QUEBEC – Northern Shield Resources of Ottawa has signed on option agreement and pre-negotiated a joint venture agreement with Australian miner South32. The agreement covers Northern Shield’s Huckleberry copper-nickel-PGM property in the Labrador Trough.
South32 can earn a 50% interest in the Huckleberry property by spending $2.5 million for exploration over the next two years. There also is an upfront payment of $200,000 to be made to Northern Shield. South32 can increase its interest to 70% by spending a further $2.5 million in the third year. Northern Shield will be the operator of the program and be paid a management fee of 10% of the cost of all exploration programs.
Northern Shield says its exploration crew is already on the ground at Huckleberry to take outcrop samples. An airborne EM survey will also be done.
Northern Shield discovered mineralization in 97 samples from Huckleberry last year. The samples averaged 1.0% Cu, 0.2% Ni and 0.72 g/t PGM+Au. More information is posted at www.Northern-Shield.com.