OTTAWA,
ON, July 16, 2024 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company") (TSXV:
NRN) is pleased to announce that the Company has earned a 100%
interest in the Root & Cellar property ("Root & Cellar" or
the "Project"), located on the Burin
Peninsula in southeastern Newfoundland. As per the terms of the option
agreement signed in May 2019,
prospector and original Property owner, Jeffery Brushett retains a 2.5% NSR of which 1%
can be bought back by Northern Shield for $1.5M. The Property is being explored
for epithermal gold mineralization and associated porphyry
copper systems and includes 5 gold zones over a 6-kilometer
strike-length hosted in a collapsed caldera complex. Tellurium, a
critical metal, is associated with four of the showings and also
with some of the copper mineralization.
The Conquest Zone, in the centre of the property, covers an area
1800 x 800 m, remaining open in all
directions, with grades up to 45 g/t Au in bedrock and 111 g/t in
float boulders. Drilling in the fall of 2023, testing a
portion of the Zone, intersected epithermal gold mineralization in
7 out of 8 drill-holes with 3 showing visible gold. Untested,
IP anomalies underlie this drilling and are part of an extensive
network of anomalies that link up with some of the other gold
showings. Trenching is underway on the Conquest Zone, focussing on
an area near the 111 g/t boulder, and where recently
identified cross-cutting structures are noted, approximately 100
meters to the east of last year's drilling. Prospecting will also
evaluate newly identified intrusive rocks and alteration that based
on field observations, appears to be alteration related to a copper
porphyry system.
"We are very happy to have earned a 100% interest in this
large and intriguing epithermal gold and porphyry copper project,
that continues to deliver. Along with a greater understanding
of the gold system, we are still finding new mineralisation, rock
types and alteration, that keeps increasing the potential of the
property. In particular, the identification of features typically
found at the top of an epithermal vein system and the strong
correlation between IP anomalies and magnetic lows that continue to
depth, is testament to the growing excitement and confidence
surrounding Root & Cellar."
- Ian
Bliss, President and CEO, Northern
Shield
This news release was overseen by Christine Vaillancourt, P. Geo., the Company's
Chief Geologist and a Qualified Person under National Instrument
43-101.
Northern Shield Resources
Northern Shield Resources Inc. is a Canadian-based company known
as a leader in generating high-quality exploration targets that
views greenfield exploration as an opportunity, an opportunity
to find a Tier 1 asset, near surface, and at relatively low cost.
We implement a model driven approach in exploration to reduce any
risk associated with early-stage projects for ourselves, our
shareholders, and the environment. This approach is what led us to
firstly option the Root & Cellar Property from a Newfoundland based prospector, who found and
exposed the mineralization, and then its advancement as a large
alkaline-related gold-silver-tellurium and porphyry copper
system.
Forward-Looking Statements Advisory
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.
