McChip Resources Inc. press release
Northern Shield Resources Provides Update on its PGE Exploration activities in the James Bay Lowlands; Completes drilling at Eastbank
TSXV - TSX Venture Exchange · Oil · Potash · Natural Gas · Canada
OTTAWA, Aug. 18 /CNW Telbec/ - Northern Shield Resources Inc. ("Northern Shield") (TSX-V: NRN) announces exploration updates on its Eastbank property located within the western James Bay Lowlands in northern Ontario.
The drill program (see press release dated June 16, 2009) was designed to test the concentric magnetic pattern that underlies much of the Eastbank property. The Highbank Lake and Eastbank properties are being explored for reef-type PGE mineralization and are located up ice from till samples where grains of nickel, copper and platinum minerals as well as numerous boulders of chromitite were previously discovered by Northern Shield.
Mafic gneisses intruded by pegmatite were the predominant lithologies intersected by the two holes drilled at Eastbank. No significant PGE mineralization was identified. The mafic gneisses do not appear to be related to the Highbank Lake Intrusive Complex. The drill program provided a better understanding of the concentric magnetic signature at Eastbank. Future work at Eastbank will focus on two stronger and isolated magnetic anomalies located on the southern edge of the property. The drill remains onsite at the Highbank Lake camp for future drilling at Highbank and Wabassi which still remain a priority for Northern Shield. An auger drill program is also being planned for the early fall at Wabassi to test the feeder zone for PGE and nickel mineralization.
Recently, there has been renewed world interest in vanadium. It is used in some high-capacity Lithium and Lithium-ion batteries, with applications in electric and hybrid cars. More significantly, experimental "Vanadium redox" batteries are showing promise to allow electricity generating stations to finally solve the problem of storing the massive amounts of excess energy which today are simply lost when demand drops below generating capacity. This is an especially acute problem for wind, solar and other unpredictable energy generators.
In 2006, Northern Shield intersected significant vanadium mineralization at Highbank with grades up to 0.98% V2O5 over 2.2 meters. At the time, the discovery was considered to be little more than confirmation that the structure of the Highbank Lake intrusion was similar to that of the Bushveld. Its potential as a stand-alone mine was not considered very strong since there was no infrastructure to support it.
An all-weather road is currently being constructed from Highway 17, through Nakina, to the Albany River, which is located just south of Highbank Lake. There are plans to extend the road through the Highbank Lake Property to the McFauld's Lake area. With this infrastructure development in the area Northern Shield has begun to evaluate its Vanadium discovery's potential and to determine the best way to advance it. Northern Shield currently maintains a 100% interest in the vanadium at Highbank Lake.
Northern Shield has also successfully earned a 50% interest in East West Resource Limited's Max property located 60 km southwest of Highbank. The Max property will be explored under a 50/50 joint venture, with Northern Shield being the operator.
Exploration at Eastbank was supervised by Christine Vaillancourt, a Qualified Person under National Instrument 43-101. Rock samples were analysed by ALS Chemex laboratories in Vancouver, B.C. for Au, Pt, and Pd by Fire Assay with ICP-AES finish and 27 further elements by four acid digestion and ICP-AES.
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) exploration in Ontario. Its mission is to create a successful mineral exploration company through technical excellence and efficient management, where success is measured by the identification and development of high-quality mineral exploration projects, which may ultimately be optioned, sold or developed for maximum return on investment.
Forward-Looking Statements Advisory
This news release contains statements concerning the potential for mineralization at the Eastbank and Highbank properties, geological, geophysical and/or geometrical analyses of the Eastbank and Highbank properties, and other expectations, plans, goals, objectives, assumptions, information or statements about future events, conditions, results of exploration or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect.
Although Northern Shield believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Northern Shield can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Northern Shield and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to, risks associated with geological, geometrical and geophysical interpretation and analysis, the ability of Northern Shield to obtain financing, equipment, supplies and qualified personnel necessary to carry on exploration and the general risks and uncertainties involved in mineral exploration.
The forward-looking statements or information contained in this news release are made as of the date hereof and Northern Shield undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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