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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (25949)	11/21/2006 3:17:57 PM
From: onepath	Read Replies (2) \| Respond to of 78416

NRN also worth looking at.Drilling funded by Impala. News release is from Sept.22 Northern Shield drills 2.2 m of 0.97% V2O5 at Highbank 2006-09-22 12:54 ET - News Release Mr. Ian Bliss reports NORTHERN SHIELD COMMENCES SECOND DRILL PROGRAM AT HIGHBANK LAKE Northern Shield Resources Inc. will be commencing the second phase of its drill program at its Highbank Lake PGE prospect in Northern Ontario within the next few weeks. Based on information gained from the first phase of the drill program completed in early August, 2006, the second phase will test certain horizons believed to be the possible sources of the PGE soil anomalies and chromitite boulders discovered by Northern Shield in 2004 and 2005. The program is being financed by Impala Platinum Holdings Ltd. in accordance with the option agreement between Northern Shield and Impala. Assay results, visual inspections of the drill core, and their subsequent interpretations from the first phase of the drill program made jointly by Northern Shield and Impala are being used to direct exploration toward what Northern Shield believes to be the possible sources for the PGE-bearing chromitite. The recently completed drill program, which comprised 10 holes for 2,000 metres, represents the first direct collection of bedrock data other than data collected from the single outcrop within the 300-square-kilometre property. "Following the first phase of drilling, we have a better understanding of the lithological composition and structure of the layered intrusion and can now focus in on a few key horizons," said Ian Bliss, president and chief executive officer of Northern Shield. The assay results indicate that the portion of the intrusion tested in the first phase of the drill program is depleted in PGE and chrome. In order to form mineralized layers, these metals must first be scavenged (resulting in depletion) from rock higher up in the sequence before being concentrated in reefs or layers lower down. Similar trends are seen in the Bushveld complex in South Africa and other PGE-bearing layered intrusions where rocks above the mineralized zones show depleted levels of platinum and chrome. A horizon interpreted to be located stratigraphically below this zone of depletion, and lying up ice from both the chromitite boulders/fragments and the platinum-palladium soil anomalies, has been identified from airborne geophysics. This horizon will be one of the targets of the second phase of the drill program. A significant vanadium-enriched magnetite layer was intersected in drill hole 06HB-004. Three samples taken over a 2.2-metre interval average 0.97 per cent V2O5 (vanadium pentoxide). The base of the intersected mineralized zone has not been established as certain assay results are pending. The Bushveld, which produces approximately 80 per cent of the world's platinum and chromium, also produces over 40 per cent of the world's vanadium from reefs above its PGE- and chrome-bearing layers. The price of vanadium pentoxide (V2O5) increased significantly in 2005, primarily due to strong demand from the steel and aerospace industries, and currently trades near $8 per pound or $17,000 per tonne. From To Interval V2O5 (m) (m) (m) (%) 177.48 178.28 0.80 0.95 178.28 179.15 0.87 0.98 179.15 179.68 0.53 0.98 Weighted average 2.20 0.97 The drill program was overseen by Christine Vaillancourt and Scott Jobin-Bevans of Caracle Creek International Consulting Inc., both qualified persons under National Instrument 43-101. Core samples were analyzed by ALS Chemex laboratories in Vancouver, B.C., for Au, Pt, Pd by fire assay with ICP-AES finish and 27 elements by four-acid digestion and ICP-AES. The Highbank Lake property covers a recently discovered layered intrusion that is being explored for reef-hosted PGE and chromium. Impala Platinum Holdings of South Africa, the world's second largest platinum producer, has entered into an option agreement with Northern Shield pursuant to which Impala has the option of earning a 60-per-cent interest in the PGE and PGE byproducts of the property by incurring $5-million in exploration expenditures on the property within five years. We seek Safe Harbor. Top Print this Page