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Northern Shield Options Gold Property in Nova Scotia
Northern Shield Options Gold Property in Nova Scotia Canada NewsWire OTTAWA, Dec...
About this update from Northern Shield Resources Inc.
[{"type":"text","content":"\n\n\n\nNorthern Shield Options Gold Property in Nova Scotia\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, Dec. 20, 2017\n\n\n\nOTTAWA, Dec. 20, 2017 /CNW/ - Northern Shield Resources Inc. (\"Northern Shield\" or the \"Company\") (TSXV: NRN) is pleased to announce that, through a wholly owned subsidiary, 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 Shot Rock Gold Property (\"Property\") in Nova Scotia, which is being explored for conglomerate-hosted and epithermal-type gold mineralization.\n\n\n \n \n\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 $50,000 and share issuances totaling 650,000 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. \n\nThe Prospector will retain a 1% NSR of which half (0.5%) can be bought back by Northern Shield for $1M.\n\nThe Shot Rock Gold Property consists of 200 claims covering a 25 kilometre strike-length of a previously unknown unconformable, quartz-pebble conglomerate (see image). While outcrop is generally poor in the area, the Prospector has consistently panned gold from streams that transect a certain area of the Property. Prospecting also resulted in the discovery of quartz-adularia-pyrite veins (see image) moderately anomalous in gold and epithermal pathfinder elements including mercury, arsenic and antimony. \n\nApproximately 70 kilometres to the west of the Property, geologists from the Nova Scotian Department of Natural Resources have also identified epithermal-type mineralization and they have drawn similarities to the gold be...