BURLINGTON, ON, Feb. 2 /CNW/ - Silver Shield Resources (SSR-TSXV) has finalized the Agreement to acquire the "Lost Dog" property located in what continues to be Canada's hottest Gold exploration play, the West Timmins Area, and has commenced exploration work.
The Lost Dog property consists of 36 un-patented mining claim units in south central Denton Township, about thirty kilometres south-west of the Timmins city center, in the South Central Denton Township, 12 km west of Lake Shore Gold's 830,000 oz Timmins Mine, and the Lakeshore/West Timmins Mining Inc. Thunder Creek project. The property is immediately east of the property of RT Minerals where drilling continues and adjoins to the south of claims of Nebu Resources who are actively exploring on and have has recently announced interesting drilling results.
The Company will pay a total of Fifty Thousand ($50,000) and Seven Hundred Fifty thousand (750,000) common shares, over a two-year period for an option to acquire a 100-per-cent interest in the property, subject to regulatory approval. The Vendors will retain a royalty of 2 % of NSR that Silver Shield has the right to purchase 1% of at any time, for $ 1,000,000.
The property is underlain by a suite of felsic to intermediate intrusive rocks of the Kenogamissi Batholith, an older potassium feldspar-porphyry granodiorite that outcrops in the southern half of the property and extends across the property. A younger biotite-hornblende granodiorite has intruded the feldspar porphyry granodiorite. These rocks have been variously affected by the Destor-Porcupine Fault Zone. (DPFZ) A magnetic low lies along the projected location of the PDFZ across the property.
The Company has initiated a program of linecutting to be followed by ground geophysical surveys, including magnetic, VLF, and IP. to locate potentially mineralized structures on the property and to generate drill targets.
The Company continues to review other properties in the West Timmins Area, and expects to complete additional acquisitions in the near future.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release
SOURCE Silver Shield Resources Corp.
For further information: For further information: Tim Towers @ (905) 483-0333, email email@example.com, Website www.silvershieldresources.com