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Northern Shield Signs Option Agreement with South32; Exploration Underway at Huckleberry
Northern Shield Signs Option Agreement with South32; Exploration Underway at Huckleberry ...
About this update from Northern Shield Resources Inc.
[{"type":"text","content":"\n\n\n\nNorthern Shield Signs Option Agreement with South32; Exploration Underway at Huckleberry\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\nNorthern Shield Signs Option Agreement with South32; Exploration Underway at Huckleberry\nCanada NewsWire\nOTTAWA, June 7, 2016\n\n\n\nOTTAWA, June 7, 2016 /CNW/ - Northern Shield Resources Inc. (\"Northern Shield\" or the \"Company\") [TSX-V: NRN] is very pleased to announce that it has signed a definitive Option Agreement and pre-negotiated Joint Venture Agreement with South32 Limited (\"South32\") regarding its Huckleberry Cu-Ni-PGE property in the Labrador Trough of Northern Quebec. Northern Shield currently owns 100% of the Huckleberry Property. Northern Shield discovered significant Cu-Ni-PGE mineralization at Huckleberry in 2015 with 97 samples averaging 1.0% Cu, 0.2% Ni and 0.72 g/t PGE+Au. Huckleberry is being explored as a large-scale segregated magmatic deposit. \n\nUnder the terms of the agreement South32 can earn a 50% interest in the Huckleberry property by incurring C$2,500,000 in exploration expenditures within the first two years of the agreement and by making an upfront cash payment to Northern Shield of C$200,000. On successfully earning a 50% interest, South32 can elect to increase its interest to 70% by incurring a further C$2,500,000 of exploration expenditures by the end of the third year. Northern Shield will be operator during the earn-in and be paid a management fee of 10% of the cost of all exploration programs.  Northern Shield's interest will be free carried to the completion of a PEA (Preliminary Economic Assessment) study on the Huckleberry property. South32 will have a first right of refusal on Northern Shield's neighbouring Séquoi Property. \n\n\"We are extremely pleased to be partnering with South32 on our Huckleberry project, whom we believe sets the new standard for agility and dynamism amongst the globally diversified mining companies\" explains Northern Shield President and CEO, Ian Bliss. \"Perhaps more importantly we share the same philosophy and strategy regarding the scien...