OTTAWA, July 29, 2013 /CNW/ - Northern Shield Resources Inc. ("Northern
Shield") (TSXV: NRN) is pleased to announce that exploration, including
a 10 hole, 1,500 meter drill program, has commenced on the Idefix PGE
(platinum group element) project in northern Quebec. The exploration
program is funded under the terms of the option agreement with Impala
Platinum Holdings Ltd. ("Impala").
The drill program will test a 1.3 kilometer long PGE mineralized zone
delineated on surface by Northern Shield last year with grades of up
to16.2 g/t Pt+Pd.
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. 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 is being overseen by Christine Vaillancourt, a
Qualified Person under National Instrument 43-101. Samples are being
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.
Final assays from the drill project at the Company's Cu-Zn-Ag-Au VMS
property at Wabassi, northern Ontario are imminent. The drill and
ground geophysical program at the Ikertoq project in west Greenland has
just been completed and assays are expected in approximately three
Northern Shield is an innovative, results-driven Canadian company
focused on Platinum Group Element (PGE) and Ni-Cu-(PGE) exploration in
Canada and Greenland 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.
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
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
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 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