Canadian Shield Expands Target for Phase II Drilling at La Estrella Property
23 Enero 2008 - 9:00AM
Marketwired
TORONTO, ONTARIO ("Canadian Shield" or the "Company") is pleased
to announce that Phase II drilling is underway on an expanded
target area at the La Estrella epithermal gold, silver and base
metal property in central Peru. Results from completed Phase I
Drilling included: 107 metres of 99.1 gram per tonne Silver
Equivalent (g/t AgEq) in hole RC-E10, which included 21 metres of
250.3 g/t AgEq (see press release of November 23, 2007).
The Phase II Diamond Drill Program consists of 1,500 metres in
7-10 core holes designed to follow-up results obtained in the
October 2007 Phase I Drill Program. The results of a soil sampling
survey conducted after the completion of Phase I drilling
significantly expanded the area of potential Au and Ag
mineralization.
"La Estrella is one of our highest-priority projects and we are
excited about this new development," said Phil Anderson, VP
Exploration of Canadian Shield. "The mineralization is
structurally-controlled and trends north-south. The soil sampling
survey was designed to test the extension of the mineralized zone
under cover north of hole RC-E10 and to better understand localized
lithological controls. The assay results are significant throughout
our sampling grid."
The table below summarizes the results of the soil survey. The
sampling covered a triangular area, roughly 400 metres on a side
where 112 soil samples were collected at 20-meter intervals along
east-west grid lines. The northernmost sample line averaged 0.67
grams per tonne gold (g/t Au) across 340 metres with values ranging
from 0.199 g/t Au to 1.463 g/t Au in soil. Of the total 112
samples, 18 (16%) ran over 0.60 g/t Au with one especially high
value of 13.47 g/t Au occurring along strike 200 metres northeast
of drill holes RC-E10 & RC-E11. Furthermore, 26 samples (23%)
ran between 0.10 and 0.59 g/t Au, 30 samples (27%) ran between 0.03
and 0.09 g/t Au, while the remainder of the samples returned values
under 0.03 g/t Au.
Soil Geochemistry : Summary of Results
--------------------------------------------------------------
Number Sample
Sample of Interval
Line Samples (metres) Au (g/t) Ag (g/t) Cu (ppm)
--------------------------------------------------------------
7N 18 340 0.67 8.4 133
--------------------------------------------------------------
6N 16 320 0.5 9.75 76
--------------------------------------------------------------
5N 20 380 0.32 6.1 49
--------------------------------------------------------------
4N 9 160 0.35 6.0 49
--------------------------------------------------------------
3N 9 160 0.15 6.7 40
--------------------------------------------------------------
High grade sample of 13.47 g/t Au in Line 6N, cut to 2 g/t Au
--------------------------------------------------------------
Silver and copper values are also highly anomalous. Silver
values range from 1 to 30.4 g/t Ag. Copper values range from 8.2 to
442.5 ppm. The erratic distribution of silver and copper values is
the result of localized leaching. As the pyrite-rich host rock
weathers, the surface environment becomes increasingly acidic and
oxidizing. Both silver and copper are easily leached or depleted
under these conditions. In contrast, gold has clearly been enriched
in near-surface soils and forms a broader, more homogenous
anomaly.
"Our drill results from Phase I suggest that we are exploring a
gold-bearing silver system or the silver-rich part of a gold-silver
polymetallic epithermal system. The fact that these soils are so
enriched in gold is a very good sign," says Anderson. "As our
working model for the property has evolved, we find that we can now
use gold as a key exploration guide to track mineralization."
Phil Anderson, Canadian Shield's VP Exploration, a "Qualified
Person" as defined by National Instrument 43-101, supervised the
program and approved the technical aspects of this press
release.
Additional information on La Estrella, including illustrations
of the soil survey and its relationship to previous drilling, is
available at: www.canadianshieldresources.com.
The Canadian Shield IR Hub,
http://www.agoracom.com/IR/CanadianShield, allows investors to post
questions and discuss company news with company executives and
other investors. Questions can also be directed to the Company at
CSP@agoracom.com. To be added to Canadian Shield Resources'
investor mailing list and receive all future press releases and
updates in real time, please send an email to CSP@agoracom.com.
About Canadian Shield Resources Inc. (TSX VENTURE: CSP)
Canadian Shield Resources acquires and explores
strategically-located precious and base metal properties in South
America. The Company currently controls a portfolio of nine
exploration properties located in Peru and Chile. Canadian Shield
will continue to focus on project generation and joint venture
opportunities to provide shareholders with interests in a broad
portfolio of South American mineral properties. The Company's
shares are listed on the TSX Venture Exchange (Trading Symbol TSX
VENTURE:CSP). Further information is available at Canadian Shield's
website: www.canadianshieldresources.com.
STATEMENTS IN THIS PRESS RELEASE, OTHER THAN PURELY HISTORICAL
INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE
PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE
FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON
NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND
UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS
A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED
IN THE FORWARD-LOOKING STATEMENTS.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Canadian Shield Resources Inc. Bernard Kraft Chairman
& CEO Toll Free: 1-888-927-0025 or (416) 927-0025 Ext. 30 (416)
927-1222 (FAX) Email: investor@canadianshieldresources.com Canadian
Shield Resources Inc. Phil Anderson VP Exploration (VoIP Line):
(416) 907-5690 or (511) 719-6152 (511) 446-1194 (FAX) Email:
panderson@canadianshieldresources.com Website:
www.canadianshieldresources.com AGORACOM Investor Relations
Investor Relations Email: CSP@Agoracom.com Website:
www.agoracom.com/IR/CanadianShield
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