Ottawa’s junior miner Northern Shield Resources Inc. (TSX-V: NRN) has discovered more visible gold at its Root & Cellar gold-silver-tellurium-copper project in southeast Newfoundland.
The prospector announced the discovery of a sparkly gold-bearing outcrop there on Tuesday.
Thus far, Northern Shield has discovered five gold zones throughout a six-kilometre strike length at the site. Four of these zones contain significant tellurium mineralization. Samples taken from Root & Cellar have returned grades of up to 700 g/t tellurium.
The visible gold in discussion. Photo credit: Northern Shield
Samples have yielded over 100 g/t Au
The new gold-bearing outcrop and rock samples found this week were discovered 25 metres from the property’s Conquest Discovery trench.
Previous samples taken from that area have yielded grades as high as 111 grams per tonne gold. Fall drilling last year at Conquest intercepted gold mineralization in seven out of eight holes, three of which had visible gold.
“Surface sampling suggests that this target is just one ‘branch’ of a much larger epithermal vein system,” chief executive Ian Bliss said.
Northern Shield is the first company to conduct systematic, comprehensive exploration on the property.
“Its relative abundance here [gold] bodes well for what could be found deeper in that system,” Bliss added.
Exciting news for Burin Peninsula with announcement Northern Shield Resources has discovered more Gold in area. President Ian Bliss says Northern Shield excited about huge potential for project. Exploration workcontinues. @NorthernShield @MiningNL @TownofMarystown @miningtweets
— Terry Hart (@vocmhart) August 13, 2024
Read more: Calibre Mining shareholders approve all matters at annual general meeting
Read more: Calibre appoints seasoned Senior VP & CFO Daniella Dimitrov
Atlantic Canada’s top gold asset to enter production next year
Not only has this region seen an increasing rate of gold exploration over the last while among operators like Northern Shield; it also has a major gold producing asset set to enter commercial production next year.
The Valentine Gold Mine, acquired from Marathon Gold by Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF) in January, will produce 195,000 gold ounces per annum for 12 years beginning before the end of H1, 2025.
Over 98 per cent of the large-scale project’s engineering work has been completed while more than 77 per cent of the construction is now finished.
Within the last couple days the spot price of gold ascended above C$3,430 per ounce — a historic high.
Calibre Mining is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
