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Northern Shield Options Co-Au-Cu IOCG Property in Nova Scotia; Exploration Underway at Shot Rock
Northern Shield Options Co-Au-Cu IOCG Property in Nova Scotia; Exploration Underway at Sho...
About this update from Northern Shield Resources Inc.
[{"type":"text","content":"\n\n\n\nNorthern Shield Options Co-Au-Cu IOCG Property in Nova Scotia; Exploration Underway at Shot Rock\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, May 22, 2018\n\n\n\nOTTAWA, May 22, 2018 /CNW/ - Northern Shield Resources Inc. (\"Northern Shield\" or the \"Company\") [TSX-V: NRN] is pleased to announce that, through its wholly owned subsidiary Seabourne Resources Inc, it has signed an Option Agreement with a prospector (\"Prospector\") that gives the Company the right to acquire up to an 80% interest in the Five Island Property (\"Property\") in Nova Scotia. The Five Island Property is adjacent to the claim groups the Company acquired last week through map staking and the two are being explored for Iron-Oxide-Copper-Gold (\"IOCG\")-type Co-Cu-Fe-Au mineralization. The Five Island Property covers intensely altered and fractured basalt at the contact of a granite believed to be of Devonian/Carboniferous age. Stream sediment samples analysed by the Nova Scotia Department of Natural Resources with up to 650 ppm cobalt are located within the Property. \n\nUnder the terms of the Option Agreement which is subject to TSX approval, Northern Shield can earn a 50% interest in the Property by incurring $500,000 in expenditures on the Property within two years.  The Option Agreement also contains cash payments totaling $52,000 and share issuances totaling 700,000 Company shares to the Prospector over three installments during the initial two-year period. \n\nOver an additional two-year period, Northern Shield can increase its interest to 80% by incurring $1.5M in expenditures, while making $50,000 in cash payments and issuing 500,000 Company shares to the Prospector. The Prospector will retain a 1% NSR of which half (0.5%) can be bought back by Northern Shield for $1M.\n\nExploration is underway at the Shot Rock Gold Property. The first phase of exploration consists of stream sediment sampling, cursory mapping and rock sampling, mostly in the eastern portion of the property.\n\nThe programs will be overseen by Christine Vaillancourt, P. Geo....