OTTAWA, May 2, 2018 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to announce today that is has expanded the Shot Rock Gold Property ("Shot Rock" or the "Property") in Nova Scotia which is being explored through wholly-owned subsidiary, Seabourne Resources Inc. The size of the Property has been increased to approximately 184 square kilometres. The Company has the right to acquire up to an 80% interest in Shot Rock under an option deal signed with a local prospector (see press release December 20, 2017).
The Shot Rock Gold Property now covers a 31 kilometre strike-length of unconformable, quartz-pebble conglomerate and bi-modal volcanic rocks. While outcrop is generally poor in the area, gold has consistently been panned from streams that transect a certain area of the Property. Prospecting also resulted in the discovery of quartz-pyrite veins moderately anomalous in gold and epithermal pathfinder elements including mercury, arsenic and antimony. Such signatures are very similar to known epithermal gold deposits in Nevada, a style that has only very recently been identified in Nova Scotia and provides for an exciting new opportunity.
A first phase of community engagement has been successfully undertaken in the Shot Rock area and exploration will soon be underway on parts of the Property as access roads dry out.
The Company is also pleased to announce that, through Seabourne Resources, it has acquired an Iron-Oxide-Copper-Gold ("IOCG")-type Co-Cu-Fe-Au property in western Nova Scotia, approximately 100 kilometres west of Shot Rock. The IOCG property currently consists of 3 claim groups totalling 67 square kilometres. The area hosts sediment samples highly anomalous in cobalt, copper, nickel, lead, zinc and iron. Several specular hematite veins and chalcopyrite showings occur within the claim groups. These are all classic indications of IOCG-type deposits. The Cobequid-Chedabucto Fault (CCF), which the property sits adjacent too, has been highlighted in the past for its potential to host IOCG-type mineralization. The Company believes that a series of oblique secondary faults associated with the CCF have the highest potential to host significant mineralization as they form dilatant zones for mineralizing fluids to exploit.
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 at the Company's Nova Scotia properties, acquisition targets, the Company's capitalization and other goals, objectives, assumptions, information or statements about future events, 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.
View original content: http://www.newswire.ca/en/releases/archive/May2018/02/c2217.html
