OTTAWA,
ON, June 25, 2024 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is
pleased to provide an update on the Root & Cellar Property,
("Root & Cellar" or the "Property"), located on the
Burin Peninsula in southeastern
Newfoundland. The Property is
being explored for epithermal gold mineralization and porphyry
copper and includes 5 gold zones over a 6-kilometer strike-length.
Tellurium, a critical metal, is associated with four of the
showings and some of the copper mineralization.
A M.Sc. thesis focussing on distinguishing the volcanic and
alteration phases and their timing is being completed by a student
from Memorial University of
Newfoundland. Studies related to the thesis, in
conjunction with Northern Shield's work, are advancing our
understanding of the gold and potential copper porphyry systems.
Specifically, drill-hole 23RC-21, completed last fall, appears to
have intersected a sinter mound which would be expected to lie
directly above, or within tens of meters, of the conduit
(structure) hosting an epithermal system.
On-going analysis of the geochemistry of drill and surface (grab
/ channel) samples has shown three mineralizing events or phases,
each distinguishable by a distinct geochemical signature:
- A silver (and tellurium) rich phase, best exemplified at the
Drop Zone showing, 2 kilometres from the Conquest zone,
characterized by high silver and tellurium with gold (up to 45.5
g/t Au, 1,365 g/t Ag and 700 ppm Te).
- A gold-silver phase, dominant in the Conquest Zone.
- A gold only phase, again dominant in the Conquest Zone.
Through this new understanding of the three distinguishable
events, a "Drop Zone signature" component has now been identified
in the Conquest Zone, particularly in the drill samples from
2023.
Channel sampling and trenching at the Conquest Zone will
commence shortly, focusing on stockwork veins exposed by trenching
at several locations, including the main trench, which appear
similar to veins at the top of drill-hole 23RC-21 that carried
visible gold,
Northern Shield has been informed by Revenue Quebec that they
have completed their audit on the Company's 2017 and 2018 Quebec
Tax Return and Mining Tax Return and the refunds pertaining to the
returns should be received by the Company before August.
"Our new understanding of the 3 mineralized phases and the
identification of a Drop Zone signature in many of the samples from
the Conquest Zone could be very significant. It first shows that
the mineralizing system that produced Drop Zone (and Windfall) is
much more extensive than previously known and reaches the Conquest
Zone. We would now very much like to find Drop Zone types of grades
underlying the Conquest Zone and even more so, where that system is
intersected and hence potentially upgraded by the two subsequent
Conquest gold phases."
- Ian
Bliss, President and CEO, Northern
Shield
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 to
discover a near surface, tier one asset, at relatively low cost. We
implement a model driven approach in exploration to reduce risks
associated with early-stage projects for ourselves, our
shareholders, and the environment. This approach is what led to
first, the option of the property from an NL based prospector, who
found and exposed the mineralization, and then the discovery, by
drilling, of the alkaline-related gold-silver-tellurium and
porphyry copper system at the Root & Cellar Project in
Newfoundland.
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.