OTTAWA, ON, July 23, 2020 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is
pleased to provide an update on the Phase 2 drilling program
currently underway at the Shot Rock Property ("Shot Rock") in
Nova Scotia based on visual
observations of drill core. Shot Rock is being explored for
low-sulphidation epithermal (LSE) gold. Northern Shield can earn an
80% interest in Shot Rock Property.
To date, approximately 700 metres of the planned 2,500 to 3,000
metre Phase 2 diamond drilling program has been completed at the
Highway Zone, with the third hole still in progress at the time of
writing.
Of significance, the third drill hole of the second phase of
drilling, drill hole 20SR-11, intersected significant widths of
veining between a down-hole depth of 162 to 177 m (Figure 1a). This intercept consists of
small-scale crustiform-colloform banded stockwork veins composed of
quartz-chalcedony and jasperoid from 162 to 166 metres. This was
followed by three metres of a silicified breccia zone with
small-medium sized crustiform-colloform quartz-chalcedony veins
with dark grey rims. The last eight metres, from 169 m to 177 m,
consisted almost entirely of brecciated colloform-crustiform banded
quartz veins (Figure 1b and 1c)
containing quartz, chalcedony, hematite, jasperoid, adularia,
pyrite and an unidentified silver-coloured mineral. True width of
the vein system is not known at this time.
The first drill hole of this second round of Shot Rock drilling,
20SR-09, targeted the continuity of gold-bearing stockwork observed
at surface but did not hit significant veining or mineralization.
Drill hole 20SR-10 was positioned to intersect the same structure
that hosts the high-grade gold mineralization reported from 20SR-04
from the first phase of drilling (see press release February 28, 2020) but approximately 75 m deeper. Several intervals of stockwork and
disseminated sulphides were observed over intervals 85-89 m, 142-148 m and
164-174 metres. The latter is at the projected intercept depth of
the targeted structure. Some of the veins contain adularia and
sulphides and are similar to those observed near the gold
mineralization in drill hole 20SR-04.
A drill hole plan map (Figure 2a) accompanying this release
shows the collar locations and drill hole traces for holes
completed to date. Pictures showing representative sections of core
from some of the above-mentioned intervals are also appended to
this news release.
"We are very pleased with the
visual observations to date from the second phase of drilling
program at Shot Rock, especially drill-hole 20SR-11, which is
on-going. The significant increase in vein density compared to the
other nearby drill-holes is impressive and suggest we are vectoring
in the right direction. The observed presence of the mineral
adularia in the last two holes is also a good sign, as on-going
research being conducted at St Mary's
University in Halifax, from samples from the Phase 1
drilling program, shows a good correlation between gold (electrum)
and adularia."
- Northern
Shield President and CEO, Ian
Bliss
The drilling program is contracted to Logan Drilling Group based
in Stewiacke, Nova Scotia, and is
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 programs using a model driven
approach. Seabourne Resources Inc. is a wholly-owned subsidiary of
Northern Shield focussing on epithermal gold and related deposits
in Atlantic Canada.
Forward-Looking Statements Advisory
This news release contains statements concerning the
exploration plans, results and potential for epithermal gold
deposits, and other mineralization at the Company's Shot Rock
property in Nova Scotia,
geological, and geometrical analyses of the properties and
comparisons of the properties to known epithermal gold 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.