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Northern Shield Exploration Update

Listen to the latest comments from Ian Bliss, CEO of Northern Shield Resources, as he discusses the company's most recent press release.

Mon, July 21, 2025 at 2:30 PMendedReplay
Northern Shield Exploration Update
Company
Northern Shield Resources Inc. (TSXV:NRN)
Date
Mon, Jul 21, 2025, 2:30 PM ET
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On 6ix: 6ix.com/event/northern-shield-exploration-update-1

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Automated transcript · Written by software from the replay's audio. It can mishear names and figures; the replay is the record.

0:04 Well, good morning or good afternoon, depending on when and where in the world you're watching this video. But I've got with me today, Ian Bliss, CEO at Northern Shield Resources for an exploration update. Ian, good to see you today. I know you've had a few dental surgeries recently, so I appreciate you joining us, even if parts of your mouth are still frozen. Thanks very much Romeo and thanks for everybody else for taking the time off some holidays to get this update. It's certainly not the best time to be giving a presentation after dental surgery and under the influence of pain killers. But nonetheless, we had a very exciting press release out this morning. So I just want to try to give a few minutes to flush that out in a little bit more detail.

0:41 Before I get on with my short presentation, I do have to bring your attention to this forward looking statement advisory as this presentation may contain forward-looking statements. Just running through some of the very quick overview of the drilling to date. We'll start with more of some of the peripheral drill holes. Most of it took place in the conquest zone, which we'll get into. A few of the holes took place more on the periphery. Some of those holes, 29, 30 and even 28, we're testing, you know, we have this portion of a large green magnetic lull. The main thing to take away from that, it wasn't the most satisfactory result, But what we did see was a very large and intense what we call illite alteration. And this was illite altered to rhyolite.

1:27 This is the same rhyolite that we see in the conquest zone, the same style of illite alteration. Now it's actually a beige rhyolite, the prospect of positive green rhyolite because the illite actually alters it to these little green. We see very large intercepts of strongly illite and silicified rhyolite with pyrite. We know from surface mapping, these are gold anomalous. And so further work has to be undertaken. And here, clearly there's a very large zone of illite silica pyrite alteration. Illite is one of the sort of middle zones of the alteration halo around an epithelial curve. So testing this part, getting it dead on by the looks of things, but certainly the operation suggests that more work has to be undertaken in this area. It was kind of a surprise. We drilled 1 hole into a copper target up here, hole number 30. We didn't get much copper mineralization, but what we did hit was very clear mineralized hydroformal breccias, very similar to what we see in and around the Discovery Trench area.

2:26 2 zones, one of the hydroformal breccia itself, again, mineralized with pyrite, same sluicification that we see in the Discovery Zone. Another zone a little bit deeper down of weakly hydroformally altered vent structures. This is very similar to what we see in the Discovery Zone. We know we have a structure that actually winds its way down from that intersection all the way down to just west of the main conquest trench. So this is quite a nice surprise where they worked out of Wall Street. It has to be undertaken in this area, but we thought this was more of a copper target based on 2021 drilling, but now we're back into what looks like the Hydrothumble hole system. Just off of that, I drilled a very short hole. There's a surface showing discovered by the prospector, some very slow-supplied dry light, quartz veining. We drilled that and it didn't dissect what we saw on the surface, but we did hit what looks like Calabrite, so Gold Telluride. We'll look at a picture of that a little bit later. That's some of the peripheral stuff. Now we're really focusing on the conquest zone.

3:32 Here's actually going back to the Copper target. Here's what we thought was a Copper target based on 2021 drilling. What we did hit was the solidified red shale. And here's a picture of what we think is Calabroite. Some people may think it's strontiated pyrite, but it's a very different color than the pyrite we normally get. We don't see a lot of strontiated pyrite at Moonstone, and more importantly, it's not cubic. It's actually a tabular crystal, which is more akin to what some of the gold tellurides are. So it's hosted in the surface because the green is caused by an epidote alteration, but mostly it's a lot of quartz in here, so it's sort of an epidote-tinged quartz. And we'll have to wait for the asset, but we believe this could be a collaborate crystal. Again, we know we have a lot of Tellurium in that drilling for 2021, some of the highest levels of Tellurium values were right next to this. Not a lot of Gold, but perhaps the Gold-bearing fluids are passing through that now. Tellurium-rich system and hence the potential collaboration.

4:36 So we're really going to focus in on the conquest zone now. There's several important things that we intersected in the conquest zone. Most importantly is what we call finger road banding. We'll have a look at that in the following slides. This is particularly hit in hole 34, down here at about 130 metres down hole, vertical depth of 110 metres. We also hit some visual gold or electrum in that hole as well as some more tellurides. And again, tellurides we also hit in hole 33, along with a very wide zone, about 40m of hydrothermal repatriation. At the bottom of that hole too, we hit a very large zone of manganese carbonate alteration, which we'll get into.

5:25 So visible gold at the top of hole number 26, and a little bit of an all-out association, a little bit of calcite flying around, but as well we see the crustiform, coliform banded quartz fragments or void fillings. This is what is associated with the Gingero banding, which I'll show a little closer, and I'll also quote Cal Wright in whole number 33. So this is what ginguro banding looks like. It's this very, again, it's a crustiform coliform banded quartz veins. These are some of the best banded quartz veins we've seen so far at Wooten Cellar. And this is the first time we've seen what we call ginguro banding. Ginguro bandings are very black bands. So you can see little parts of that almost sinking into the quartz veins.

6:10 In typical systems, these are very silver-rich. The dark minerals are typically ammonite or acanthite, and then you get gold mirrorings, gold-bearing minerals or native gold or electrum along that. We don't know what's in here yet. We have to wait for analysis. But certainly when you zoom in to that, and This zoom-in photograph is taken from right here on this rock sample. You can see it's about half a centimetre wide. You've got this band of blackish-purple metallic mineral, which I'm not sure what it is, but we believe it's a silver-bearing mineral, which is very consistent with the typical bingero bands in these systems. And then within that, you either have pyrite-rich bands, or perhaps these are electrum or other minerals, or pyrite with electrum. These are true bingero bands, say We'll wait for the analysis, but these are some sort of metallic sulfide, grey sulfide in here, along with pyrite or something else creating a more brassy-coloured layer.

7:15 This is the first time we have seen Gingero banding at Bruce B. Seller. It's very important because that's what's typically going to be bringing in your precious metals in the epitermal systems. They're very diagnostics of epitermal systems. So there's any doubt that this is a low-saltivation system. This totally confirms that it is. And so quite a nice quartz vein in the second to last hole of the program. Here's one of the larger King Giro bandings. You see another quartz vein here with the development of King Giro on the outside. So very exciting and positive to see this congerial band on these quartz veins and I encourage you to take time and you know, Google these and look them up because they're very, very prominent in low solubilization epithermal core systems. And when you get enough of these bandages, you can bring in a lot of high values of your precious metals.

8:07 Again, within that same hole, you see again, this banded quartz veins, this is what we call cluster-form, coliform-form banded quartz veins. They're indicative of the boiling zones and very characteristics of most sub-gradation systems. You don't need a lot of sulphide in these quartz banded veins, or these banded quartz veins to bring in your precious metals. We'll see what the assays say, but we do have very within that same interval, There's a 3.3m interval where we saw numerous polyethylene phosphofoam-bounded quartz veinlets, like you're seeing here, along with the ingrown banding. And in one of those, we see what looks like a crinerite. Crinerite is one of the gold telluride minerals. It's very prismatic. It's striated. It could be some other thing, but based on its shape and morphology, we believe it is prenurite. What this other stuff is, whether it's very fine-grained pyrite or more telluride, the acid is, we'll go off the acid, but this certainly looks like prenurite. We know we've got tellurium in the system from past studies. We haven't really locked on to any Gold tellurides visually in the core. This is one of the first indications of a gold tillerized in drill core at Root & Tiller.

9:22 Just moving on again, hole 33. This was drilled essentially in a different direction and underneath hole 16 from 2023, where we get that oatmeal bread share, which some of you may recall. This hole, similar, but a lot more bladed pyrite and a lot more free quartz. And we know the critical ingredients to the goal at Rootstown and a lot of faucets is not only the specification, but quartz. We see a lot more quartz in this for almost 40 meters, not quite continuous, few short intervals of a barren looking rock, but otherwise an intercept from about 4 to 40 meters depth with a lot of solicitation, a lot of quartz veining, and a lot of bladed pyrite. You can sort of see it in here in some of these quartz veins, cutting these extremely altered dry lights. You can see it zoom in here, the bladed pyrite. Here's one of what we call a quartz vein breccia. So again quartz is highly brecciated.

10:20 And again a matrix of that has a lot of descendant in sulfides. And again in that intercept we have what very much looks like a crystal of calabrite. It's actually still under thin film of the port screening. It's not quite reached the cut surface. A lot of these other things are pyrite, but we clearly see both the euglidal shape of that crystal plus these striations. And it tells us that this is probably cladrite, which again, was one of the other gold telluride minerals. Hole 26 was quite interesting because first of all, we had a little bit of visible gold and At the top of the hole, we were seeing numerous little void fillings of liquid crustiform, coral form, vandit quartz.

11:07 Some of this was associated with minor chalcopyrite boronite plus and minus moltenite mineralization, and one of them had a little fleck of visible Gold. Deeper down, the real purpose of that drill hole was to undercut hole 16 that we drilled in 2023, the Oatmeal Breccia hole. And we did hit hydroformal breccias beneath that, I think about 2.5m width. A little bit of mineralization represented by these red diamonds. These are all intercepts, mineralized hydro-thrombal breccias or veins. The smaller ones are more weakly mineralized, so a lot of chloride, some precipitation, but a thin intercept below hole number 16 from 2023. And again, more importantly, we hit something that looks like a South wall or another structure in the conflict zone. This was at about a 200 metre depth, Again, weak to moderate, clearly hydrothermal features, a lot of slushification, pyrite, chloride alteration with the Hentasy associated with these near-surface epithermal mineralized structures.

12:15 So this appears to be a new structure which you can see on the geophysics, but it's actually capped off by barren basalts when it gets near the surface, so there's not a lot of surface expression of it at least being mineralized. But at depth we appear to be intersecting, and that seems to match this cross-section to the magnetic flow. Hole 27 was just drilled underneath hole 26. Again, it hit long intervals of minor face amounts of copper pyrite and boronite, plus or minus halogenite. We think that copper mineralization may be a hangover from the pre-existing copper forfeit, which we know is somewhere in the area and the gold is overpricing that. Then depth, it didn't hit anything significant representative of epitermal, but we think now there's a fault here that we thought at one point this may be a flexure in the structure and maybe this would actually be the better portion of the core strain system, but it actually looks like now it's being sliced off and it may actually continue at depth on the other side of this fault. As you can see the orientations on both sides of this V-shaped structure up here, mimics what we see down below.

13:26 The deep hole, hole 24, which intersected that elbow at depth, had a lot of very strong manganese carbonate alteration and some other manganese that's important to soften associated with some of these high grade low solidation epithermal occurrences. Some quartz fragments which are being reared, again, could be crudely banded with some manganese, a little pink tinge to them. So we believe this was actually targeting a North-South structure, hence the drill into this image. But it may have been actually between parallel to this structure that now we realize we really want. And so we really want to turn this drill hole around and come through this system because certainly this type of carbonate alteration is very, again, I know one of the classic alteration halos to an epithermal system where the outer halo, the proclivity zone has a lot of carbonate alteration.

14:16 And we haven't seen too many places other than at Windfall where we see this strength of carbonate alteration and so we believe this is indicating close proximity to one of the main trunks of the epicombo system. So The next steps are to do downhole surveys. The casing is still in many of these drill holes. We dropped the camera down. It does 360-degree picture of the drill hole. It measures the orientations of all these structures, including the King Bureau Port Spain structure, which is located right here. So we'll do, as soon as we can, we'll conduct a downhaul structural survey and that will be very important into guiding the next drill program, which we hope to get underway as soon as we can after that structural survey. So, later on late summer or early fall.

15:07 And so, just again, to place some of this, that Gingoro banding was here. The hole was drilled 34 from the southwest towards the northeast towards hole number 2 from 2021. It's only hit moderate grade, but no indication of the Euro banding or even custom-formed bandings. Yet 100m down and slightly off to one side, we always thought we had more cell structures here. In 2021, we're drilling more to the East-West, but we believe there are some more cell structures cutting through here. That would be hitting the Insol 34 from the NISPO program. So, very keen to get back into this area, find out the orientation and just keep following that in your own landing today.

15:51 So that's really it. If you have any further questions I'd be happy to try to answer them. That's it. So I just got a couple questions for you myself. First one I know everybody in the brothers looking for assay results. I see it online. I see it when I talk to people. I know you mentioned them a couple of times today, but when, what's the timeline? What are we looking at for getting those? Yeah, we don't really know what's gonna be. Typically turnaround time is 4 or 8 weeks once you get a batch in. Several batches have gone in throughout the program. It's obviously summertime too, a lot of samples going in, a lot of people on holiday.

16:25 I imagine hopefully by the end of August, we start getting at least some of the early large batches in place. Anybody can guess, it's somewhat out of control, but I imagine probably even the end of August, we'll start seeing the first batches come in. And we are analyzing a slightly different package at this time which I don't know put some extension on it or not, probably not, but we wanted based on the importance of Tolarium in the system here, our PAPASH detection limit was 10 QPM, which is quite high. We wanted to drop that down to 1 so we can restart using Tolarium as a pathfinder. And so we've sort of swapped the analytical package at this time, so we get much lower detection in some of the trace elements. But hopefully, end of August, when everybody's returning from holiday, we start getting some batches of assets back.

17:18 Great, no, appreciate that. And otherwise, I'll just ask you, what are you most excited about for the rest of the summer? I think this Induro banding is just, we haven't seen it before.

17:29 So again, it's kind of beginning to tap into the right parts of the system. It's telling us it's low-solidification. It's telling us we're in a boiling zone. Typically, we get some pretty high precious metal values in these systems, especially when you start building up those enduro bands.

17:46 That was really exciting to see. It's very meaningful to people that understand these systems. It was exciting to see these true and low-salt formation textures and how close they were to previous drill holes. And this is what's important to remember, you can be so close but just miss these things. And now we're beginning to come back and find evidence of the boiling zone in new portions of the conquest zone. They are around. We know we have 1 upflow zone, sort of the western end of that trench, and we believe this is marking another one. We know we have similar structures, just having a bit of proof to that, which now having seen this near-burning, I think there's more in that area. So I'm very keen to get back to drilling as soon as we can and keep

18:35 following this vectoring drilling system along Strike into depth and try to pick up a few more. Awesome. Well, Ian, thanks so much for sharing this with us today, especially given you've just gone through some dental surgery. Really appreciate your time. If anybody has any additional questions, please send them in. I'll make sure the Northern Shield team gets them as soon as possible and can get back to you. But otherwise, have a great day. You

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Speaker profile Ian Bliss

Ian Bliss

CEO at Northern Shield Resources

Mr. Bliss has over 20 years experience in the mineral exploration industry having studied geology at the University of New Brunswick. From 1995 to 2000, Mr. Bliss was an independent consulting geologist responsible for exploration projects for Nuna-Minerals A/S, in Nuuk, Greenland and, in 2000, for Crew Development in Norway. In Greenland, he worked in some of the most remote and rugged terrain using a model driven approach to efficiently explore large tracts of land despite short explorations seasons. Mr. Bliss implemented a similar approach at Northern Shield to generate nickel projects that subsequently resulted in partnerships and investments with major mining companies including Impala, South 32, Teck. It was under his guidance that Northern Shield became known around the world as a leader in grass roots exploration for Nickel, Copper and the Platinum Group Elements. It was his understanding of exploration models that led to Northern Shield acquiring a unique epithermal gold project here in the Burin Peninsula they call Root & Cellar. Mr. Bliss has served as President of Northern Shield since its inception in 1999.

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