Drilling and Surface Sampling Identifies Further PGEs at Idefix - Including 1.4 g/t Pt+Pd+Au Over 31 Meters On Surface
OTTAWA, Oct. 10, 2013 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") [TSXV: NRN] is pleased to announce the results of the first drill program completed this fall on the Idefix PGE property in northern Quebec as well as surface sampling. Fourteen drill-holes totaling 1,501 meters were completed along with surface sampling (129 sawn channel samples and 90 grab samples). A total of 951 samples of drill-core from the program were submitted for analysis.
Significant new PGE mineralization was discovered immediately south of the Idefix Ridge at La Colline. At this location, 41 of 92 surface samples collected over an outcrop measuring approximately 220 meters by 50 meters assayed over 1 g/t Pt+Pd+Au. This includes a zone defined by 34 continuous sawn channel samples which average 1.4 g/t Pt+Pd+Au, 0.28% Cu and 0.1% Ni over 31.35 meters within which there is a higher grade zone averaging 1.9 g/t Pt+Pd+Au, 0.38% Cu and 0.13% Ni over 15.85 meters (see Tables 1 and 2). True widths are unknown at this time. Three drill-holes were completed at La Colline but these are all located east of a fault that appears to separate the western mineralized block from the un-mineralized eastern block.
Also of significance is a grab sample collected 900 meters east of Idefix Ridge which assayed 4 g/t Pt+Pd+Au. This occurrence differs from others within the Idefix property as it has a 1:1 Pt:Pd ratio (compared to a 1:3 Pt:Pd ratio found along the Idefix Ridge). This discovery is suggestive of yet another PGE zone, or perhaps reef, on the eastern side of Idefix, which has seen very little exploration in the past.
All ten of the drill-holes completed along the Idefix Ridge intersected the Upper Zone which ranges from 16.5 to 33.7 meters thick with grades between 0.22 and 0.39 g/t Pt+Pd+Au (see Table 3). A one meter thick reef at, or near the stratigraphic base of the Upper Zone, is also seen in all drill-holes and typically averages 0.8 g/t Pt+Pd+Au. Two of the three drill holes that were completed at La Colline intersected mineralization similar and perhaps analogous to the Upper Zone ranging between 19 and 31 meters in width and 0.14 and 0.21 g/t Pt+Pd+Au.
Fourteen other grab and channel samples from the Idefix Ridge returned assays between 1 and 16 g/t Pt+Pd+Au and 0.14 and 1.6% Cu. (see Table 4). A boulder grading 0.7% Ni, 0.4% Cu and 0.33 g/t Pt+Pd+Au was also discovered within the Idefix Property. Follow-up work has located two more similar looking boulders outside of the Idefix Property for which assays are still pending.
"The Idefix Project is rapidly shaping up into what we believe is one of the more promising PGE projects in North America," says Northern Shield President and CEO, Ian Bliss. "There are not many known mafic-ultramafic intrusions of this size in North America that 1) contain such widespread PGE mineralization; 2) contain grades up to 16 g/t PGEs and 3) contain such continuous mineralization as we now appear to see at La Colline. The intersections in drill-core of the Upper Zone along the Idefix Ridge were lower than hoped but we believe that the showing at La Colline may be the extension of that same zone with higher grades."
Discussions for the next phase of exploration will commence in November but will likely include further drilling and surface sampling at La Colline to better define this newly discovered zone.
The exploration program at Idefix was overseen by Christine Vaillancourt, a Qualified Person under National Instrument 43-101. Samples from Quebec are being prepared by ALS Global in Val D'Or, Quebec and then analyzed by ALS Global in Vancouver, BC, for Au, Pt and Pd by Fire Assay with ICP-AES finish and base metals by four acid digestion and ICP-AES.
The Idefix Property is currently owned 100% by Northern Shield. On May 2nd, 2012, an Option and Joint Venture Agreement was signed with Implats in which they can earn a 50% interest in Idefix by making cash payments to Northern Shield totalling $300,000 over two years and incurring $3,500,000 in exploration expenditures at Idefix. Implats can also earn a 50% interest in up to two additional "designated properties" within the Area of Mutual Interest by incurring a further $1,250,000 of expenditures per additional property. The property expenditures to be incurred include a 10% project management fee to be paid to Northern Shield who will be the operator of the projects. A 50/50 joint venture would be formed as interests are earned in each project. Implats has spent approximately $1,800,000 on the project to date.
Table 1: La Colline Continuous Channel Sample.
|Sample type||Sample||Interval (m)||Ni (%)||Cu (%)||Pd (g/t)||Pt (g/t)||Au (g/t)||Pd+Pt+Au (g/t)|
|Composed of following intervals|
Table 2: Other Significant Samples from La Colline
|Sample type||Sample||Length (m)||Ni (%)||Cu (%)||Pd (g/t)||Pt (g/t)||Au (g/t)||Pd+Pt+Au (g/t)|
Table 3: PGE Intersections from Drill-holes
|Drill Hole||From (m)||To (m)||Interval (m)||Pd (g/t)||Pt (g/t)||Au (g/t)||Pd+Pt+Au (g/t)|
Table 4: Significant Assays from Idefix Ridge
|Sample type||Length (m)||Sample||Ni (%)||Cu (%)||Pd (g/t)||Pt (g/t)||Au (g/t)||Pd+Pt+Au (g/t)|
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) and nickel-copper-(PGE) exploration in Canada and Greenland and copper-zinc-silver exploration on its Wabassi and Storm properties in northern Ontario. Its mission is to create a successful mineral exploration company through technical excellence and efficient management, where success is measured by the identification and development of high-quality mineral exploration projects, which may ultimately be optioned, sold or developed for maximum return on investment. For further information on Northern Shield and its properties, please visit our website at www.northern-shield.com or contact:
Forward-Looking Statements Advisory
This news release contains statements concerning the geophysics, drilling and exploration plans, results and potential PGE and Ni-Cu-PGE and other mineralization at the Idefix property, geological, geophysical and/or geometrical analyses of the Idefix property and comparisons of the Idefix property to other known PGE deposits in North America, and other expectations, plans, 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
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SOURCE Northern Shield Resources Inc.For further information:
Northern Shield Resources Inc.
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