Canada markets closed
  • S&P/TSX

    -217.28 (-1.14%)
  • S&P 500

    -33.45 (-0.88%)
  • DOW

    -253.88 (-0.82%)

    -0.0005 (-0.06%)

    +0.83 (+0.78%)

    +256.68 (+0.99%)
  • CMC Crypto 200

    +4.80 (+1.11%)

    -0.40 (-0.02%)
  • RUSSELL 2000

    -11.38 (-0.66%)
  • 10-Yr Bond

    -0.1210 (-3.91%)
  • NASDAQ futures

    -2.25 (-0.02%)

    +0.55 (+1.95%)
  • FTSE

    -143.04 (-1.96%)
  • NIKKEI 225

    -40.58 (-0.15%)

    +0.0007 (+0.09%)

Northern Shield Revisits Idefix Ni-Cu-PGE Project in Northern Quebec

  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

OTTAWA, ONTARIO, April 27, 2022 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") [TSX-V: NRN] is pleased to announce that the Company is evaluating several initiatives to unlock value at the Company's 100% owned Idefix Ni-Cu-PGE Property ("Idefix or the "Property) in northern Quebec. The initiatives being considered include an option or joint venture, various divestiture models (subject to a retained NSR) and exploring the Property on its own.

The Property was last diamond drilled in 2013, intersecting reef-type and disseminated PGE (platinum + palladium) sulphide mineralization. Mineralization is observed on surface and in drill core over a strike length of about 5 kilometres. Grades in the drill core average approximately 0.25 g/t PGE+Au over thicknesses ranging up to 60 metres. Interestingly, these grades are associated with very low concentrations of sulphide minerals, averaging about 0.5% sulphide (mostly pyrrhotite and chalcopyrite.) As a linear relationship between sulphide content and PGE grades has generally been observed at Idefix, a ten-fold increase in sulphide content could bring a similar order of magnitude increase in PGE grades. This is substantiated by a showing at the southern end of Idefix which grades 1.4 g/t PGE+Au over 31 metres (see Company news release dated October 10, 2013) and is associated with approximately 3% sulphide. Such concentrations of sulphides are far too low to be detected from a VTEM airborne geophysical survey that was completed in 2016. However, this survey did identify a 500 metre-long conductor adjacent to the above mentioned showing which could represent an accumulation of massive or semi-massive sulphides.

"Idefix presents an exciting opportunity. There are very few intrusions in North America where one can trace sulphide PGE mineralization for 5 kilometres and over widths of up to 60 metres. The drilling in 2013 targeted high-grade reef-type PGE mineralization but additional disseminated mineralization sits above the PGE reef. The concept of a large-tonnage disseminated deposit has been somewhat overlooked and the emphasis should now be on seeing if pockets and zones of slightly higher concentrations of disseminated PGE mineralization exist."

- Ian Bliss, Northern Shield President and CEO

This press release was reviewed by Christine Vaillancourt, P. Geo., the Company's Chief Geologist and a Qualified Person under National Instrument 43-101.

Forward-Looking Statements Advisory

This news release contains statements concerning the exploration plans, results and potential for epithermal gold deposits, and other mineralization at the Company's Idefix Property , geological, geophysical and geometrical analyses of the properties and comparisons of the properties to known epithermal gold and magmatic Ni-Cu-PGE deposits and other expectations, plans, goals, objectives, assumptions, information or statements about future, 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 and analysis.

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Northern Shield Resources Inc.


View original content:

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting