BURLINGTON, ON, Nov. 19 /CNW/ - Silver Shield Resources (SSR-TSXV) is pleased to announce that it has signed a Letter of Intent, to acquire a property located in what continues to be Canada's hottest Gold exploration play, the West Timmins Area.
The property consists of 36 un-patented mining claim units in south central Denton Township. These claims cover an area of 575 ha, located about 5 km south of the highly prospective Porcupine-Destor Fault Zone, which is an important feature to most of the largest past producers in The Timmins Camp. 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 and a younger biotite-hornblende granodiorite that has intruded the feldspar porphyry granodiorite. These rocks have been variously affected by the Porcupine-Destor Fault Zone. Also of interest is the contact with the Tisdale Assemblage-Mafic Volcanic sequence on the north side of the property. The Gold deposits in the area appear to be also associated with splay faults that trend off to the north of the Porcupine Destor fault.
The Lost Dog project is located 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 adjoins RT Minerals (RTM-C) and Nebu Resources (NBU-V) who are actively exploring in the same township, 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 Company continues to review other properties in the West Timmins Area, and expects to complete additional acquisitions in the near future.
The Company plans to complete an exploration program consisting of geology and geophysics to locate mineralized structures on the property and to generate drill targets for the proposed spring 2010 drilling season.
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 @ (289) 337-6162, Email email@example.com