Northern Shield Provides Update on Drilling Program, Root & Cellar Gold Project, Newfoundland; Correction to Previously issued Press Release
Northern Shield Provides Update on Drilling
Program, Root & Cellar Gold Project,
Newfoundland; Correction to Previously
issued Press Release
OTTAWA, ON
,
Nov. 2, 2021
/CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the
"Company") [TSXV: NRN] is pleased to provide an update on the drilling project currently underway
at its Root & Cellar Gold-Silver-Copper Project ("Root & Cellar" or the "Project") located on the
Burin Peninsula
in southeastern
Newfoundland
. The Company can earn a 100% interest in the
Property, which is being explored for epithermal gold-silver mineralization and porphyry copper
deposits. The Property covers over 300 square kilometres.
Location of phase 1 drill-holes plotted over total magnetic intensity. (CNW Group/Northern Shield
Resources Inc.)
To date, 11 diamond drill holes totalling approximately
2,200 m
have been completed, with a
minimum of two more drill holes planned (Figure 1). Over 500 core and surface rock samples have
been shipped for analysis with assays pending for all samples. Gold-silver telluride minerals were
noted as inclusions in pyrite along with lead selenides in a sample from the Conquest Zone sent for
mineral identification utilizing a scanning electron microscope (SEM).
"We are very encouraged by the multiple zones of pyrite hosted in a strongly chlorite and silica
altered hydrothermal breccia that were intersected in the Conquest Zones. Some of these are very
similar to samples recently collected on surface and we look forward to the assay results and the
last few drill-holes.
Ian Bliss
– President & CEO
This drilling program is being overseen by
Christine Vaillancourt
, P. Geo. and the Company's Chief
Geologist.
The Company is also announcing a correction to certain information provided in its press release
dated
September 29, 2021
. The press release inadvertently indicated that the Company had closed
the sale of 6,437,501 flow-through units for aggregate proceeds of
$412,000
. The Company
actually sold and issued 6,395,834 flow-through units for aggregate gross proceeds of
$409,333
, a
difference of 41,667 units or
$2,666
in aggregate proceeds.
Northern Shield Resources Inc. is a Canadian-based company with experience in many geological
terranes and focused on generating high-quality exploration programs. It is known as a leader in
executing grass roots exploration programs using a model driven approach. Seabourne Resources
Inc. is a wholly-owned subsidiary of Northern Shield focussing on epithermal gold and related
deposits in
Atlantic Canada
.
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.
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%SEDAR: 00007505E
For further information:
Northern Shield Resources Inc.: Ian Bliss, President and CEO, Tel.: (613)
232-0459, Fax: (613) 232-0760, [email protected]
CO: Northern Shield Resources Inc.
CNW 08:00e 02-NOV-21