Northern Shield Resources has acquired a 100% interest in the Root & Cellar property in southeastern Newfoundland, Canada.
The property, which is being explored for gold, silver, tellurium and copper, spans a 6km strike length and includes five gold zones within a collapsed caldera complex.
Under the option agreement, which was signed in 2019, prospector Jeffery Brushett retains a 2.5% net smelter return (NSR), with Northern Shield retaining the option to buy back 1% for $1.5m.
The Root & Cellar project is notable for its Conquest Zone, which covers a 1,800m × 800m area. It has yielded high-grade gold samples, including up to 45g/t Au in bedrock and 111g/t in float boulders.
Recent drilling efforts in late 2023 have intersected epithermal gold mineralisation in seven out of eight drill holes, with three displaying visible gold.
The company is also investigating untested induced polarisation (IP) anomalies, which form part of a larger network linked to other gold showings on the property.
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
Current trenching activities are focused on the Conquest Zone, particularly near the high-grade boulder discovery and newly identified cross-cutting structures.
Northern Shield president and CEO Ian Bliss said: “We are very happy to have earned a 100% interest in this large and intriguing epithermal gold and porphyry copper project, that continues to deliver. Along with a greater understanding of the gold system, we are still finding new mineralisation, rock types and alteration, that keeps increasing the potential of the property.
“In particular, the identification of features typically found at the top of an epithermal vein system and the strong correlation between IP anomalies and magnetic lows that continue to depth is a testament to the growing excitement and confidence surrounding Root & Cellar.”
