Airborne Magnetic Survey also Identifies Copper Porphyry Targets
OTTAWA, April 9, 2020 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSX-V: NRN) is pleased to provide an update on the Root & Cellar Property ("Root & Cellar", the "Project" or the "Property") in Newfoundland which is being explored for low sulphidation epithermal gold-silver and copper porphyry mineralization. Northern Shield has an option to earn up to a 100% interest in Root & Cellar (see press release dated May 21, 2019).
The first phase of processing of data from a high resolution airborne magnetic survey conducted earlier this year has been completed. As a result, repetitive linear magnetic features are apparent and spatially associated with the gold mineralization, particularly at the Conquest Zone. There is also evidence that supports the potential for the existence of copper porphyry targets at Root & Cellar. Prospecting of the more prominent features and faults identified from the airborne magnetic survey, along with an extensive soil sampling program, will commence as soon a ground conditions and travel of personnel allow.
"The airborne magnetic survey at Root & Cellar has resulted in us elevating the emphasis on the potential for other models of mineralization at the Project. The historic presence of copper on the Property also fits with this line of thinking. We look forward to resuming regional work on the Property as soon as circumstances allow. The goal is to do the necessary field work and prepare the Project for the next phase of work, including drilling."
Ian Bliss, President & CEO
As illustrated in Figure 1, high-grade gold and gold silver mineralisation found at the Conquest and Drop zones are coincident with the edges of linear magnetic features surrounded by strong lows which are interpreted to be areas of magnetic destruction. Magnetic destruction, in which magnetite is converted to hematite, is the result of silicification and clay alteration commonly associated with porphyry deposit types. It is particularly apparent in the Drop Zone where much of the previously reported silver and tellurium anomalous soil samples correlate with patchy magnetic lows.
Although the primary focus of exploration at Root & Cellar has been for epithermal gold, the Property hosts significant copper mineralization that does not appear to be directly related to the gold. Seventy samples previously collected by the prospector (prior to Northern Shield entering into the Option Agreement*) assayed greater than 0.1% Cu with nine greater than 1% Cu and three greater than 5% Cu. Mineralization in the samples displays similar characteristics to a copper porphyry system. The airborne magnetic survey shows a cluster of some of the better copper anomalies to be located at the edge of a circular magnetic high; a significant feature as copper porphyry systems often have magnetic cores.
Shot Rock Gold Project Update
Assay results from the Shot Rock drilling program are still pending as in the current COVID-19 pandemic environment many laboratory facilities are closed or operating at reduced capacity. We are thankful that ALS is sill operating some of its laboratories. We look forward to reporting assay results from Shot Rock as soon as they become available.
The program was overseen by Christine Vaillancourt, P. Geo., the Company's Chief Geologist and a Qualified Person under National Instrument 43-101.
Northern Shield Resources Inc. is a Canadian-based company focused on generating high-quality exploration programs with experience in many geological terranes. It is known as a leader in executing grass roots exploration program for Ni-Cu-PGEs and utilizing expertise and innovation toward working on other deposit types. Seabourne Resources Inc. is a wholly-owned subsidiary of Northern Shield focussing on epithermal gold and related deposits in Atlantic Canada and elsewhere.
*Assays reported were not collected or assayed by Northern Shield and hence have not been independently verified by Northern Shield. However, copper mineralization including chalcopyrite and bornite has been visually identified in the field.
Forward-Looking Statements Advisory
This news release contains statements concerning the exploration plans, results and potential for epithermal gold and copper porphyry deposits , and other mineralization at the Company's Newfoundland property, geological, and geometrical analyses of the properties and comparisons of the properties to known epithermal gold and copper porphyry deposits and other expectations, plans, goals, objectives, assumptions, information or statements about future, 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: Ian Bliss, President and CEO, Tel.: (613) 232-0459, Fax: (613) 232-0760, [email protected]