OTTAWA,
ON, Jan. 24, 2023 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company") (TSXV:
NRN) is pleased to announce that sixteen rock samples
collected late last season in the Conquest Zone at Root &
Cellar ("Root & Cellar" or the "Project") have returned
anomalous to significant gold grades. 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-silver and
porphyry-copper type mineralization.
The highest grade sample, which assayed 31 g/t Au, was collected
from the eastern end of the Conquest Zone and contained visible
gold (see Company News Release dated December 13, 2022). This is the third occurrence
of visible gold in the Conquest Zone. Four other samples collected
nearby during the same program assayed 0.24, 0.9, 2.5 and 5.7 g/t
Au. All but one of these samples are from large angular boulders.
Approximately 20 metres west of the high-grade sample, a less
intensely altered version of the same rock containing the visible
gold was observed in a north-south trending sub-crop along a road
cut which assayed 0.24 g/t Au. Drill-hole 21RC-06 from the 2021
drilling program is located 30 metres east of the sub-crop and was
drilled parallel to these newly identified north-south trending
mineralized structures. The sub-crop and drill-hole 21RC-06 are now
believed to represent the western and eastern edge of a north-south
trending mineralized structure (See Figure 1). Planned trenching
will expose the area between these two points with the objective of
locating the source of the two visible gold boulders found
nearby.
Sampling also successfully tested two IP targets believed to
represent the uppermost levels of the feeder structures. One of
these targets is located 300 meters north along strike from the
sample with visible gold described above and is likely the
continuation of the same structure. Five samples from these two IP
targets assayed between 0.05 and 0.56 g/t Au.
"We are very excited by more high-grade gold assays at Root
& Cellar and its proximity to similar looking mineralization in
sub-crop nearby. We are quite confident that the source of the
high-grade boulders and visible gold lies between this sub-crop and
drill-hole RC21-06 in a north trending structure."
- Ian Bliss,
Northern Shield President and CEO
Samples from the program were analyzed by Eastern Analytical
Ltd. of Springdale, Newfoundland
for Au by Fire Assay with ICP-AES finish. All standards, blanks and
duplicates meet targeted values. This news release was
reviewed by Christine Vaillancourt,
P. Geo., the Company's Chief Geologist and a Qualified Person under
National Instrument 43-101.
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.