OTTAWA, Feb. 26, 2013 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") (TSXV: NRN) is pleased to announce that it has signed a binding Letter Agreement with Greenland Gold Resources Ltd., ("Greenland Gold") whereby Northern Shield has the option to earn a 50% interest in the Ikertoq nickel project (the "Project") in west Greenland. To earn a 50% interest, Northern Shield must incur €1,000,000 ($CDN 1,350,000) within 12 months of signing the definitive Option and Joint Venture Agreement and a further €1,750,000 ($CDN 2,400,000) of exploration expenditures on the project within 3 years of signing. The first year's exploration must include a minimum of 1,250 metres of Diamond drilling. When Northern Shield earns a 50% interest, the project will be explored by Northern Shield and Greenland Gold under a 50/50 joint venture. Northern Shield will be the Operator of the Project.
The 120 square kilometer Ikertoq nickel project includes at least one known ultramafic intrusion where sampling by Greenland Gold in 2010 and 2011 identified high grade nickel mineralization on surface. Fourteen of 160 samples collected from this intrusion, assayed greater than 1% nickel with a high of 5.2% nickel. The average grade of these fourteen mineralized samples is 2.5% nickel, 0.3% copper and 0.1% cobalt. Importantly, the nickel tenor (nickel content in 100% sulphide) of the same samples averages 19%. The intrusion is exposed on surface over an area of about 2 sq kilometres. All fourteen of the samples come from one specific area within the intrusion measuring 450 x 150 metres.
A subsequent airborne VTEM/Magnetic survey completed over the property in 2012 has identified a strong electromagnetic (EM) conductor underlying the surface showing. In total, forty-four EM anomalies in twelve clusters or zones exist within the Property. Most of the EM conductors correspond with moderate to strong magnetic responses as is typical with nickel deposits.
The Property is strategically located 60 kilometers from the international airport in Greenland and 8 kilometers from a deep water fjord.
"The geological location of this target is very significant," says Northern Shield President and CEO Ian Bliss, who conducted mineral exploration in Greenland for 8 years prior to founding Northern Shield. "Greenland and Canada were once joined together and for years mining companies have been searching in Greenland for the continuation of Quebec's Raglan Nickel Belt and the structure that hosts the Voisey's Bay Nickel Deposit. We believe the Ikertoq property covers what could be the continuation of the prolific Raglan Nickel Belt."
Significant assays include:
||*Ni - Tenor |
Nickel tenor being calculated as the amount of nickel in 100% sulphide.
Due diligence on the Project was completed by Christine Vaillancourt, Chief Geologist for Northern Shield and a Qualified Person under National Instrument 43-101. Samples were analyzed by ALS Minerals laboratories in Sweden using aqua regia digestion and ICP-AES finish.
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) and Ni-Cu-(PGE) exploration and Cu-Zn-Ag and Au 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.
Forward-Looking Statements Advisory
This news release contains statements concerning the drilling and exploration plans, results and potential for Ni-Cu-Co and other mineralization at the Ikertoq property, geological, geophysical and/or geometrical analyses of the Ikertoq property 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.
For further information:
For further information on Northern Shield and its properties, please visit our website at www.northern-shield.com or contact:
Northern Shield Resources Inc.
President and CEO
Tel.: (613) 232-0459
Fax: (613) 232-0760
Renmark Financial Communications Inc.
Barry Mire: email@example.com
Tel.: (514) 939-3989 or (416) 644-2020