Canadian Shield to Prepare NI 43-101 Technical Report on Colpayoc Gold Project, Peru
May 13 2010 - 8:00AM
Marketwired
Canadian Shield Resources Ltd. (TSX VENTURE: EXP) ("Canadian
Shield" or the "Company") has contracted SRK Consulting (U.S.) to
prepare NI 43-101 Technical Reports on the Company's Colpayoc
property located in the Yanacocha gold district of Peru. The
property contains 4,200 hectares and is located 15 km west of the
city of Cajamarca and 15 km south of the Yanacocha mine complex.
The Company has an option to acquire a 100% interest, subject to a
2% NSR royalty in the property.
The property contains three types of mineralization, which occur
in six separate target areas. The main area of known mineralization
is the Daylight Zone/porphyry gold-copper mineralization. The
Daylight Zone contains oxidized, outcropping gold and copper
mineralization hosted within a felsic intrusive, typical of a
porphyry gold-copper system. The intrusion is nested within two
similar intrusions, all of which have intruded and are hosted
within Cretaceous age, massive limestone, calc-arenite, and
siltstone. The intrusions are circular and form a 400 meter
diameter area of discontinuous outcrop, surrounded by the
sedimentary host rocks. The porphyry mineralization has been
evaluated with 4 drill holes, totaling 647 meters, and 2500 meters
of trench sampling. The outcropping porphyry mineralization
contains stockwork-hosted gold mineralization with assays ranging
from 10s of meters to greater than 100 meters with 0.3 - 1.6 g/t
gold and may be expanded with additional exploration.
The property also contains northwest trending fault zones, and
northeast trending fault zones within the sedimentary rocks. In
several places, these structures host variably brecciated felsic
volcanics (possible vent breccias), with precious metal
mineralization, including gold assays up to 10 g/t and silver
assays up 912 g/t reported from surface rock samples. These areas
have received only preliminary sampling at this time, and more
systematic work is required to assess the distribution of this
mineralization. Epithermal silver-gold mineralization is present
within felsic volcanics and skarn mineralization may be present,
associated with a series of magnetic anomalies within the
sedimentary rocks, at depth.
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. The Company's shares are listed on the TSX
Venture Exchange (Trading Symbol TSX-V: EXP). Further information
is available at Canadian Shield's website:
www.canadianshieldresources.com.
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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Canadian Shield Resources Ltd. Keith Laskowski, MSc.
QP President Direct Tel: (800) 362 2040 or (720) 272-6224 (416)
927-1222 (FAX) klaskowski@canadianshieldresources.com
www.canadianshieldresources.com First Canadian Capital Corp Dan
Boase Partner Toronto Tel: 416-742-5600 ext 232 Toll Free:
1-866-580-8891 ext 232 dboase@firstcanadiancapital.com
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