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Northern Shield Options New Low Sulphidation Epithermal Gold Project in Newfoundland
Northern Shield Options New Low Sulphidation Epithermal Gold Project in Newfoundland ...
About this update from Northern Shield Resources Inc.
[{"type":"text","content":"\n\n\n\nNorthern Shield Options New Low Sulphidation Epithermal Gold Project in Newfoundland\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.prnml40{\nMARGIN-LEFT:3.33em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, May 21, 2019\n\n\n\nOTTAWA, May 21, 2019 /CNW/ - Northern Shield Resources Inc. (\"Northern Shield\" or the \"Company\") (TSXV: NRN) is pleased to announce that, through wholly owned subsidiary Seabourne Resources, it has signed an Option Agreement with prospector (\"Prospector\") Jeffery Brushett that gives the Company the right to acquire a 100% interest in the Root and Cellar Gold Project (the \"Property\") located near the town of Creston on the Burin Peninsula, Newfoundland. The Property is being explored for low and intermediate sulfidation epithermal-type gold mineralization and also has potential for copper porphyry style mineralization. \n\n \n \n\n \nUnder the terms of the Option Agreement, which is subject to TSX-V approval, Northern Shield can earn a 100% interest in the Property by incurring $2,150,000 in expenditures on the Property within four years.  The Option Agreement also contains cash payments totalling $165,000 and share issuances totalling 3,000,000 Company shares to the Prospector over five installments during the four year period. The Prospector will retain a 2.5% NSR of which 1% can be bought back by Northern Shield for $1.5M.\nThe Property consists of 12 mineral licenses covering approximately 30 square kilometres and located near Marystown and Creston on the Burin Peninsula, both of which provide deep water ports. \nThe Property includes six distinct showings of which five were the result of the sustained and diligent work of prospector Jeffery Brushett. \nDrop Zone: a low-sulphidation setting with the three highest grab samples grading:45.5 g/t Au and 1,365 g/t Ag; 37.8 g/t Au and 1,000 g/t Ag; and25.8 g/t Au and 487 g/t Ag.\nThe host rock is a felsic to intermediate fragmental volcanic that exhibits strong silica-pyrite alteration crosscut by veining and related localized brecciation. The breccia zone appears to contain fragments rim...