OTTAWA, June 29, 2012 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") (TSXV: NRN) and Discovery Harbour Resource Corp. ("Discovery Harbour") are pleased to announce that drilling has commenced on the Wabassi Property in northern Ontario. Ten drill-holes, totaling 2000 meters, are planned.
In 2010 and 2011 drilling tested 4 VTEM anomalies within the Wabassi property. VMS-type copper-zinc-silver mineralization was intersected at three of these four anomalies including:
1.1% Cu and 97 g/t Ag over 7.7 meters in the A1 Zone;
2.3% Zn and 32 g/t Ag over 50 meters in the A2 Zone; and
1.4% Cu, 2.1% Zn, 35 g/t Ag and 0.11 g/t Au over 35 meters in the E Zone.
A subsequent airborne VTEM survey identified over 40 anomalies of which 19 have signatures similar to those of A1, A2 and E Zones. Drilling will target several untested VTEM anomalies and attempt to extend the known mineralization in the E and A1 and A2 Zones. The Wabassi property covers a 40-kilometre stretch of volcanic rocks that host this new copper-zinc-silver-gold VMS district.
The drill program will be overseen by Christine Vaillancourt, Chief Geologist for Northern Shield and a Qualified Person under National Instrument 43-101.
Northern Shield also announces that it has retained the services of Renmark Financial Communications Inc. ("Renmark") to assist in its investor relations activities. In consideration of the services to be provided, Northern Shield has agreed to pay Renmark a monthly retainer of $5,000 for a contract term of 1-year with a 6-month out clause starting July 1, 2012
Renmark does not have any interest, directly or indirectly, in Northern Shield or its securities, or any right or intent to acquire such an interest.
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) exploration in Canada and Cu-Zn-Ag at its Wabassi and Tempest properties. 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 drilling and exploration plans, results and potential for Cu-Zn-Ag and other mineralization at the Wabassi property, geological, geophysical and/or geometrical analyses of the Wabassi property 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
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.
For further information:
Northern Shield Resources Inc.
President and CEO
Tel.: (613) 232-0459
Fax: (613) 232-0760