) along the ridge overlooking the highway including the newly identified Crystal Hill located 500 m east of the Highway Zone. These fluid cells are defined by geochemistry, mineralogy and various alteration and silicification indices. In the western-most cell (Windmill Zone), although anomalous gold and pathfinder elements are present, significant quartz veining or gold mineralization has not been identified to date. Moving eastward, the Middle Zone contains the highest gold grade identified to date at 5.3 g/t Au and is spatially well confined. A further 1,000 m east, the Highway Zone possesses the largest footprint to date measuring approximately 600 x 280 metres. Based on the understanding of these four known occurrences and applying results from previously completed airborne magnetics, Lidar survey, stream sediment geochemistry and prospecting, further cells are expected to exist east of Crystal Hill, and could be associated with gold mineralization at depth.
- Either regional folding or, more likely, the syenite intrusion itself, may have caused a large and distinct upward "doming" of the overlying stratigraphy that parallels the intrusion. This 8 kilometre-long "superdome" can have important effects in the generation of low sulphidation gold systems: 1) it focusses the hot rising fluids, which then concentrate at the apex of the (linear) dome; and 2) brittle rock layers tend to crack as they are folded or domed, creating ideal voids for large vein formation.
- The identification of a silica cap at the Highway and Crystal Hill zones confirm a very high level of exposure. This is significant as the main veins, often hosting better gold mineralization, are typically located directly beneath the silica cap.
- Although the exact age of the mineralization is not currently known, fluid inclusion studies being undertaken at St Mary's University, along with parameters imposed by the relative ages of the intrusions, suggest a Carboniferous age (359 to 300 Ma) or younger. This does not necessarily influence the gold potential of the low sulphidation systems at Shot Rock, however if confirmed, it means that these systems are much younger than geologically similar systems in Newfoundland.
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.
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.