Northern Shield Obtains Right to Earn 50% Interest in the Ikertoq Nickel Project in West Greenland

About this update from Northern Shield Resources Inc.

[{"type":"text","content":"\n\n\n\n\n\nOTTAWA, Feb. 26, 2013 /CNW/ - Northern Shield Resources Inc. (\"Northern\n Shield\") (TSXV: NRN) is pleased to announce that it has signed a\n binding Letter Agreement with Greenland Gold Resources Ltd.,\n (\"Greenland Gold\") whereby Northern Shield has the option to earn a 50%\n interest in the Ikertoq nickel project (the \"Project\") in west\n Greenland. To earn a 50% interest, Northern Shield must incur\n €1,000,000 ($CDN 1,350,000) within 12 months of signing the definitive\n Option and Joint Venture Agreement and a further €1,750,000 ($CDN\n 2,400,000) of exploration expenditures on the project within 3 years of\n signing. The first year's exploration must include a minimum of 1,250\n metres of diamond drilling. When Northern Shield earns a 50% interest,\n the project will be explored by Northern Shield and Greenland Gold\n under a 50/50 joint venture. Northern Shield will be the Operator of\n the Project.\n\n\nThe 120 square kilometer Ikertoq nickel project includes at least one\n known ultramafic intrusion where sampling by Greenland Gold in 2010 and\n 2011 identified high grade nickel mineralization on surface. Fourteen\n of 160 samples collected from this intrusion, assayed greater than 1%\n nickel with a high of 5.2% nickel. The average grade of these fourteen\n mineralized samples is 2.5% nickel, 0.3% copper and 0.1% cobalt.\n Importantly, the nickel tenor (nickel content in 100% sulphide) of the\n same samples averages 19%. The intrusion is exposed on surface over an\n area of about 2 sq kilometres. All fourteen of the samples come from\n one specific area within the intrusion measuring 450 x 150 metres.\n\n\nA subsequent airborne VTEM/Magnetic survey completed over the property\n in 2012 has identified a strong electromagnetic (EM) conductor\n underlying the surface showing. In total, forty-four EM anomalies in\n twelve clusters or zones exist within the Property. Most of the EM\n conductors correspond with moderate to strong magnetic responses as is\n typical with nickel deposits.\n\n\nThe Property is strategically located 60 kilometers from the\n international airport in Greenland and 8 kilometers from a deep water\n fjord.\n\n\n\"The geological location of this target is very significant,\" says\n Northern Shield President and CEO Ian Bliss, who conducted mineral\n exploration in Greenl...

More updates from Northern Shield Resources Inc.