OTTAWA, ON, June 18, 2020 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to announce that a second phase of drilling is planned to commence in early-mid-July at the Shot Rock Property ("Shot Rock") in Nova Scotia. Shot Rock is being explored for low sulphidation epithermal (LSE) gold mineralization. Northern Shield can earn up to an 80% interest in Shot Rock.
The phase two diamond drilling program is designed to follow up on the recent high-grade intersections found from the maiden drill program on the Highway Zone at Shot Rock (see press release dated April 29, 2020). The Phase two program will consist of eight to ten drill-holes totalling 2,500 to 3,000 metres. Drilling will focus on delineating the mineralized structure intersected in drill-hole 20SR-04 and testing five other parallel structures interpreted from the airborne magnetic and Lidar data. These structures coincide with an area of lower magnetic signature. It was clearly noted in drill-core from the first phase of drilling that alteration associated with the mineralization reduces the magnetic signature of the hosts rocks. On completion of the drill program we anticipate that we should be close to meeting our expenditure requirements to earn 80% interest in the Property, under the terms of the option agreement, nearly 18 months ahead of schedule.
"We are eager to get back drilling at the Shot Rock Property in Nova Scotia. The high- grade intercepts from the first phase were remarkably encouraging and validated our LSE model that the gold grades would increase rapidly as function of depth, within the boiling zones, that are characteristic of these models. It is important to highlight that the lower magnetic signature identified post the phase one drill campaign has only reinforced our enthusiasm for this project. This target will be the focus of the phase two program. Additionally, we have taken what we have learned from Shot Rock and have staked an additional land package 150km to the West."
- Northern Shield President and CEO, Ian Bliss
New property staked using what we have learned:
The Company has also acquired, through map staking, a 53 square kilometer property located approximately 150 km west of Shot Rock, also within the Avalon geological terrane, that the Company believes has broad similarities to Shot Rock based on limited data.
The drilling program is 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.
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 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.
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