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Northern Shield to acquire Newfoundland gold project

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Northern Shield to acquire Newfoundland gold project

Northern Shield Resources Inc. said May 21 it secured an option to acquire the Root and Cellar gold project in Newfoundland, which consists of 12 mineral licenses covering approximately 30 square kilometers.

Under the deal, the company's Seabourne Resources Inc. unit may acquire the property by spending C$2.2 million on exploration, as well as paying C$165,000 and issuing 3 million shares to prospector Jeffery Brushett within a four-year period.

In addition, Brushett will retain a 2.5% net smelter returns royalty, of which Northern Shield can buy back a 1% NSR for C$1.5 million.

The property is being explored for low and intermediate sulfidation epithermal-type gold mineralization and also has potential for copper porphyry style mineralization.