Northern Shield Options Co-Au-Cu IOCG Property in Nova Scotia; Exploration Underway at Shot Rock
Northern Shield Options Co-Au-Cu IOCG Property in Nova
Scotia; Exploration Underway at Shot Rock
OTTAWA
,
May 22, 2018
/CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") [TSX-V: NRN] is pleased to
announce that, through its wholly owned subsidiary Seabourne Resources Inc, it has signed an Option Agreement with a prospector ("Prospector")
that gives the Company the right to acquire up to an 80% interest in the Five Island Property ("Property") in
Nova Scotia
. The Five Island
Property is adjacent to the claim groups the Company acquired last week through map staking and the two are being explored for Iron-Oxide-
Copper-Gold ("IOCG")-type Co-Cu-Fe-Au mineralization. The Five Island Property covers intensely altered and fractured basalt at the contact
of a granite believed to be of Devonian/Carboniferous age. Stream sediment samples analysed by the Nova Scotia Department of Natural
Resources with up to 650 ppm cobalt are located within the Property.
Under the terms of the Option Agreement which is subject to TSX approval, Northern Shield can earn a 50% interest in the Property by incurring
$500,000
in expenditures on the Property within two years. The Option Agreement also contains cash payments totaling
$52,000
and share
issuances totaling 700,000 Company shares to the Prospector over three installments during the initial two-year period.
Over an additional two-year period, Northern Shield can increase its interest to 80% by incurring
$1.5M
in expenditures, while making
$50,000
in
cash payments and issuing 500,000 Company shares to the Prospector. The Prospector will retain a 1% NSR of which half (0.5%) can be bought
back by Northern Shield for
$1M
.
Exploration is underway at the Shot Rock Gold Property. The first phase of exploration consists of stream sediment sampling, cursory mapping
and rock sampling, mostly in the eastern portion of the property.
The programs will be 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 program for Ni-Cu-PGEs and utilizing expertise and innovation
toward working on other deposit types. Seabourne Resources Inc. is a wholly-owned subsidiary of Northern Shield focussing on epithermal gold
and related deposits in
Atlantic Canada
and elsewhere.
Forward-Looking Statements Advisory
This news release contains statements concerning the exploration plans at the Company's
Nova Scotia
properties, acquisition targets, the
Company's capitalization and other goals, objectives, assumptions, information or statements about future events, 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.
View original content: http://www.newswire.ca/en/releases/archive/May2018/22/c8199.html
%SEDAR: 00007505E
For further information:
Northern Shield Resources Inc.: Ian Bliss, President and CEO, Tel.: (613) 232-0459, Fax: (613) 232-0760,
CO: Northern Shield Resources Inc.
CNW 09:30e 22-MAY-18