Northern Shield Resources Inc. (TSXV: NRN) is pleased to announce that exploration, including a 10 hole, 1,500 meter drill program, has commenced on the Idefix PGE project in northern Quebec. The exploration program is funded under the terms of the option agreement with Impala Platinum Holdings Ltd.
The drill program will test a 1.3 kilometer long PGE mineralized zone delineated on surface by Northern Shield last year with grades of up to16.2 g/t Pt+Pd.
Exploration at Idefix and in the surrounding region is being funded by Impala of South Africa under the terms of an option agreement signed in May 2012. The terms of the option and joint venture agreement allow Impala to earn a 50% interest in Idefix by making cash payments to Northern Shield totaling $300,000 over two years and incurring $3.2 million in exploration expenditures at Idefix or the surrounding area over three years, with total expenditures of $1,950,000 committed for the first two years of the Agreement. The property expenditures to be incurred are subject to a 10% project management fee to be paid to Northern Shield who will be the operator of the projects.
The exploration program is being overseen by Christine Vaillancourt, a Qualified Person under National Instrument 43-101. Samples are being analyzed by ALS Minerals Laboratories in Vancouver, BC, for Au, Pt and Pd by Fire Assay with ICP-AES finish and base metals by four acid digestion and ICP-AES.
Final assays from the drill project at the Company’s Cu-Zn-Ag-Au VMS property at Wabassi, northern Ontario are imminent. The drill and ground geophysical program at the Ikertoq project in west Greenland has just been completed and assays are expected in approximately three weeks.
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) and Ni-Cu-(PGE) exploration in Canada and Greenland and Cu-Zn-Ag at its Wabassi and Tempest properties. 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.
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We acknowledge the [financial] support of the Government of Canada.