OTTAWA,
ON, Dec. 13, 2022 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company") (TSXV:
NRN) is pleased to announce that more visible gold has been
identified at Root & Cellar ("Root & Cellar" or the
"Project") 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-silver and porphyry-copper type mineralization.
Visible gold was seen in a large angular boulder weighing
approximately 15 kilograms and found 10 metres from another boulder
that was recently reported to also contain visible gold and assayed
111.5 g/t Au (see Company news release dated September 7, 2022). Gold was noted at seven spots
in the new sample, including three clusters of fine-grained
particles of visible gold (see Figures 1a-c). The host to the gold
is a strongly silicified mafic volcanic rock with multiple episodes
of quartz veining, brecciation and pyritization.
Prospecting 20 metres from the boulder located a sub-crop
consisting of strongly silicified mafic volcanic rock with moderate
amounts of disseminated pyrite. Although the small patch of
sub-crop that was exposed contains less quartz than the visible
gold samples, it is clearly the same host rock and may represent
the wall rock to the veins. Importantly, the trend of the structure
hosting the mineralization in the outcrop was noted to be
approximately north-south. This trend is consistent with the
reinterpretation of the IP geophysical data made subsequent to the
initial drilling program in 2021, which highlighted north-south
trending anomalies. Rock grab samples collected from this location
and others have been shipped for analysis.
"We are very excited by the discovery of more visible gold at
Root & Cellar and the discovery of similar looking
mineralization in bedrock nearby. The discovery of this and its
noted north-south trend is very important as it substantiates our
interpretation that has been developing since the 2021 drilling
program, that the main feeders to the gold system trend north-south
and not east-west as previously thought. We are eagerly awaiting
trenching permits so we can expose the full width of the
mineralization at this newly found area of sub-crop."
- Ian Bliss,
Northern Shield President and CEO
The technical disclosure in this press release was overseen by
Christine Vaillancourt, P. Geo., the
Company's Chief Geologist and a Qualified Person under National
Instrument 43-101.
Clarification regarding Company news release dated
November 29, 2022.
The
number of flow-through units sold should have read 5,010,770 not
5,101,770.
This specific financing has now closed without a second
tranche.
Northern Shield will be hosting a Corporate Presentation via
Zoom on December 20th at 1PM ET.
Join Zoom Meeting. A link will shortly be posted to the Company's
social media.
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 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.
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.
