OTTAWA, July 29, 2013 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") (TSXV: NRN) is pleased to announce that exploration, including a 10 hole, 1,500 meter drill program, has commenced on the Idefix PGE (platinum group element) project in northern Quebec. The exploration program is funded under the terms of the option agreement with Impala Platinum Holdings Ltd. ("Impala").
The drill program will test a 1.3 kilometer long PGE mineralized zone delineated on surface by Northern Shield last year with grades of up to16.2 g/t Pt+Pd.
Exploration at Idefix and in the surrounding region is being funded by Impala of South Africa under the terms of an option agreement signed in May 2012. The terms of the option and joint venture agreement allow Impala to earn a 50% interest in Idefix by making cash payments to Northern Shield totaling $300,000 over two years and incurring $3.2 million in exploration expenditures at Idefix or the surrounding area over three years, with total expenditures of $1,950,000 committed for the first two years of the Agreement. The property expenditures to be incurred are subject to a 10% project management fee to be paid to Northern Shield who will be the operator of the projects.
The exploration program is being overseen by Christine Vaillancourt, a Qualified Person under National Instrument 43-101. Samples are being analyzed by ALS Minerals Laboratories 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.
Final assays from the drill project at the Company's Cu-Zn-Ag-Au VMS property at Wabassi, northern Ontario are imminent. The drill and ground geophysical program at the Ikertoq project in west Greenland has just been completed and assays are expected in approximately three weeks.
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) and Ni-Cu-(PGE) exploration in Canada and Greenland 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.
Forward-Looking Statements Advisory
This news release contains statements concerning the exploration plans, results and potential for PGEs and other mineralization at the Idefix property and regional occurrences, geological, geophysical and/or geometrical analyses of the Idefix property and regional occurrences 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.
SOURCE: NORTHERN SHIELD RESOURCES INC.
For further information:
For further information on Northern Shield and its properties, please visit our website at www.northern-shield.com or contact:
Northern Shield Resources Inc.
President and CEO
Tel.: (613) 232-0459
Fax: (613) 232-0760