Canadian Shield Commences Gold Exploration at Trol Project, Chile
15 Juillet 2010 - 2:30PM
Marketwired Canada
Canadian Shield Resources Ltd. (TSX VENTURE:EXP) ("Canadian Shield" or the
"Company") is pleased to announce the acquisition of additional property and
commencement of its gold exploration program at the Trol Project, located in the
9th Region of southern Chile.
From 2007, the Company controlled a 100 hectare license, centered on outcropping
bedrock gold mineralization within the Madre de Dios placer gold district. The
area contains significant gold mineralization, with historic drill intercepts up
to 112 m @ 1.12 g/t gold, as identified and reported by Minera Cominco Resources
Chile Ltda. ("Minera Cominco"). The area of historic drilling covers
approximately 400 meter of strike and occurs within a 2,600 meter long by 400
meter wide soil gold anomaly. Canadian Shield has recently submitted
applications for 8 additional claims covering 2,200 hectares of land surrounding
the initial license. The applications have been accepted and the claims are
reserved for the Company, pending formal award by a Federal court. The addition
of these eight claims with the central 100 hectare property now makes Trol a
viable gold exploration project.
LOCATION, ACCESS & EXPLORATION HISTORY: The Trol property and the Madre de Dios
gold placer district are located on the west flank of Cordillera Trolitralahue,
approximately 55 km northeast of the capital city of Valdivia. The district has
excellent road access and infrastructure, with paved roads to within 5 km of the
property. The Madre de Dios gold placer district was discovered in 1566 by
Spanish explorers. Total production is not known, however recorded production
from 1898-1936 was approximately 83,600 ounces. Outcropping bedrock gold
mineralization was discovered by Amax Exploration ("Amax") programs during
1982-84. The property contains thick vegetation which has hindered bedrock
exploration. The Trol prospect was initially explored by a Joint Venture between
Amax and Shell Minerals ("Shell"), which resulted in drilling seven core holes.
Minera Cominco explored the property in 1991-92 and drilled three additional
reverse circulation drill holes. Based on surface rock samples and 10 drill
holes, Minera Cominco prepared an historic estimate of the gold resource based
on exploration data (not compliant with NI-43-101 regulations). The property was
optioned to Pegasus in 1993-94 and they conducted an extensive regional
exploration program, including 46 drill holes. The property was later dropped
and the 100 hectare central claim was acquired by Anderson Peru Mining and
Exploration S.A.C. ("APMX"). APMX conducted extensive soil sample panning
surveys, which identified an extensive region containing visible gold flakes in
the soil. Interpreted observations identified up to 48 flakes of gold per
sample. Results of this work indicate potential mineralized zones are
discontinuous but extend at least 1,500 meters northeast and 700 meters
southwest from the area of historic drilling, for a total area measuring
approximately 2,600 meters northeast by 400 meters wide. Canadian Shield
acquired the property through its acquisition of APMX in 2007.
GEOLOGY AND GOLD MINERALIZATION: Gold mineralization occurs within a sequence of
complex, low-angle and high-angle shear zones and faults, hosted within
Carboniferous-age, metamorphosed volcanic and sedimentary rocks. Most rocks have
been metamorphosed to variably micaceous schists. The host rocks are part of the
Western Metamorphic Series of the Central Coast Range and contain three episodes
of intrusions. Historic reports by Minera Cominco indicate gold mineralization
occurs as free gold, associated with graphitic mica (muscovite) and quartz
schists. The mineralized schists occur with an 80-100 meter thick, flat-lying
shear zone, which has been traced 300 meters along strike and 250 meters down
dip. Surface rock sampling identified gold values ranging from 1-25.5 g/t gold
in the vicinity called Pique Magico. Historic drilling by the Shell/Amax Joint
Venture, and subsequent drilling by Minera Cominco, is summarized in the
following table, with drill hole locations combined with surface rock gold
assays, shown on the attached map. The Company believes that the historic
results are reliable and relevant, and is planning a program of independent
verification and field follow-up. Taken together, these drill results and
surface rock gold assays define a northerly trending gold zone that remains open
for additional expansion with drilling along strike in each direction, and down
dip.
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Gold
Drill From To Interval Assay Hole Drill
Company Year Hole (m) (m) (m) (g/t) Depth Type
----------------------------------------------------------------------------
Shell/Amax JV 1986 DTL-1 NSV 104.45 Core
----------------------------------------------------------------------------
Shell/Amax JV 1986 DTL-2 96.0 101.8 5.8 0.50 101.80 Core
----------------------------------------------------------------------------
Shell/Amax JV 1986 DTL-3 18.0 34.0 16.0 0.33 155.31
----------------------------------------------------------------------------
44.0 112.0 68.0 0.90
----------------------------------------------------------------------------
inc. 62.0 74.0 12.0 1.53
----------------------------------------------------------------------------
Shell/Amax JV 1986 DTL-4 36.0 52.0 16.0 0.56 170.00 Core
----------------------------------------------------------------------------
56.0 74.0 18.0 0.77
----------------------------------------------------------------------------
90.0 106.0 16.0 0.32
----------------------------------------------------------------------------
108.0 136.0 28.0 1.22
----------------------------------------------------------------------------
inc. 128.0 132.0 4.0 6.10
----------------------------------------------------------------------------
148.0 156.0 8.0 0.54
----------------------------------------------------------------------------
162.0 168.0 6.0 0.55
----------------------------------------------------------------------------
Shell/Amax JV 1986 DTL-5 0.0 10.0 10.0 0.69 80.53 Core
----------------------------------------------------------------------------
20.0 34.0 14.0 1.54
----------------------------------------------------------------------------
inc. 22.0 28.0 6.0 3.00
----------------------------------------------------------------------------
44.0 50.0 6.0 0.92
----------------------------------------------------------------------------
Shell/Amax JV 1986 DTL-6 18.0 26.0 8.0 0.38 140.77 Core
----------------------------------------------------------------------------
30.0 38.0 8.0 0.45
----------------------------------------------------------------------------
Shell/Amax JV 1986 DTL-7 NSV 81.30 Core
----------------------------------------------------------------------------
Cominco 1992 CCL-1 37.0 149.0 112.0 1.12 152.00 RVC
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cominco 1992 CCL-2 50.0 55.0 5.0 0.48 200.00 RVC
----------------------------------------------------------------------------
66.0 99.0 33.0 1.42
----------------------------------------------------------------------------
151.0 157.0 6.0 0.61
----------------------------------------------------------------------------
Cominco 1992 CCL-3 111.0 128.0 17.0 0.22 250.00 RVC
----------------------------------------------------------------------------
139.0 175.0 36.0 0.28
----------------------------------------------------------------------------
HISTORIC MINERAL RESOURCE ESTIMATE: Based on these drill results, and additional
surface rock sampling from trenches, outcrops and tunnels driven into the
mineralized zone, Minera Cominco Resources Chile Ltda. prepared a "preliminary
geological gold resource estimate" in 1992. Minera Cominco's historic resource
estimate does not utilize classifications included in National Instrument 43-101
of the Canadian Securities Administrators, and is not compliant with NI 43-101.
Cominco estimated a minimum geological gold resource of 6.25 million tonnes with
an average grade of 0.72 g/t gold, which equates to approximately 144,700 ounces
of contained gold, using a minimum 0.5 g/t low grade cutoff. The historic
resource estimate is included in a report titled "Llipe Project Final Report,
Summer 1992 Campaign and Exploration Possibilities for Stratiform Gold in the
Metamorphic Basement of Southern Chile Coastal Belt" by John Davidson, April 15,
1992. The reputation of the Minera Cominco staff that prepared the historic
estimate is generally of a high quality. The Company considers this historic
estimate to be relevant, and a preliminary indication of the potential gold
resources present on the property. A qualified person has not performed
sufficient work to classify the historic estimate as current mineral resources,
and Canadian Shield is not treating the estimate as current mineral resources.
The historic estimate should not be relied upon until it can be confirmed by the
Company. The Company will seek to confirm this data with future exploration and
drilling. No additional historic resource estimates have been prepared to the
knowledge of the Company.
To view the figure associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/exp0715fig1.pdf.
EXPLORATION PROGRAM: The Company's exploration program will include independent
sampling to verify the historic exploration results and an initial detailed
stream sediment geochemical survey to confirm the regional distribution of gold
on this 23 square kilometer property. Systematic soil surveys will be initiated
within the 2,600 meter long soil anomaly identified by APMX, to confirm and
further evaluate the distribution of gold in the soils. Soil results will be
followed up with trenching, and possibly with ground geophysics, prior to
selecting drill targets.
COMMENTS ON HISTORIC EXPLORATION RESULTS: Drill intervals are down-hole
thicknesses, not necessarily true thicknesses. The drill intervals were
calculated using a minimum width of four meters, containing a weighted average
gold content greater than 0.2 g/t. Only one internal or adjacent assay interval
of material containing less than 0.2 g/t gold were included in these
calculations. Canadian Shield does not possess the actual assay certificates
however assay data was extracted from historic company reports. A Qualified
Person has not verified the data contained in the results from historic work
reported here, but this work is considered to be reliable and relevant. Canadian
Shield has no duplicate or confirmation samples, and is relying on the data and
practices conducted by the professional geologists at Amax, Shell, Minera
Cominco and APMX. The Company noted one area of concern, as it appears that
initial gold assays conducted by Amax/Shell were conducted using the Atomic
Absorption method, which is generally less reliable than Fire Assay and tends to
under-estimate total gold content. However, at the time of the exploration
program, this practice was considered reasonable. Canadian Shield has acquired a
portion of the historic exploration data and it is seeking to locate additional
remaining data.
About Canadian Shield Resources Ltd. (TSX VENTURE:EXP) Canadian Shield is a
precious metals exploration and development company focused on
strategically-located properties in Peru and Chile. Canadian Shield has seven
precious metal exploration projects in Peru and one in Chile. Mr. Keith A.
Laskowski, MSc., is a Qualified Person for the purposes of National Instrument
43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities
Administrators, and has prepared, reviewed and verified the technical
information contained in this news release. The Company's shares are listed on
the TSX Venture Exchange (Trading Symbol TSX VENTURE:EXP). Further information
is available at Canadian Shield's website: www.canadianshieldresources.com. The
Shareholders recently approved a name change of the Company to Estrella Gold
Corporation, which is expected to become effective August 1, 2010.
On behalf of the Board of Directors
Keith A. Laskowski, President and Director
STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION,
INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR
EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING
STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS
AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT,
ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING
STATEMENTS.
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