OTTAWA, Sept. 14, 2012 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") (TSXV: NRN) is pleased to announce the results from the first phase of its northern Quebec platinum group element (PGE) exploration program that was funded under the terms of the option agreement with Impala Platinum Holdings Ltd. ("Impala"). A total of 475 rock samples were collected during first phase of exploration from the Idefix property and surrounding region. A second follow-up phase of the program has just been completed and a further 166 channel and 106 grab samples have been submitted for analysis. Significant PGE (Pt+Pd) mineralization was discovered during the first phase including 16.2 g/t Pt+Pd+Au over 1 meter at Idefix and the discovery of three other PGE occurrences in the region, all of which prompted the immediate follow-up phase.
Fourteen of seventy-six channel samples collected at Idefix returned values of over 1 g/t Pt+Pd+Au including highlights of 16.2 g/t, 10.7 g/t, 7.8 g/t and 6.6 g/t Pt+Pd+Au over 1 meter. Sixty-seven of the seventy-six channel samples assayed between 0.1 and 1 g/t Pt+Pd+Au. The purpose of the initial channel sampling program was to determine the continuity of the mineralization at Idefix using a more accurate method than grab sampling. Hence, a systematic series of channel samples were collected by cutting a slice of rock from outcrop using a rock saw. The individual channel samples were between 0.7 and 1 meter in length across strike and collected at approximately 25 meter intervals along strike. The results from the sample program show a 1.3 km long zone at Idefix that is continuously mineralized with PGEs. Prospecting 1 kilometer south of this zone has identified further PGE mineralization (2.5 g/t, 0.7 g/t and 0.2 g/t Pt+Pd+Au).
A follow-up phase of channel sampling has now been completed in order to determine the thickness of the mineralized zone and to locate higher grades within the zone. During this phase, two channel sample locations from the first phase were extended for a total of 50 meters and 40 meters across strike.
Three other PGE occurrences were discovered within the region during the first phase of exploration: Milou, Brian, and Scooby. Follow-up sampling, including channel sampling, was undertaken on these occurrences during the second phase with results pending. Two other areas of interest were also identified and the subject of intensive channel sampling based on the visible presence of disseminated sulphides hosted within layered gabbroic rocks.
Three samples collected within 100 meters of each other from the Milou occurrence contained 2.3, 2.1 and 3.1 g/t Pt+Pd+Au. Two further samples 400 meters and 3.2 kilometers north along the same trend also contained 0.91 and 0.99 g/t Pt+Pd+Au respectively.
The Brian occurrence is characterized by platinum to palladium ratios of approximately 3:1, which is unusually high for this region. To date, the mineralization at the Brian occurrence, with assays up to 1.1 g/t Pt+Pd+Au, can be traced over a 600 meter strike length and is associated with pegmatoidal gabbros. The host gabbros and pyroxenites at this location also exhibit more distinct layering than is seen elsewhere in the region.
Six grab samples collected over a 900 meter trend during the first phase returned values between 0.1 and 0.35 g/t Pt+Pd. At one location along the trend, sulphide mineralization, which appears to be associated with the PGEs, is observed over a 25 meter width. This 25 meter wide zone was channel sampled during the follow-up phase and assays results are pending.
"These results clearly show the continuity of the PGE mineralization at Idefix and the existence of some very high grades," says Northern Shield's president and CEO, Ian Bliss. "The results provide a solid basis for a drill program to be planned for next year. The discovery of at least three other PGE occurrences in the first phase of exploration also demonstrates the potential of the region to host significant PGEs."
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All samples other than LT12-510 are of 1 meter length
Exploration at Idefix and in the surrounding region is being funded by Impala of South Africa under the terms of an option agreement signed in May 2012. The terms of the option and joint venture agreement allow Impala to earn a 50% interest in Idefix by making cash payments to Northern Shield totaling $300,000 over two years and incurring $3.2 million in exploration expenditures at Idefix or the surrounding area over three years, with total expenditures of $1,950,000 committed for the first two years of the Agreement. Impala can also earn a 50% interest in up to two additional "designated properties" within an agreed upon area of mutual interest by incurring a further $1.25 million of expenditures per additional property. The property expenditures to be incurred are subject to a 10% project management fee to be paid to Northern Shield who will be the operator of the projects.
The exploration program was overseen by Jacques Babineau, P. Geo (OGQ), Quebec consultant to Northern Shield and a Qualified Person under National Instrument 43-101. Samples were analyzed by ALS Minerals Laboratories in Vancouver, BC, for Au, Pt and Pd by Fire Assay with ICP-AES finish and base metals by four acid digestion and ICP-AES.
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) exploration in Canada and Cu-Zn-Ag at its Wabassi and Tempest properties. 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. For further information on Northern Shield and its properties, please visit our website at www.northern-shield.com or contact:
Forward-Looking Statements Advisory
This news release contains statements concerning the exploration plans, results and potential for PGEs and other mineralization at the Idefix property and regional occurrences, geological, geophysical and/or geometrical analyses of the Idefix property and regional occurrences 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 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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