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TORONTO, Oct. 5, 2010 (GLOBE NEWSWIRE) -- Shield Gold Inc. (TSX-V:SHG-P) (TSX-V:SHG) ("
Shield" or the "
Company") is pleased to report that its 2010 field exploration program on the Summit-Gaber and Gaber properties is underway and is scheduled for completion by the end of October. Shield has entered into option and joint-venture agreements with Eloro Resources Inc. on the Summit-Gaber property and Virginia Mines Inc. on the Gaber claims (which form part of Virginia's La Grande Nord property). The contiguous properties are located in the La Grande Greenstone Belt in the James Bay region of Quebec.
The exploration program includes a reconnaissance B-horizon geochemical survey covering some 20 square kilometers of the properties. A detailed compilation map including historical mineral showings and the location of the B-horizon sampling program will be made available shortly, following development of the Company's new website.
The Summit-Gaber and Gaber properties exhibit numerous polymetallic showings, with significant results for gold, silver, platinum, palladium, copper, nickel and cobalt. The National Instrument (NI) 43-101-Compliant Technical Report on the Summit-Gaber property, prepared by Jean-Pierre Bérubé, P.Eng. in September 2009, proposes that both volcanogenic massive sulphide (VMS) and Ni-Co-Ag arsenide mineralization, possibly analogous to the silver-rich deposits in the Cobalt mining camp, be used as guidelines for future exploration. A map of the properties showing historical assays can be found at:
http://www.shieldgold.com/images/SG-HistoricalAssays.pdf . These historical results are noted in the aforementioned NI 43-101 report but have not been verified by the Company.
Howard Sinclair-Jones, President and CEO of Shield Gold notes that:"This exploration program is a milestone for Shield Gold. It allows us to use economies of scale to work on contiguous properties – leading to potential tax rebates from the Government of Quebec of over 40% of expenditure. The Summit-Gaber and Gaber properties are considered to be at an early stage of exploration, but a lot of valuable and well-documented work has been done there over the last 20 years. We're looking forward to integrating the results of this B-horizon survey with the high resolution magnetic survey conducted by Eloro Resources in 2009. Given the high cost of exploration, Shield Gold is adopting a systematic approach to identifying priority targets for 2011, taking into account all prior exploration."About Shield Gold Inc.: Shield Gold is a junior exploration company whose mission is the discovery and development of high quality precious and base metal resources. Shield's exploration work is currently focussed on the La Grande Greenstone Belt in northern Quebec.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: Shield Gold Inc.
Howard Sinclair-Jones, President