Canadian Shield Expands Mineralization at La Estrella Intersecting 99 Metres of 36 g/t Silver Equivalent
24 Aprile 2008 - 2:34PM
Marketwired Canada
Canadian Shield Resources Inc. (TSX VENTURE:CSP) ("Canadian Shield" or the
"Company") is pleased to announce final results from the 10 hole, 1,807 metre
Phase II diamond drill program at its La Estrella Property located in
Huancavelica, Central Peru.
Highlights
- Hole DDH-E20 encountered 99 metres (from 82 to 181 metres depth) of 19.45
grams per tonne silver (g/t Ag) and 0.30 grams per tonne gold (g/t Au) or a
silver equivalent grade (AgEq) of 36 g/t Ag.
- Higher grade intervals contained within this 99 metre intercept include:
-- 44 metres (from 134 to 178 metres) of 32 g/t Ag and 0.41 g/t Au, for a AgEq
grade of 54.6 g/t
-- 23 metres (from 134 to 157 metres) of 54.9 g/t Ag and 0.43 g/t Au, for a
AgEq grade of 78.5 g/t
-- 7 metres (from 134 to 141 metres) of 136.8 g/t Ag and 0.86 g/t Au, for a
AgEq grade of 184.0 g/t
In addition, Holes DDH-E19 and DDH-E21 encountered significant mineralization.
Drill Hole DDH-E19 intersected 88 metres of 29.4 g/t AgEq, which includes 22
metres of 42.6 g/t AgEq. DDH-E21, the final hole of the program, intersected a
134-metre-long zone that grades 31.1 g/t AgEq, although most of the mineral
value in this hole is contained in gold.
The table below presents a detailed breakdown of the 10 hole program and
includes holes DDH-E3 & DDH-E10 drilled by Bear Creek Mining in 2003. These 12
diamond core holes are drilled within a 500 x 400 metre area and test the system
to a maximum depth of 230 metres from surface. Mineralization occurs as a
north-northeast striking, west dipping tabular body with an average thickness of
approximately 90 metres. Mineralization is hosted in a package of mafic,
intermediate and felsic volcanic, volcaniclastic and subvolcanic rocks. Quartz
veining within this tabular body is multi-directional with one prominent vein
set striking northeast and dipping steeply-to-moderately southeast. Drill holes
oriented to the west-northwest and inclined at 45 degrees effectively cut this
vein set, however they appear to parallel the overall down-dip direction of the
tabular body. Holes drilled to the east-southeast appear to define the true
thickness and shape of the mineralization.
In addition to completing Phase II drilling, the Company has continued expanding
the target area by surface mapping and sampling around the Cinco Hermanos Mine,
a former silver-copper producer during the 1970's. It is not yet clear if the
Cinco Hermanos Mine mineralization is genetically related to the target of
Canadian Shield's recent exploration efforts. However, recent prospecting has
discovered additional mineralization lying between the mine and the target area
of Phase II drilling.
"Our drilling continues to outline a significant body of mineralization that is
still open to the north, south and down dip. To date, we see continuity in a
mineralized zone that is 500 metres along strike, 400 metres down dip and 80 to
90 metres true thickness," said Phil Anderson, Canadian Shield's VP Exploration.
"Preliminary calculations suggest an average grade of around 51 g/t AgEq. The
next step is to systematically drill out this mineralization and better define
the resource. We believe we are only a drill program away from reaching, on a
preliminary level, our minimum resource target of 50 million ounces of silver
equivalent," added Mr. Anderson.
----------------------------------------------------------------------------
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Hole # Interval Len-
(metres) gth Au Ag AuEq AgEq
------------- (met- -------------------------- Azi- Total
From To res) grams g/t g/t g/t muth Angle Depth
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E3 3 162.3 159.3 0.3 40.6 1.03 56.9
---------------------------------------------------------- 310 -60 162.3
including 3 60 57 0.46 68.14 1.70 93.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E10 5.3 169.5 164.2 0.32 17.9 0.65 35.9
----------------------------------------------------------
including 73.5 103.5 30 0.30 49.7 1.20 66.2 130 -70 169.5
----------------------------------------------------------
including 94 104 10 0.44 77.7 1.85 101.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E12 144 214.5 70.5 0.84 71.8 2.14 118.1
----------------------------------------------------------
including 144 186.5 42.5 1.16 104 3.05 167.7 270 -65 245
----------------------------------------------------------
including 157 186.5 29.5 1.29 129.8 3.65 201
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E13 32 127 95 0.38 51.4 1.31 72.1
---------------------------------------------------------- 110 -60 152
including 32 57 25 0.62 78.7 2.05 112.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E14 2 128 126 0.41 31.9 0.99 54.45
----------------------------------------------------------
including 4 45 41 0.69 58.0 1.75 96.2 105 -63 128
----------------------------------------------------------
including 83 124 41 0.47 38.0 1.16 63.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E15 23 53 30 0.30 14.76 0.57 31.3
---------------------------------------------------------- 105 -60 63.5
including 26 45 19 0.34 17.6 0.66 36.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E16 76 132 56 0.16 28.5 0.68 37.1
---------------------------------------------------------- 285 -45 134
including 116 132 16 0.08 58.9 1.15 63.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E17 17 110 93 0.37 16.4 0.67 36.8
----------------------------------------------------------
including 69 110 41 0.47 22.2 0.87 48.2 285 -65 140
----------------------------------------------------------
including 82 104 22 0.57 28.2 1.08 60.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E18 4.5 321.5 317 0.30 34.6 0.93 51.1
----------------------------------------------------------
including 79.5 217.5 138 0.27 47.5 1.13 62.5
---------------------------------------------------------- 285 -45 321.5
including 4.5 25.5 21 0.53 41.6 1.29 70.8
----------------------------------------------------------
including 194.5 217.5 23 0.45 66 1.65 91.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E19 140 228 88 0.3 12.8 0.53 29.4
---------------------------------------------------------- 100 -45 300
including 206 228 22 0.33 24.3 0.77 42.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E20 82 181 99 0.3 19.45 0.65 36.0
----------------------------------------------------------
including 134 178 44 0.41 32 0.99 54.6
---------------------------------------------------------- 100 -60 197
including 134 157 23 0.43 54.9 1.43 78.5
----------------------------------------------------------
including 134 141 7 0.86 136.8 3.35 184.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-E21 33 56 23 0.28 38.1 0.97 53.4
----------------------------------------------------------
including 33 37 4 0.72 153.6 3.5 193.4
---------------------------------------------------------- 280 -50 280
141 275 134 0.41 8.5 0.56 31.1
----------------------------------------------------------
including 253 275 22 0.41 21.2 0.8 44.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
All intercepts reported in drill length, not true thickness.
Au:Ag Ratio equals 55:1. Metal Recoveries Assumed to be 100%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
QUALITY ASSURANCE AND QUALITY CONTROL MEASURES
Canadian Shield exercises a strict chain of sample custody in all programs. The
Company's personnel removes core from the drill rig and delivers it to a senior
project geologist who marks the core into 1 metre sample intervals. Canadian
Shield's personnel supervise the immediate splitting, sawing and bagging of
samples, and packaging of groups of samples for dispatch to the lab. The
remainder of the split core remains on site.
The Company's staff transports batches of samples 130 kilometres to Huancayo,
where they ship the samples directly to SGS Laboratory's facility in Lima. At
the lab, the samples are prepared by crushing and pulverizing and a 30 gram
charge is assayed for gold by conventional fire assay and/or atomic absorption
methods. Multi-element ICP analysis is carried out using a multi-acid digestion
process. All samples that contain silver and/or copper, lead, and zinc values
that exceed the upper detection limits for ICP are reanalysed by conventional
atomic absorption methods to determine the absolute values of these metals.
Silver Equivalent (AgEq) was calculated assuming a 55 to 1 ratio of Gold to
Silver. Metallurgical recoveries and net smelter returns are assumed to be 100%.
Phil Anderson, 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.
About Canadian Shield Resources Inc. (TSX VENTURE:CSP)
Canadian Shield acquires and explores strategically-located precious and base
metal properties in South America. The Company currently controls a portfolio of
nine exploration properties located in Peru and Chile. Canadian Shield will
continue to focus 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
(Trading Symbol TSX V: CSP). Further information is available at Canadian
Shield's website: www.canadianshieldresources.com.
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.
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