Canadian Shield Resources Ltd. (TSX VENTURE: EXP) ("Canadian
Shield" or the "Company") has received the initial mineral resource
estimate from SRK Consulting (U.S.) Inc. ("SRK"), as part of the NI
43-101 Technical Report now in preparation for the Colpayoc gold
project, Yanacocha gold district, Peru. The property is at an early
stage of exploration and 6 areas of mineralization have been
identified with the Colpayoc Daylight Zone being the most advanced.
The Daylight zone contains an area of outcropping gold
mineralization, hosted within a classic gold porphyry system which
has received 2,500 meters of trenching, and 4 drill holes, totaling
647 meters. Initial surface sampling identified a roughly 300 meter
diameter area of consistent gold mineralization in trenches, which
was subsequently tested with 4 drill holes to a depth of 180
meters. Based on a low grade cut-off of 0.30 g/t the following
inferred resource is estimated:
Colpayoc Daylight Zone: Inferred Resource (0.30 g/t low-grade cutoff):
Oxide: 4,663,275 tonnes @ 0.59 g/t containing 87,800 oz
Reduced: 2,913,019 tonnes @ 0.61 g/t containing 56,800 oz
Total: 7,576,293 tonnes @ 0.60 g/t containing 144,600
oz gold
A detailed description of the mineral resource is included
below, using variable cut-off grades. The block model utilizes an
inverse-distance squared (ID2) model, with 6m x 10m x 10m block
sizes, using Mintec's MineSight software. All gold mineralization
is hosted within sheeted and stockwork
quartz+/magnetite+/pyrite-iron oxide veins, hosted within a highly
altered granitic intrusion. Oxidation extends to approximately 45
meters depth, and preliminary bottle-role tests on surface trench
samples indicate favorable recoveries for oxidized material. The
outcropping area of the intrusion is almost entirely altered and
mineralized, however overlying sedimentary rocks limit the exposure
of this mineralized rock. Although the property has received only a
small amount of drilling, due to the consistent and broad areas of
gold mineralization, the Company has prepared this initial gold
resource estimate to guide future exploration and expansion of the
resource. This initial resource estimate benefits from extensive
surface trench data, however the small number of drill holes
generally limits the extent of interpolated mineralization at
depth. The four drill holes penetrated consistent mineralization to
the end of each hole (200 meters), however resources can only be
included adjacent to the drill holes, and between the drill holes
on interpreted northeast structural trends, until additional
drilling is completed. There is exploration potential beneath
mineralized trenches that is not fully tested by drilling.
The state of exploration for Colpayoc is too early to justify
estimating in-pit resources. SRK has estimated and is reporting an
in-situ total resource rather than the preferred option of
reporting an in-pit resource, primarily because the resource is
totally an Inferred classification, and is based on limited drill
hole information. In reporting the resource at a 0.3 g/t Au cutoff,
SRK has examined potential mineability and can state the
mineralization has the potential for economic extraction at current
gold prices. The following resource sensitivity table was generated
by SRK:
----------------------------------------------------------------
Colpayoc Inferred Resources - SRK 2010
----------------------------------------------------------------
ZONE CUTOFF INSITU GRADES AU
Au g/t (TONNES) AU g/t (OUNCES)
----------------------------------------------------------------
OXIDE 0.2 6,101,114 0.51 99,037
----------------------------------------------------------------
0.3 4,663,275 0.59 87,811
----------------------------------------------------------------
0.4 3,418,519 0.67 73,812
----------------------------------------------------------------
0.5 2,335,536 0.78 58,358
----------------------------------------------------------------
0.6 1,811,568 0.84 49,156
----------------------------------------------------------------
0.7 1,247,439 0.93 37,446
----------------------------------------------------------------
0.8 879,633 1.01 28,540
----------------------------------------------------------------
0.9 589,220 1.09 20,593
----------------------------------------------------------------
1.0 353,110 1.18 13,419
----------------------------------------------------------------
----------------------------------------------------------------
----------------------------------------------------------------
REDUC 0.2 3,769,178 0.53 63,401
----------------------------------------------------------------
0.3 2,913,019 0.61 56,810
----------------------------------------------------------------
0.4 2,386,519 0.66 50,778
----------------------------------------------------------------
0.5 1,687,608 0.75 40,801
----------------------------------------------------------------
0.6 1,189,188 0.84 32,123
----------------------------------------------------------------
0.7 803,930 0.93 24,128
----------------------------------------------------------------
0.8 641,628 0.98 20,175
----------------------------------------------------------------
0.9 460,512 1.03 15,224
----------------------------------------------------------------
1.0 225,482 1.12 8,126
----------------------------------------------------------------
----------------------------------------------------------------
----------------------------------------------------------------
TOTALS 0.2 9,870,292 0.51 162,441
----------------------------------------------------------------
0.3 7,576,293 0.60 144,637
----------------------------------------------------------------
0.4 5,805,038 0.67 124,596
----------------------------------------------------------------
0.5 4,023,143 0.77 99,155
----------------------------------------------------------------
0.6 3,000,756 0.84 81,280
----------------------------------------------------------------
0.7 2,051,369 0.93 61,572
----------------------------------------------------------------
0.8 1,521,260 1.00 48,713
----------------------------------------------------------------
0.9 1,049,732 1.06 35,818
----------------------------------------------------------------
1.0 578,593 1.16 21,545
----------------------------------------------------------------
The Daylight Zone drilling is focused on an outcropping area of
mineralization, that occurs within a 3 km diameter magnetic
anomaly, extending beyond the outcropping intrusive into adjacent
sedimentary rocks, dominantly limestone. These areas may also
contain additional mineralization. The mineralization indicated by
drilling remains open, along strike and at depth. Keith Laskowski,
President of Canadian Shield commented: "This initial resource
estimate and resource model provides a preliminary gold resource
that can be rapidly expanded at the Daylight Zone. The resource
model identifies higher grade zones within the gold system which
will be one of our main focuses going forward. Additionally, there
are five other areas of mineralization on the property that we will
evaluate."
The property contains northwest trending fault zones, and
northeast trending fault zones within the sedimentary rocks
surrounding the porphyry system. In several places, these
structures host variably brecciated felsic volcanics (possible vent
breccias), with precious metal mineralization, including gold
assays up to 10 g/t and silver assays up 912 g/t reported from
surface rock samples. These areas have received only preliminary
sampling at this time, and more systematic work is required to
assess the distribution of this mineralization. Epithermal
silver-gold mineralization is present within felsic volcanic and
skarn mineralization may be present, associated with a series of
magnetic anomalies within the sedimentary rocks, at depth. The
combination of an inferred gold resource, with growth potential,
and additional areas of mineralization indicate the Colpayoc
project is highly prospective. The property contains 4,200 hectares
and is located 15 km west of the city of Cajamarca and 15 km south
of the Yanacocha mine complex. The Company has an option to acquire
a 100% interest, subject to a 2% NSR royalty in the property.
About SRK Consulting (U.S.) Inc. Allan V. Moran, Principal
Geologist, and Jay Pennington, Principal Mining Geologist, both
with SRK Consulting (U.S.) Inc., are the independent Qualified
Persons as defined by NI 43- 101 responsible for preparing the
current resource estimate.
About Canadian Shield Resources Ltd. (TSX VENTURE: EXP) Canadian
Shield is a precious metals exploration and development company
focused on strategically-located properties in Peru and Chile.
Canadian Shield has seven precious metal exploration projects in
Peru and one in Chile. Mr. Keith A. Laskowski, MSc., is a Qualified
Person for the purposes of National Instrument 43-101 Standards of
Disclosure for Mineral Projects of the Canadian Securities
Administrators, and has prepared, reviewed and verified the
technical information contained in this news release The Company's
shares are listed on the TSX Venture Exchange (Trading Symbol
TSX-V: EXP). Further information is available at Canadian Shield's
website: www.canadianshieldresources.com.
STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL
INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE
PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE
FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON
NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND
UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS
A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED
IN THE FORWARD-LOOKING STATEMENTS.
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.
Contacts: Canadian Shield Resources Ltd. Keith Laskowski MSc.
President Direct Tel: (800) 362 2040 or (720) 272-6224 (416)
927-1222 (FAX) klaskowski@canadianshieldresources.com
www.canadianshieldresources.com Investor Contact: For First
Canadian Capital Dan Boase, Partner (416) 742-5600 x 232 (416)
742-6410 (FAX) dboase@firstcanadiancapital.com
www.firstcanadiancapital.com
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