OTTAWA, ON, June 1, 2022 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to provide an update on the Root & Cellar Gold Project ("Root & Cellar" or the "Project") located on the Burin Peninsula in southeastern Newfoundland. Northern Shield can earn up to a 100% interest in the Root & Cellar Project, which is being explored for epithermal gold and porphyry-copper type mineralization.
As announced in the Company news release dated April 20, 2022, exploration at Root & Cellar was focussing on the prospecting and ground-truthing of near-surface IP geophysical anomalies identified from the refined IP model at the Conquest Zone (see Company news release dated February 24, 2022). Exploration at the Conquest Zone to date has successfully identified:
- four mineralized outcrops overlying or adjacent to near-surface IP anomalies;
- an area of presumed sub-crop consisting of approximately two dozen angular, mineralized boulders weighing up to an estimated 500 kg that overlie a strong near-surface IP anomaly;
- two additional clusters of angular mineralized boulders, coinciding with strong near-surface IP anomalies; and
- a cluster of four angular mineralized boulders in between the Windfall and Conquest zones that are not associated with an IP anomaly but based on their composition and the ice-direction, likely originate from the Conquest Zone.
Mineralization generally consists of disseminated pyrite hosted in variably silica-sericite altered rhyolite flows, porphyries and vent breccias. The strongest sulphide mineralization is associated with chalcedonic veins. Some mineralization is hosted in basalt where it overlies or is adjacent to mineralized rhyolite or structures. Three of the new outcrops were discovered in the immediate vicinity of where mineralized boulders were found in fall 2021.
Over 40 samples are pending assays on an expedited basis and additional samples will be shipped shortly
"We are following through with our planned systematic exploration programs based on new interpretation gained from the drilling program and the IP survey and we are very happy to see results supporting our interpretations.
The winter and spring rains have washed off the boulders and outcrop freshly exposed during the construction of the drill roads last fall, which is providing a wealth of new geological information and revealing more mineralization. As our understanding of the controls on mineralization increase exponentially, so do our discoveries of surface mineralization. Even as we speak, field crews are making additional discoveries. Channel sampling will commence shortly on some of these exposures and application for a trenching permit is underway."
- Ian Bliss, Northern Shield President and CEO
Fieldwork is also leading to a better understanding of the controls on the gold mineralization and supports the interpretation that the large IP anomaly identified from the re-processed IP survey is the principal target and likely the feeder to the gold mineralization being found at surface in the Conquest Zone. The surface expression of this target correlates with some of the strongest potassic alteration seen on the property to date and elevated gold values. Drill-hole 21RC-03 also intersected 100 metres of strong epidote and potassium altered vent breccia at the periphery of the IP target. This supports the interpretation that this IP target could be the main feeder to the gold mineralization at Conquest. Although the core of this IP target trends north-south and is at depth, gold-bearing fluids are believed to have migrated to surface along conduits into several east-west trending structural traps. The Conquest Zone hosts gold in outcrop up to 45 g/t Au from channel sampling.
This press release was reviewed by Christine Vaillancourt, P. Geo., the Company's Chief Geologist and a Qualified Person under National Instrument 43-101.
This news release contains statements concerning the exploration plans, results and potential for epithermal gold deposits, and other mineralization at the Company's Root & Cellar Property , geological, geophysical 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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