OTTAWA,
ON, March 1, 2023 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company") (TSX-V: NRN) is
pleased to announce that preliminary results from the surface IP
geophysical survey at its Root & Cellar Gold-Silver-Copper
Property (the "Property") are very encouraging. Northern Shield can
earn up to a 100% interest in the Property which is located on the
Burin Peninsula in southeastern
Newfoundland and is being explored
for epithermal gold-silver and porphyry-copper
mineralization.
Approximately 75% of the IP survey, as originally planned, has
been completed. Preliminary interpretation of the pseudo-sections
has identified two primary areas of significance.
Firstly, multiple IP anomalies of moderately strong
chargeability are apparent on the eastern end of the first four
lines surveyed and are the strongest anomalies delineated to date
by the current IP survey. Several of the IP lines are now being
extended to get a complete section through these targets for
improved modelling and interpretation. These anomalies appear to
correspond to what was previously designated the "East Conquest
Targets" (see Company news release dated August 16, 2022). This target area was identified
as an area of interest based on its obvious magnetic low signature
and because of a spatially related chargeability anomaly
highlighted on the last line of the IP survey conducted in
2021.
Secondly, preliminary interpretation of the pseudo-sections also
confirm the presence of IP anomalies corresponding to the CZ1
target in the central Conquest Zone and in the continuation of this
structure to the north (CZ2). Only a small portion of this target
projects to surface and it corresponds to the location where much
of the high-grade gold has been found to date.
"Although we need to wait for the survey to be completed
before the data is fine tuned and modelled, the preliminary
observations of the raw pseudo-sections are very encouraging
indeed. The survey would appear to confirm the existence of a
series shallowly buried, north-south trending structures in the
central Conquest Zone, that we believe to be one of the primary
conduits for the gold mineralization. Perhaps more importantly, the
survey has identified a series of relatively strong, north-south
trending, IP anomalies in the eastern Conquest Zone."
- Ian
Bliss, Northern Shield President and
CEO
The 2021 IP survey was run in a north-south direction,
perpendicular to the trend of the geological units. However, since
then, field work has identified mineralized structures trending
north-south. Although the modelling of the 2021 survey identified
the presence of these structures, the orientation of the surveyed
lines was not optimal. The current IP survey will better define
these north-trending targets.
The IP geophysical survey is being conducted by MES Geophysics
of St. John's, Newfoundland. This
news release was reviewed by Christine
Vaillancourt, P. Geo., the Company's Chief Geologist and a
Qualified Person as defined by National Instrument 43-101.
Forward-Looking Statements Advisory
This news release contains statements concerning the
exploration plans, results and potential for epithermal gold
deposits, and other mineralization at the Company's Root &
Cellar Property , geological, geophysical and geometrical analyses
of the properties and comparisons of the properties to known
epithermal gold deposits and other expectations, plans, goals,
objectives, assumptions, information or statements about future,
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.