Canadian Shield Announces Phase II Drill Program and Stakes Additional 1,000 Hectares at La Estrella
December 13 2007 - 8:15AM
Marketwired
TORONTO, ONTARIO ("Canadian Shield" or the "Company") is pleased
to announce a Phase II diamond drill program on the La Estrella
Silver-Gold-Copper Property, set to commence in January 2008. This
drill program is a follow-up to a successful initial drilling
program including assay results of 107 metres grading 99.1 g/t
Silver Equivalent (AgEq).
The Company has staked an additional 1,000 hectares (10 square
kilometres) expanding the La Estrella Property to the west and
south. The land package now comprise of a total of 2,300 hectares
in four exploration concessions.
PHASE II DRILL PROGRAM DETAILS
This drill program is designed to begin delineating the geometry
and orientation of the silver-gold mineralization encountered in
the recently completed drill program, consisting of 2,018 metres in
11 reverse circulation holes. Under the Phase II program, Canadian
Shield will complete 7 or more diamond drill holes (core) including
one hole that will twin, or essentially re-drill Hole RC-E10. This
will be done to compare assay reliability between reverse
circulation drilling and core drilling. The Phase II drill plan is
to drill a series of holes that will penetrate the mineralization
at different points along strike and down dip to obtain a more
accurate image of the geometry and orientation of the mineralized
body. Readers can view the spatial relationship of the completed
drill holes and their intercepts along with Phase II proposed drill
holes for the upcoming program on the Company's website at
http://www.canadianshieldresources.com/s/LaEstrella.asp
PHASE I DRILL PROGRAM RECAP
The table below recaps intercepts of silver and gold
mineralization encountered in Holes RC-E10 & RC-E11 from the
initial Phase I drill program (see press release of November 23,
2007). The table includes results from Hole DDH-E3 drilled by Bear
Creek Mining Corporation in 2003. DDH-E3 also returned economically
significant silver and gold mineralization with 57 metres grading
93.5 grams per tonne (g/t) Silver Equivalent (AgEq) or 1.69 g/t
Gold Equivalent (AuEq) from 3 to 60 metres. The top 3 metres of the
hole was overburden. Hole RC-E10 was drilled to the east southeast
at 60 degrees as a follow-up to DDH-E3 which was drilled to the
southwest at a 60 degree angle. The two holes were collared 80
meters apart and cut mineralization in an oblique, opposite
direction. It appears that the two intercepts are part of a
continuous, sub-vertical, northeast striking tabular zone of
silver-gold mineralization. Furthermore DDH-E3 was apparently
collared in the middle of the zone and thus does not cut across the
entire width of the mineralization.
---------------------------------------------------------------------------
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Hole # Intercept (m) Length Au (g/t) Ag (g/t) AuEq AgEq
-------------
From To
---------------------------------------------------------------------------
RC-E10 30 137 107 0.394 77.7 1.81 99.1
---------------------------------------------------------------------------
including 30 68 38 0.593 128.2 2.92 160.81
---------------------------------------------------------------------------
including 38 59 21 0.62 216.6 4.55 250.3
---------------------------------------------------------------------------
including 41 58 17 0.605 255.6 5.25 288.4
---------------------------------------------------------------------------
---------------------------------------------------------------------------
RC-E11 0 4 4 0.29 67.95 1.52 83.65
---------------------------------------------------------------------------
45 50 5 0.404 43.56 1.2 65.5
---------------------------------------------------------------------------
144 163 19 0.933 58.8 2 109.5
---------------------------------------------------------------------------
including 153 163 10 1.11 69.35 2.37 129.6
---------------------------------------------------------------------------
---------------------------------------------------------------------------
DDH-E3 3 60 57 0.462 68.1 1.69 93.5
---------------------------------------------------------------------------
including 47 60 13 0.414 120.5 2.59 142.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Gold and Silver Equivalents are calculated using 55:1 gold to silver
price ratio where 100% recovery is assumed. Drill intercepts are
reported in drill length and do not represent true width to the
mineralized zones.
As the table shows, the last 19 meters of Hole RC-E11 ended in
0.93 g/t gold and 58.8 g/t silver and was stopped due to difficult
ground conditions. Canadian Shield will re-enter this hole with the
core rig and drill core from the bottom of the hole to determine
the total width of that mineralization which is clearly a separate
zone to that encountered in RC-E10 and DDH-E3.
Mineralization encountered in the three drill holes noted above,
lies within an intense zone of high chargeability defined by the
induced polarization geophysical survey. This anomaly is associated
with the mineralization containing pyrite and precious metal rich
sulphide and or sulfosalt minerals. Phase II drilling will continue
to explore this anomalous zone. The highest grade mineralization
from Phase I drilling was encountered in Drill Holes RC-E10 and
RC-E11, the final two holes of the program. These holes were
drilled at the end of the program due to easy access where the
drill platform sits just 50 metres off the main public access road.
Drill holes in Phase I drilling were drilled in their order of
accessibility rather than their perceived mineral potential to
facilitate moving the drill to the more difficult areas under
deteriorating weather conditions. The drill holes planned for Phase
II will enjoy relatively easy access close to the same access road
enhancing the overall efficiency of the program.
"We are excited about fast tracking the delineation process at
La Estrella. By virtue of the easy access to the property, we will
be able to work through the seasonal rains that fall in the
Peruvian Andes' summer. From our Phase 1 drilling, we have solid
evidence that a large, high-grade silver rich system is present at
La Estrella and it appears that we will be exploring in the root
zone of the system in this next phase of drilling. We expect to see
continuity in both grade and width as we continue our work on the
La Estrella Property" said Phil Anderson Canadian Shield's VP
Exploration. Investors are invited to visit the Canadian Shield IR
Hub at http://www.agoracom.com/IR/CanadianShield where they can
post questions and receive answers or review questions and answers
already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to CSP@agoracom.com
where they can also request to be added to the investor e-mail list
to receive all future press releases and updates in real time.
About Canadian Shield Resources Inc.
Canadian Shield is a mineral exploration company building
shareholder value through the acquisition of major scale, base and
precious metal projects in prolific and established mineral
provinces in South America. Efforts are primarily focused on Peru,
a very prospective region ranking highly in the world's production
of gold (5th), silver (1st), copper (3rd), zinc (3rd) and tin
(2nd). The Company controls nine base and/or precious metals
projects, eight in Peru and one gold project in Chile through
acquisitions by its 100% owned Peruvian subsidiary Compania Minera
Canadian Shield Peru S.A.C. including the 90% acquisitions of
Gallant Minerals Peru Ltd. S.A. in September 2004 and Anderson Peru
Mining & Exploration S.A.C. in April 2007. Canadian Shield is
focused on project generation and joint venture opportunities to
provide shareholders with interests in a broad portfolio of South
American mineral properties. The Company's shares are listed on the
TSX Venture Exchange (TSX VENTURE: CSP)
STATEMENTS IN THIS PRESS 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Canadian Shield Resources Inc. Bernard Kraft Chairman
(416) 927-0025 Ext. 30 or Toll Free: 1-888-927-0025 (416) 927-1222
(FAX) Email: investor@canadianshieldresources.com Canadian Shield
Resources Inc. Phil Anderson VP Exploration (VoIP Line): 416
907-5690 or (511) 719-6152 (511) 446-1194 (FAX) Email:
panderson@canadianshieldresources.com Website:
www.canadianshieldresources.com Investor Relations AGORACOM
Investor Relations Email: CSP@Agoracom.com Website:
www.agoracom.com/IR/CanadianShield
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