OTTAWA, July 18, 2011 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") (TSX-V: NRN) is pleased to announce that it has acquired a 100% interest in two new PGE prospects in the Labrador Trough, northeastern Quebec. The Lac d'Argent property is located 125 kilometers north of Schefferville and the Idifix (Ukunngaalik) property is located 80 kilometers northwest of Kuujjuaq.
The Lac d'Argent property consists of 65 units totaling 2,925 hectares. The geology of the property is dominated by a 12 kilometer long layer of peridotite within a gabbro sill. In 1988 an Australian mining company completed a soil sample survey on the property and reported three soil samples assaying over 100 ppb with a high of 237 ppb Pt. The property also contains highly anomalous nickel with soil samples up to 637 ppm Ni. No follow-up work was noted in the assessment report filed by the company that completed the soil sampling or any other exploration party.
The Idifix property consists of 7 units and covers a known PGE occurrences first identified in 2001. Twenty out of eighty-seven rock samples taken along a 1 kilometer strike length returned assays greater than 500 ppb Pt+Pd including a high of 210 ppb Au, 3,038 ppb Pt, 6,968 ppb Pd, 1.09% Cu and 0.27% Ni. The mineralization is associated with disseminated sulphides hosted by a differentiated gabbro sill (see website for map). No follow-up work by any exploration party was noted in the assessment files.
Subject to TSX Venture Exchange approval Northern Shield will issue 50,000 common shares and pay $10,000 to an individual for Lac d'Argent property. Confirmation of claim registration is pending from the Quebec Ministry of Natural Resources and Wildlife
"These are two significant additions to our Quebec portfolio of PGE properties and compliments our flagship property at Highbank Lake in Ontario," says Northern Shield president and CEO Ian Bliss. I believe Northern Shield can use its PGE experience to locate the bedrock source of the highly anomalous soil samples at Lac d'Argent and to extend the known mineralization at Idifix
Acquisition of the property was overseen by Christine Vaillancourt, Chief Geologist for Northern Shield and a Qualified Person under National Instrument 43-101.
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) exploration in Canada and, copper-zinc-silver exploration on its Wabassi property. Its mission is to create a successful mineral exploration company through technical excellence and efficient management, where success is measured by the identification and development of high-quality mineral exploration projects, which may ultimately be optioned, sold or developed for maximum return on investment.
Forward-Looking Statements Advisory
This news release contains statements concerning the potential for PGE mineralization on the two new Quebec properties, geological and geometrical analyses of the properties, and other expectations, plans, 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.
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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
