Silver Shield Corporate Update
May 24 2011 - 8:00AM
PR Newswire (Canada)
BURLINGTON, ON, May 24, 2011 /CNW/ -- BURLINGTON, ON, May 24, 2011
/CNW/ - Tim D. Towers Reports With the volatility of the precious
metal markets, especially in Silver, the junior securities market
has been very weak in the past short while. With falling metal
prices and falling stock prices the investment market is a bit
uncertain and tentative at present. Silver Shield continues to
progress its properties with the overall goal of production
remaining paramount and unwavering. We are pleased to provide
the investment community with an update on our efforts. Welsh
Silver Mine Elk Lake Ontario A planned minimum drilling program of
1,200 metres has been recently completed and samples have been sent
for assay. The drill program recently completed totaled 1,268
metres in ten (10) drill holes. Seven of these holes were drilled
in the SE portion of the property to test for new high grade veins
and extensions of the veining discovered in our Phase
II drilling. The area tested is immediately south of the Amador
Gold (AGX-V) Silverclaim Lake property. The three remaining holes
were drilled in the vicinity of the Welsh Silver Mine to try to
target extensions of veining previously discovered as well as new
silver bearing veins. Amador previously announced a drill
program in the Silverclaim Lake Area and Silver Shield awaits their
drilling results. It is Silver Shield's belief that the area
drilling by two companies in this historic silver mining region
bodes well for the future of the Elk Lake play. Indeed Tim D Towers
commented "with the drilling being done we are hopeful that the
area can be rejuvenated once again. The history of mining here, and
the still very good silver price, has us very optimistic for the
future of the Welsh Silver Mine and surrounding properties." To
better help us in our future development of the area, a survey of
the property has recently been concluded. This survey was
commissioned by Silver Shield to expand our data base in the
area and to target old drill holes, elevations, adits, ramps
and the shafts present. All drill data, survey data and other
surface work will be used to upgrade our previous 43-101 Technical
report previously done by Silver Shield. Lost Dog Gold Property
Timmins Ontario On our previous release dated November 28, 2010 the
company elucidated investors on the results of the western portion
of our line cutting surface work and Magnetic and IP surveys on the
property. The surveys and work on the first phase showed
a large area of low magnetic intensity crossing the property from
east to west that may represent the extension of the prolific
Porcupine-Destor fault zone (PDFZ) through the property, or a splay
structure off of it. The company has now completed line
cutting on the full property and will immediately
commence the complete Magnetic and IP survey on the remainder
of the property. It is hoped that this new survey will extend the
area of low magnetic intensity across the rest of the property. It
is the company's belief that this extension will be a
significant development for this property. Other Timmins
Properties Minimal surface work has been done on the other
Timmins Properties with surface sampling, prospecting and line
cutting planned for the summer and fall exploration period. At the
present time the Lost Dog IP and Magnetics is the main scope of the
Timmins work. Sandeb Gold Property Deal The Sandeb Property deal
previously announced is still before the TSX Venture Exchange.
Mr John Carter, President of Trueclaim, and a director of Silver
Shield Resources Corp., is a non-arms length participant in the
transaction and as such the Exchange will review the materiality of
the deal. Silver Shield expects no problems with this review and
will announce the acceptance if and when given by the Exchange.
Mexican Update The company continues sourcing and reviewing high
grade projects in Mexico. La Cumbre and Jaripo are being maintained
till funding becomes available for further drilling. The
Company is in the process of sourcing technical personnel to
prepare a 43-101 Technical Report on the La Cumbre Mine
Property. The La Cumbre Mine has had some historic small gold
and silver production and the company believes in its near to
mid-term potential. It is felt that the preparation of a recognized
43-101 Technical Report will aid in the future development of the
La Cumbre Mine and required capital procurement. The
company is actively pursuing two advanced projects within the
company mandate of acquiring near to mid-term production
assets. However while Silver Shield is hopeful these properties can
be brought into the fold, there is no expectation of certainty or
time frame of success. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined on the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. Company Management, which
takes full responsibility for content, prepared this news
release. In order to proceed fully with the Company's
exploration and acquisition plans, additional funding may be
necessary and, depending on market conditions, this funding may not
be forthcoming on a schedule or on terms that facilitate the
Company's plans. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/May2011/24/c6808.html p
/p p bSilver Shield Resources Corp./b /p p Tim Towers, President
and Chief Executive Officerbr/ Donald Shaxon, Manager of Corporate
Development, (289) 838-5936br/ a
href="http://www.silvershieldresources.com"www.silvershieldresources.com/a
email: a
href="mailto:silvershield@cogeco.net"silvershield@cogeco.net/abr/
Phone: 289-337-6162 Fax:
289-337-6678 /p
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