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Northern Shield Options 24% Interest in Wabassi - 2800 Meter Drill Program Underway
OTTAWA , Nov. 13, 2013 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") [TSXV: N...
About this update from Northern Shield Resources Inc.
[{"type":"text","content":"\n\n\nOTTAWA, Nov. 13, 2013 /CNW/ - Northern Shield Resources Inc. (\"Northern\n Shield\") [TSXV: NRN] is pleased to announce that it has signed an\n Option Agreement with Great Lakes Resources LLC (\"Great Lakes\"), a\n private US based company, regarding the Wabassi VMS project in northern\n Ontario. Northern Shield currently owns a 49% interest in the Wabassi\n Joint Venture. Under the terms of the Option Agreement, Great Lakes can\n earn a 24% interest in the Wabassi Joint Venture by paying $400,000 to\n Northern Shield on signing, incurring $1,500,000 in exploration\n expenditures by December 31st 2014, and paying a further $600,000 to Northern Shield on exercise of\n the option. On exercising the option, the Wabassi Joint Venture will be\n jointly held by Discovery Harbour Resource Corp. (51%), Northern Shield\n (25%) and Great Lakes (24%). Northern Shield will continue as operator.\n\n\nA 10 to 11 hole drill program totaling 2800 meters is underway; four of\n these holes will test the extension of the copper-zinc-silver\n mineralization at Anomaly E while the remaining holes will test 4-5\n regional targets with similar geophysical signatures to Anomaly E.\n\n\n\"While we remain a strong believer in the merits and potential of the\n Wabassi project, we decided to limit our expenditures given the current\n market conditions so we could continue to focus our resources on our\n strong PGE and Ni-Cu-PGE exploration projects and prospects,\" explains\n Northern Shield's President and CEO, Ian Bliss. \"With concerns growing\n over the ability of South Africa and Zimbabwe to continue to meet the\n world's demand for platinum and palladium the necessity to find sources\n outside of these regions is becoming critical. Northern Shield is one\n of the few Canadian juniors that has developed a PGE exploration\n strategy and expertise and we believe we can use this to our benefit.\n We believe we have adequate cash flow for the next 12-15 months to meet\n our G and A requirements without going back to the markets.\"\n\n\nThe exploration program at Wabassi is being overseen by Christine\n Vaillancourt, a Qualified Person under National Instrument 43-101.\n Samples will be analyzed by ALS Global in Vancouver, BC, for Au by Fire\n Assay with ICP-AES finish and base metals by four acid digestion and\n ICP-AES.\n\n\nNorthern Shield is an i...