TSX Venture Exchange: STS
VANCOUVER, Sept. 11, 2012 /CNW/ - StoneShield Capital Corp. (STS - TSX Venture Exchange; 5XS - Frankfurt Stock Exchange) ("StoneShield" or the "Company") is pleased to provide shareholders with an update on drill permitting and drill plans for the Company's Goldtooth project in Inyo County, CA. The Goldtooth project consists of two separate claim blocks, located 11 kilometers apart, bookending Atna Resources' Briggs Gold Mine ("Briggs").
Over the past few months, StoneShield has been working with consulting groups to complete required surveys at Goldtooth to modify and expand the existing drill permit prior to its planned fall drill program. Both wildlife/botanical and archaeological surveys are now complete and have been filed with the Bureau of Land Management ("BLM"). Approval of the modified drill permit is expected in the near future.
Having added new claims in late spring, StoneShield is now focused on drilling targets in the South Goldtooth claim block. StoneShield plans to drill 25 holes to test for continued gold mineralization on trend with Briggs mineralization. The modified drill permit, planned for this fall, will consist of 12 reverse circulation drill holes for a minumum of 3,000 meters, all located immediately to the south of the active, producing Goldtooth Pit at Atna's Briggs Mine. The northernmost hole is planned as close as 150 meters to the final perimeter of the producing Briggs Goldtooth Pit, currently under expansion.
The remaining 13 drill holes will test the Goler Canyon target area located in the southern portion of the Goldtooth property where four rock samples returned assay results of 18 grams per tonne ("g/t") gold, 30 g/t gold, 37 g/t gold, and 61 g/t gold. The South Goldtooth claim block has significant structural preparation, alteration, favorable host rocks and gold mineralization intermittently exposed near the range front along its entire length.
StoneShield previously announced its exploration plans over the next year for the Goldtooth project (see StoneShield news release of February 27th, 2012). In the Jackpot claim block, located to the north of the Briggs Mine, Company geologists have recommended a 30 kilometer Ground Magnetic Survey over the northern block to be performed in conjunction with a 30 kilometer Gradient Array Induced Polarization program to outline new drill targets. A minimum 4,500 meters of reverse circulation drilling is planned to test for gold mineralization at depth in the northern block. Prior drilling in the southern portion of the Jackpot claim block saw half of the historic drill holes intercept significant gold mineralization, including 20 meters of 2.33 g/t gold, 15 meters of 1.6 g/t gold and 24 meters of 1.16 g/t gold and 1.5 meters of 18.4 g/t gold.
This news release has been prepared on behalf of the Company's board of directors, who accept responsibility for its contents. Technical information has been reviewed and approved by Peter J. Butterfield, P. Geo, a Qualified Person as defined by National Instrument 43-101.
StoneShield is a publicly traded exploration company focused on the discovery of high-value precious metals deposits in North America. The Company's experienced management team boasts multiple discoveries, and brings over 145 years of combined experience in the mining and exploration sector. Please visit the Company's web site address at www.stoneshieldcapital.com .
ON BEHALF OF THE BOARD OF DIRECTORS OF
STONESHIELD CAPITAL CORP.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Stoneshield Capital Corp.
For further information:
Benjamin Curry, investor relations at (604) 689-2881 or toll free at 1-877-689-2881.