Northern Shield Mobilizes Drill to test Ni-Cu-PGE Target on the Max Property,
James Bay Lowlands; Highbank Geophysics Completed
OTTAWA, Oct. 28 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") (TSX-V: NRN) is pleased to announce that a diamond drill rig and crew have been mobilized to the Max Property in the James Bay Lowlands of northern Ontario and drilling should commence on the weekend.
The 2-3 hole, 700 meter drill program will test a strong VTEM anomaly that is being targeted for Ni-Cu-PGE mineralization and is located within a feature that management interprets to be a conduit or feeder pipe. The conduit appears to link a peridotite (ultramafic) body that Northern Shield drilled in 2008 that contained very high background levels of PGEs and nickel and the Wabassi North gabbro which shows below normal levels of PGEs and nickel.
The Max property is currently a 50/50 joint venture between Northern Shield and Rainy Mountain Royalty Corp (formerly East West Resource Corp.) with Northern Shield as operator. Rainy Mountain has elected not to contribute to this drill program at Max and as such Rainy Mountain's interest will be diluted to 40.8% and Northern Shield's interest increased to 59.2% assuming $450,000 is spent on the Max drill program.
An induced polarization geophysical survey has been completed at Highbank Lake and processing and interpretation of the data is pending. The geophysical data will be used to help guide a drill program planned for Highbank in January that will test a 17 km strike length of the layered intrusive complex that management believe to be prospective for PGE and chromitite reefs.
All exploration programs will be overseen by Christine Vaillancourt, Chief Geologist for Northern Shield and a Qualified Person under National Instrument 43-101.
Forward-Looking Statements Advisory
This news release contains statements concerning the drilling and exploration plans, results and potential for Ni-Cu-PGE and other mineralization, at the Max and Highbank Lake properties, geological, geophysical and/or geometrical analyses of the Max and Highbank Lake 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 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
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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For further information:
Northern Shield Resources Inc.
Ian Bliss
President and CEO
Tel.: (613) 232-0459
Fax: (613) 232-0760
[email protected]
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