Northern Shield Resources (TSXV:NRN)
Historical Stock Chart
2 Months : From Dec 2019 to Feb 2020
OTTAWA, Jan. 16, 2020 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to provide an update on exploration at the Company's two flagship properties, the Shot Rock Property ("Shot Rock") in Nova Scotia and the Root & Cellar Property ("Root & Cellar") in Newfoundland; both of which are being explored for low sulphidation epithermal (LSE) gold mineralization. Northern Shield can earn up to an 80% interest in Shot Rock and 100% in Root and Cellar.
"We are very happy to be drilling Shot Rock shortly and eager to see the core," states Northern Shield President and CEO, Ian Bliss. We are also most encouraged by what we keep seeing from the progress at Root & Cellar. This project is rapidly catching my attention the more we work on it," continues Mr. Bliss.
The logistics are underway for a 2,000 to 2,500 metre diamond drilling program anticipated to commence the last week of January with some initial results expected by early March. The program is planned to consist of 5- to 8 drill-holes with a focus on the Highway Zone and 1 or 2 drill-holes planned for the Middle Zone.
Northern Shield and prospector Patrick Bellefontaine discovered LSE gold mineralization in an outcrop at Shot Rock in the fall of 2018. The discovery, the first known of its kind in the Province, was made within a few hundred metres of the Trans-Canada Highway. Since then the Company and its consultants have diligently outlined four epithermal gold systems of which the Highway Zone has a substantial foot-print with gold-bearing quartz veins (0.025 to 2.5 g/t Au) being found over an area measuring approximately 300 x 600 metres. Importantly, the Company identified outcrops which are believed to represent a silica cap, an essential component in LSE gold systems. This is significant as the mineralized vein network in LSE gold systems is typically located directly below the silica cap and it confirms the relatively high level of exposure at Shot Rock and that the system is likely largely intact.
The drilling program will be Contracted to Logan Drilling Group based in Stewiacke, Nova Scotia and will be overseen by Christine Vaillancourt, P. Geo., the Company's Chief Geologist and a Qualified Person under National Instrument 43-101.
Root & Cellar
Permitting has been received for trenching and a high resolution airborne magnetic survey at Root & Cellar. The magnetic survey will commence as soon as a window of stable weather can be predicted but is anticipated to be completed in January.
Permitting has also been received for a planned trenching program. The trenching program will commence on completion of the airborne survey and will be expanded to test several large and distinct soil anomalies (see press release dated October 10, 2019) at the Conquest and Drop Zones. Of particular interest is a 1.4 kilometre long, 200 to-300 metre wide gold-in-soil anomaly that is bounded on the south by the gold-bearing Conquest Zone (up to 47.9 g/t Au) and Rhyolite Dome and to the north by several previously collected gold anomalous rhyolite boulders. The soil survey also clearly defines the Drop Zone to be distinctly anomalous in Au, Ag and Tellurium and would suggest 3 to 4 east-west trending parallel zones. In both cases the soil geochemistry mimics that of the known mineralization in the showings.
Prospecting prior to the end of 2019 located outcrops and boulders of particular interest within both soil anomalies that are generally visually consistent with other known mineral occurrences within Root & Cellar. These samples have been submitted to the lab for assay.
The technical programs are being overseen by Christine Vaillancourt, P. Geo., the Company's Chief Geologist and a Qualified Person under National Instrument 43-101. Samples cited 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 and Newfoundland properties, geological, and geometrical analyses of the properties and comparisons of the properties to known epithermal gold deposits 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.