Shield Gold (SHG-V) names Jeff Zajac as chairman in place of John M Siriunas
Dec 19, 2013 - News Release
Shield Gold Inc. is providing an update on its recent corporate developments.
Chairman resignation The corporation's chairman, John M. Siriunas, has tendered his resignation as a board member and chairman effective immediately. Mr. Siriunas has been with the company since its inception and the Shield team wishes to thank him for all of his efforts in building a well-capitalized junior mining business. Mr. Siriunas will continue to assist the corporation as vice-president, exploration, and serve as adviser to the chief executive officer and to the corporation's counsel.
Jeff Zajac, who joined the Shield board in September, 2013, has been appointed chairman of the corporation. Mr. Zajac brings a vast knowledge and skill set, which will assist Shield moving forward with its plans to commercialize its graphite assets, and raise the capital necessary for the exploration and development of its Quebec properties. Mr. Zajac's biography can be found on Shield's website.
The technical content of this press release has been reviewed and approved by Mr. Siriunas, PEng, a qualified person as defined by NI 43-101.
Exploration
Shield completed a successful airborne geophysical survey over its Lochaber township graphite properties (the Bell and Powerline claim blocks) in the Outaouais region of southwestern Quebec, which was announced earlier this year. Data from this survey and prior airborne surveying were compiled and the results reanalyzed: A total of 63 targets were identified on the Diamond and Diamond West blocks, 49 on the Bell block, and 14 on the Powerline block. These targets lie coincident with the 14 kilometres of electromagnetic conductive trends previously identified, and are also coincident with linear trends in the magnetic and radiometric data.
Currently, there are two field crews working on the Shield properties in Quebec conducting an extensive Beep Mat survey to follow up on the targets identified by the airborne survey. Information from this survey will be collected, compiled and interpreted by Shield's geology group to assist with planning a drill program to be scheduled for the spring of 2014. The Beep Mat is an extremely powerful electromagnetic instrument that can efficiently detect conductive and magnetic outcrops hidden under up to three metres of overburden.
The Beep Mat is pulled, sled like, across the selected target areas where it can signal the presence of conductive materials hidden in the ground. Simultaneous measurements of the ground's conductivity are displayed and areas of mineralization are pinpointed in real time. This survey work will be completed by the end of the year. Technical reports for the completed studies, as well as images and photographs from the field work, are all available on the corporation's website.
Sampling program
Shield has commenced a customer sampling program with 12 graphite end-users that are located in North America. Processed samples of the graphite that were collected during the corporation's bulk-sample and metallurgical testing that was announced in November will be sent out to qualified companies that have requested and detailed their specific graphite/carbon requirements.
Financing
Shield announced a non-brokered financing at the beginning of December that comprises flow-through and non-flow-through units. Net proceeds from the offering will be used to finance exploration of the company's graphite prospects in the Buckingham and Lochaber townships of southwestern Quebec, and to develop additional graphite exploration opportunities for the company. The financing will also be used to finance the metallurgical testing and sampling programs that are currently under way. |
