OTTAWA,
ON, July 14, 2022 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company") (TSXV:
NRN) is pleased to provide an update on assays received from
the Root & Cellar Gold Project ("Root & Cellar" or the
"Project") including indications of a new gold-bearing zone. Root
& Cellar is located on the Burin
Peninsula in southeastern Newfoundland. Northern Shield can earn up to a
100% interest in the Project, which is being explored for
epithermal gold and porphyry-copper type mineralization.
A cluster of three angular mineralized boulders discovered along
the drill trail between the Windfall and Conquest zones assayed
between 1.3 and 2.3 g/t Au. A fourth boulder with mineralization
was also noted but not assayed. All boulders are located along a
trend that is adjacent to the westernmost of at least four
parallel, north-south trending IP anomalies. Except for the
westernmost IP anomaly, these IP targets generally do not come to
surface and are capped by a layer of largely unmineralized basalt.
The westernmost IP anomaly is topographically lower than the
others, where erosion has cut down through the basalt exposing
portions of the underlying mineralized system which is hosted
within rhyolite. The boulders, which appear to be sub-crop, were
exposed during the construction of the drill trail where it crosses
the IP anomaly.
"This area of new gold mineralization has three important
implications:
- It reinforces our interpretation from the Conquest and
Windfall Zones that north-south trending structures and IP
anomalies are the principal host and target for gold
mineralization;
- It begins to fill a gap and provide a genetic link between
gold mineralization seen on surface in the Windfall Zone and that
at the Conquest Zone to the south. These three zones now encompass
an area measuring 1,600 x 700 metres.
- It confirms what we see in the Conquest Zone that certain
volcanic layers, especially basalt, may cap the mineralization.
These layers are generally quite thin and often discontinuous, but
they can unfortunately be effective at "hiding"
mineralization."
- Ian Bliss,
Northern Shield President and CEO
Assays from other samples collected continue to show gold
mineralization leaking to surface at the periphery to the large
north-south trending IP anomaly at the centre of the Conquest Zone.
These samples also expand the footprint of the gold mineralization
in the Conquest Zone in a northernly direction. A grab sample of
vent breccia southwest of Conquest also assayed 1% molybdenum
associated with anomalous silver, gold and tellurium.
Samples were analyzed by ALS Global in Vancouver, BC, for Au by Fire Assay and
multi-elements by four acid digestion and ICP-AES. All standards
and duplicates by ALS Global meet targeted values This press
release was reviewed by Christine
Vaillancourt, P. Geo., the Company's Chief Geologist and a
Qualified Person under National Instrument 43-101
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Forward-Looking Statements
Advisory
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This news release
contains statements concerning the exploration plans, results and
potential for epithermal gold deposits, and other
mineralization at the Company's Root & Cellar Property ,
geological, geophysical 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.
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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.
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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.
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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.
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SOURCE Northern Shield Resources Inc.
