TORONTO, ONTARIO ("Canadian Shield" or the "Company") is pleased
to announce results from the Phase I drill program recently
completed at the La Estrella Gold-Silver-Copper Property located in
the Department of Huancavelica, Central Peru.
HIGHLIGHTS
- Drill Hole RC-E10 intersected 107 metres of 77.7 grams per
tonne (g/t) silver and 0.39 g/t gold, a Silver Equivalent (AgEq)
grade of 99.1 g/t or Gold Equivalent (AuEq) grade of 1.81 g/t, from
30 to 137 metres depth.
-- High Grade IntervaI includes 21 metres grading 0.62 g/t gold,
216.6 g/t silver or 250.3 g/t Silver Equivalent (AgEq) from 38 to
59 metres depth. Within this high grade zone, grades range from 36
g/t to 913 g/t silver and 0.211 g/t to 1.27 g/t gold from
individual one metre sample intervals.
- In Drill Hole RC-E11, the last 19 metres of that hole ended in
0.93 g/t gold, 58.8 g/t silver or 2 g/t Gold Equivalent (AuEq) or
109.5 g/t Silver Equivalent (AgEq). Grades range from 0.347 g/t to
1.77 g/t gold and from 17.8 g/t to 244 g/t silver over this
uniformly mineralized interval to the bottom of the hole. RC-E11
was stopped at 163 metres due to difficult ground conditions.
The property comprises 1,300 hectares and hosts multi-episodic,
low to intermediate sulfidation, epithermal gold-silver +/-copper
+/- lead +/- zinc (polymetallic) mineralization. La Estrella is one
of three properties that Canadian Shield acquired through its 90%
acquisition of Anderson Peru Mining and Exploration S.A.C.
The table below summarizes drill results and displays continuity
and multiplicity of higher-grade mineralized zones contained within
a broad zone of disseminated, low-grade mineralization. Significant
mineralization was encountered in 10 of the 11 drill holes. All
intercepts are reported in drill length and do not represent true
thickness which is to be determined. Furthermore, the intervals
shown have been derived from a first pass analysis of the results
and do not represent a rigorous economic evaluation. Gold
Equivalent and Silver Equivalent were calculated assuming a 55 to 1
ratio of Gold to Silver. Although present in economically
significant amounts in some holes, copper and lead are not factored
into the gold and silver equivalent values.
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Intercept (m)
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Hole # From To Length Au (g/t) Ag (g/t) AuEq AgEq
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RC - E1 0 160 160 no significant values
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RC - E2 41 45 4 0.583 4.4 0.664 36.5
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64 73 9 0.396 6.64 0.516 28.4
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including 63 64 1 1.47 8 1.61 88.8
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74 77 3 0.234 84.7 1.77 97.6
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145 167 22 0.346 5.96 0.456 25
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including 160 163 3 0.734 5.96 0.842 46.3
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RC -E3 53 94 41 0.452 3.62 0.52 28.5
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including 72 93 21 0.712 3.52 0.78 42.7
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including 84 93 9 1.02 2.48 1.06 58.3
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RC - E4 0 151 151 0.358 5.3 0.45 25
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including 18 73 55 0.579 6.6 0.7 38.5
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including 18 42 24 0.83 9.39 1 55
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including 26 36 10 1.3 10.3 1.49 81.8
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including 31 36 5 2.45 5.1 2.54 139.8
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including 33 36 3 3.35 3.83 3.42 187.8
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116 120 4 1.06 12.02 1.28 70.3
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141 142 1 1.236 2.4 1.28 68
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RC - E5 13 25 12 0.369 5.31 0.466 25.6
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77 90 13 0.465 8 0.61 33.55
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including 77 80 3 0.81 26.6 1.29 71.1
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RC - E6 0 190 190 0.373 4.95 0.46 25.4
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including 1 66 65 0.724 4.68 0.81 44.5
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including 1 31 30 0.9 4.88 0.99 54.4
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RC - E7 15 19 4 0.163 31.85 0.743 40.81
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RC-E8 41 172 131 0.39 9.07 0.55 30.25
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including 65 82 17 0.772 4.69 0.86 47.3
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including 95 105 10 0.762 14.8 1.03 56.6
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RC-E9 2 200 198 0.227 9.07 0.39 21.55
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including 12 18 6 0.357 18.5 0.69 38.2
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including 92 161 69 0.292 14.9 0.562 30.9
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including 142 154 12 0.285 27 0.775 42.62
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RC-E10 30 137 107 0.394 77.7 1.81 99.1
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30 68 38 0.593 128.2 2.92 160.81
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38 59 21 0.62 216.6 4.55 250.3
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41 58 17 0.605 255.6 5.25 288.4
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RC-E11 0 4 4 0.29 67.95 1.52 83.65
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45 50 5 0.404 43.56 1.2 65.5
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144 163 19 0.933 58.8 2 109.5
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153 163 10 1.11 69.35 2.37 129.6
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DRILL PROGRAM DETAILS
The reverse circulation drill program totalled 2,018 metres in
11 holes. Holes varied in length from 150 to 200 metres and were
drilled at vertical angles of 60 to 70 degrees. Holes were widely
spaced generally ranging from 80 to 200 metres apart, along the 100
to 400 metre wide, north-south trending mineralized corridor. Bear
Creek Mining Corporation drilled 11 holes on the property totalling
1,970 metres in 2003. A drill plan map showing all 22 drill holes
on the property can be viewed on the Canadian Shield website.
http://www.canadianshieldresources.com.
Host rocks comprise a causative suite of felsic to intermediate
pyroclastic and volcaniclastic rocks, volcanic and sub-volcanic
breccias, dikes and/or domes of probable Tertiary age emplaced in
older andesitic volcanics with inter-bedded limestone.
Mineralization and the younger rock suite are laterally confined in
structural blocks believed to lie within a localized, north-south
trending graben.
DRILL HOLE SUMMARIES
Drill Hole RC-E10 & RC-E11 were drilled into the same
mineralized zone where previous drilling by Bear Creek Mining
Corporation in 2003 had encountered an average of 0.3 g/t gold with
40.5 g/t silver (57 g/t AgEq) in drill hole DDH-E3, over the entire
160 metre hole. RC-E10 was drilled to the east at 60 degrees,
crossing DDH-E3 while RC-E11 was drilled to the west from the same
drill site. Combined, these 3 drill holes display multiple zones of
economically significant grades over potentially bulk mineable
widths. The holes also have a marked increase in base metal content
particularly copper and lead, implying vertical zonation whereby
base metals and silver values are increasing with depth. Additional
drilling will be required to delineate the geometric orientation
and continuity of this mineralization.
Holes RC-E3, E4, & E5 were drilled along an east-west
section line to test the lateral continuity of outcropping gold
mineralization. RC-E3 was drilled to the east at a 60 degree
vertical angle and RC-E4 was drilled to the west also at 60
degrees. Gold enrichment in these two holes appears to occur in a
gently west dipping tabular zone suggesting an important element of
stratigraphic control to gold deposition. As the table shows, hole
RC-E4 contains several significant intersections within the 151
metre hole which averaged 0.45 g/t AuEq.
RC-E5 was drilled to the east at 60 degrees from the same drill
site as RC-E4 and cut 0.61 g/t AuEq over 13 metres from 77 to 90
metres. This hole is interpreted to have passed sub-parallel, and
along side to steeply east dipping, structurally controlled
mineralization.
RC-E7 was collared 250 metres north of RC-E5 and also drilled to
the east to cut mineralization where Bear Creek had encountered 30
metres of 0.8 g/t gold in their drill hole DDH-E1. RC-E7 also
appears to have been oriented parallel to the main east-southeast
dipping structural control to gold mineralization. The hole cut a 4
metre interval of silver-copper mineralization running 29.1 g/t
silver and 0.53% copper from 17 to 21 metres.
Hole RC-E6 was drilled to the west at 60 degrees to test a 100
metre wide soil anomaly averaging 0.9 g/t gold located 200 metres
south of holes RC-E3, E4, & E5. The hole encountered gold and
low grade silver mineralization averaging 0.81 g/t AuEq from 1 to
66 metres.
Holes RC-E8 & E9 were drilled to test a covered geophysical
anomaly with high resistivity and coincident high chargeability.
Both holes encountered broad zones of relatively low grade gold.
These holes show an apparent transition from north to south into
the zone of higher grade silver compared to mineralization found to
the north.
Hole RC-E2 targeted the down dip extension of bonanza grade
surface mineralization reported by Bear Creek. The hole encountered
1.47 g/t gold from 63 to 64 metres and 84.7 g/t silver with 0.35%
copper over 3 metres from 74 to 77 metres depth. Gold values are
highly anomalous averaging 0.2 grams per tonne over the entire 200
metre hole.
Hole RC-E1 targeted a shallowly covered 700 x 400 metre IP
anomaly located 400 metres to the northwest of the main
mineralization. The hole was programmed to test the anomaly to a
depth of 250 metres but was cut off at 160 metres when only minor
visible alteration was encountered. Fresh to weakly altered
andesite containing minor amounts of specular hematite are thought
to be the cause for the high resistivity and coincident high
chargeability IP response.
"Drill results from our first phase of drilling on the property
are very exciting and we have effectively tested targets based on a
multi-disciplinary approach. Combining our results with those from
previous drilling by Bear Creek, we see indications of the presence
of a major scale gold-silver-base metal system. We will work
towards synthesizing all data available to derive a sound geologic
model that will guide the next round of drilling on the property."
said Phil Anderson, Canadian Shield's VP Exploration.
QUALITY ASSURANCE AND QUALITY CONTROL MEASURES
A strict chain of custody was exercised in handling all samples.
Sample splits weighing approximately 4 kilograms on average, were
collected from one-metre intervals of the reverse circulation drill
cuttings. Individual samples were taped or stapled shut and bagged
at the drill site under supervision of Canadian Shield personnel.
One back up sample also weighing approximately 4 kg was collected
and stored on site for each one-metre interval with the exception
of those samples used as duplicates. Certified standards and
duplicate samples were inserted alternately every 20 samples.
Sample batches were then transported by Company staff 130
kilometres to Huancayo, where they were then shipped directly to
Acme Laboratory's facility in Lima. All samples were prepared and a
30 gram charge assayed by conventional fire assay and/or atomic
absorption methods by Acme. Acme then delivered a pulverized pulp
sample to SGS Laboratory in Lima where each sample underwent a 4
acid, near total digestion and analyzed by ICP methods for 36
elements. Samples with silver and/or copper, lead, zinc exceeding
upper limits of detection were then assayed by conventional means
to determine absolute values of these metals.
Phil Anderson, Canadian Shield's VP Exploration, a "Qualified
Person" as defined by National Instrument 43-101, supervised the
program and approved the technical aspects of this press
release.
Investors are invited to visit the Canadian Shield IR Hub at
http://www.agoracom.com/IR/CanadianShield where they can post
questions and receive answers or review questions and answers
already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to CSP@agoracom.com
where they can also request to be added to the investor e-mail list
to receive all future press releases and updates in real time.
Please join VP Exploration, Phil Anderson as he goes "Beyond the
Press Release" to provide shareholders with an audio address that
further discusses the results described within this press release.
The address will be available on the Canadian Shield Resources
Investor Relations Hub at http://www.agoracom.com/ir/canadianshield
on or before November 28, 2007.
About Canadian Shield Resources Inc.
Canadian Shield is a mineral exploration company building
shareholder value through the acquisition of major scale, base and
precious metal projects in prolific and established mineral
provinces in South America. Efforts are primarily focused on Peru,
a very prospective region ranking highly in the world's production
of gold (5th), silver (1st), copper (3rd), zinc (3rd) and tin
(2nd). The Company controls nine base and/or precious metals
projects, eight in Peru and one gold project in Chile through
acquisitions by its 100% owned Peruvian subsidiary, Compaa Minera
Canadian Shield Perï¿1/2 S.A.C., including the 90% acquisitions of
Gallant Minerals Perï¿1/2 Ltd. S.A. in September 2004 and Anderson
Peru Mining and Exploration S.A.C. in April 2007. Canadian Shield
is focused on project generation and joint venture opportunities to
provide shareholders with interests in a broad portfolio of South
American mineral properties. The Company's shares are listed on the
TSX Venture Exchange (TSX V).
STATEMENTS IN THIS PRESS 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Investor Relations AGORACOM Investor Relations Email:
CSP@Agoracom.com Website: www.agoracom.com/IR/CanadianShield
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