OTTAWA, Dec. 22, 2014 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") [TSXV: NRN] is pleased to announce that it has signed a binding Option Agreement with the owners of 7 claims comprising the K67 Property in the Baie-Comeau area of Quebec. Under the terms of the agreement, which is subject to TSX-V approval, Northern Shield can earn a 100 % interest in the claims by paying $6,000 and issuing 200,000 shares on signing the agreement, paying a further $20,000 and 200,000 shares on the first anniversary of the agreement and a further $25,000 and 200,000 shares on the second anniversary. The property is subject to a 2% NSR Royalty payable to the owners, of which 1% can be bought back for $1 million at Northern Shield's option.
The property is strategically located 60 kilometers north of the town of Baie-Comeau and within 10 kilometers of a surfaced road. The Ni-Cu showing was discovered when a newly constructed forestry road revealed the mineralization. Only a few samples have been collected from the showing which measures approximately 50 x 300 meters. To date the most significant assays include 0.67% Cu and 0.12% Ni, 0.27% Cu and 0.3% Ni and 0.1% Cu and 0.32% Ni.
"For various geological reasons, we've always been intrigued by the Ni-Cu-(PGE) potential of this area and this new showing in particular has caught our attention," says Northern Shield President and CEO Ian Bliss. "It is easily accessible and on surface which allows for efficient exploration, even in the winter months. We look forward to getting to work on it."
The evaluation of the project was overseen by Christine Vaillancourt, a Qualified Person under National Instrument 43-101. Samples were 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.
Northern Shield Resources Inc. is a Canadian-based mineral exploration company built around its platinum group element (PGE) expertise which forms the basis of its exploration in eastern Canada.
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: Northern Shield Resources Inc., Ian Bliss, President and CEO, Tel.: (613) 232-0459, Fax: (613) 232-0760, [email protected]