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Northern Shield Resources Inc. (TSXV:NRN) announced preliminary results from the six holes drilled at its wholly owned Séquoi project located in the Labrador Trough in Quebec. Ultramafic intrusive rocks were visually identified in drill hole 16SQ-02. Of note, this hole also intersected a 15m segment of what the company believes to be a quartz and sulphide bearing shear zone that potentially contains gold (Figure 1), and further down, a 5m segment of what the company considers to be massive sulphides. Northern Shield has indicated that these results suggest the geologic model may have been altered, as is common with early stage exploration. We view the preliminary results as a technical success because of the massive sulphide intercept; however, assays are pending and the resultant grades may alter our view. Despite the lack of a true “discovery hole” and the altered geologic model, we do not believe that Northern Shield’s share price performance is reflective of the results; particularly since South32 (ASX:S32, LSE:S32) continues to fund the exploration program at the adjacent Huckleberry property. read more
Northern Shield Resources Inc. (TSXV:NRN) announced drill results from its Huckleberry project located in the Labrador Trough in Quebec. The program consisted of 7 holes, totalling 2,053m, of which all but one intersected copper-nickel-PGE mineralization. The drill program was accomplished under the option agreement signed with South32 in June 2016 under which South32 (ASX:S32, LSE:S32) can earn a 50% interest in Huckleberry by spending C$2.5 million on exploration over the first two years, thereof C$1.2 million in the first year. While it is early days, we find these initial results encouraging as they provide an early indication of that there could be a large deposit at Huckleberry. As well, these results are also a positive indicator for Northern Shield’s wholly owned Séquoi property which is adjacent to Huckleberry, where drilling is planned to commence this month. read more
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