OTTAWA, June 13, 2013 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") (TSXV: NRN) is pleased to provide an exploration update on the Ikertoq nickel project in west Greenland.
Exploration crews will be mobilized to Greenland shortly after mid-June to undertake a reconnaissance of the Ikertoq property prior to drilling, which will commence the following week. An eight to ten hole, 1500 metre diamond drill program is currently planned to test Targets A, B, C and L (see www.northern-shield.com). All of these targets are based on the results of a VTEM survey completed in late 2012, which show a strong correlation between electromagnetic (EM) and magnetic anomalies. The very strong conductance (EM) of these targets is consistent with the typical signature of nickel deposits. Surface nickel mineralization was discovered by Greenland Gold Resources Ltd. ("Greenland Gold") at Target A in 2010 (prior to the VTEM survey) with 14 samples assaying greater than 1% Ni. Modeling of the VTEM data at Target A shows the top of the conductor to be at a depth of approximately 100 meters below surface. Targets B and C are modeled at 150-200 meters depth and L is modeled at, or very near, surface. An application has been made jointly by Northern Shield and Greenland Gold to expand the current Ikertoq property from 120 square kilometres to approximately 388 square kilometres.
Northern Shield has the option to earn a 50% interest in the Ikertoq nickel property from Greenland Gold by incurring €1,000,000 ($CDN 1,350,000) of exploration expenditures by February 2014 and a further €1,750,000 ($CDN 2,400,000) of exploration expenditures on the project by February 2016. If Northern Shield earns a 50% interest, the project will become a 50/50 joint venture with Northern Shield as operator.
Northern Shield has also applied for a mineral license in the same general area totaling 1,800 square kilometres. The license covers ground that Northern Shield believes to be also prospective for Ni-Cu-(PGE). Final approval of the license is pending.
Exploration will be overseen by Christine Vaillancourt, Chief Geologist for Northern Shield and a Qualified Person under National Instrument 43-101.
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.
Forward-Looking Statements Advisory
This news release contains statements concerning the geophysics, drilling and exploration plans, results and potential Ni-Cu-PGE and other mineralization at the Ikertoq property and new license areas, geological, geophysical and/or geometrical analyses of the Ikertoq property and new license area, 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