Canadian Shield Announces Exploration Results
26 January 2007
Canadian Shield Resources Inc. (TSX VENTURE: CSP) ("Canadian Shield" or the "Company") is pleased to announce the results of a recent exploration program at the Apune-Pucarana Gold Property, Peru.
The Apune-Pucarana Project (Pucarana) lies 5 km due west of the mining district of Orcopampa, Department of Arequipa, Peru. Compania de Minas Buenaventura operates the high grade gold Chipmo Mine, which is within 3 km of the eastern edge of the property boundary, and reported production from Orcopampa of 233,182 ounces of gold in 2005
Previous exploration focused on the Tallatalla Hill, on the west side of the property, which hosts veins with anomalous gold contents coupled with erratic, but high bismuth and tellurium values. The December 2006 exploration program included mapping and sampling on the east side of the property. The work is hampered by overburden cover but recent prospecting has identified the new prospective South East Zone of 1 km by 2 km, where sampling has returned mostly anomalous gold samples with values ranging from 365 to 2,900 ppb gold.
Within the South East Zone, recent samples from a vertically dipping 60-cm-wide silicified fault zone trending 100 degrees and intersecting rhyolitic tuff yielded anomalous assays for gold (225 ppb) and antimony (92 ppm) and corresponds to the area where sampling in 2002 reported 365 ppb gold and 57 ppm antimony.
Also within the South East Zone, a sample was collected from five angular boulders described as hydrothermal breccias with siliceous fragments, abundant limonite, and traces of fine-grained pyrite in the matrix. The sample assayed 2,895 ppb gold (2.9 g/t gold), which is the highest gold assay obtained on the property to date. The sample also carries anomalous silver (3.9 ppm), arsenic (875 ppm), antimony (230 ppm) and vanadium (737 ppm), and as such has the best "pathfinder" association of any other sample collected. A sample collected nearby in 2002 was described as a stockwork-veined quartz porphyry and assayed 395 ppb gold, 112 ppm arsenic and 24 ppm antimony.
Additional follow up in the vicinity of the highest grade sample (2.9 g/t gold) consisted of collecting 25 "soil" samples on a 250 x 250 grid at 50 m spacings. Soils are not well developed and samples were collected of colluvium at approximately 50 cm depths. Seven of the 25 samples returned gold values greater than 20 ppb, with a maximum of 52 ppb gold and define a 200 m-wide zone of elevated gold values.
More or less 250 m southwest of the 2.9 g/t gold sample, a sample described as fractured and iron-stained rhyolitic tuff returned 668 ppb gold, in an area where it is difficult to determine if material is outcrop or transported.
A sample described as tectonic breccia with epithermal silica infill, collected in 2002, lies approximately 700 m uphill from the South East Zone and reported 1,165 ppb gold, 455 ppm arsenic and 105 ppb antimony. It is It is possible that the South East Zone is related to this occurrence but that there has been downhill displacement.
Overall, Pucarana is a property hosting a newly discovered gold zone in an existing, producing mining district. GMPL, the 90%-owned subsidiary of Canadian Shield Resources Inc., holds a 100% interest in the property and has proposed a Phase 1 budget of $350,000 to be spent on mapping, sampling, geophysics and drilling.
Canadian Shield is pursuing joint ventures for its existing properties and is in advanced negotiations with potential partners. The Company is also aggressively pursuing new property acquisitions in Peru including the recently announced agreement to acquire Anderson Peru Mining And Exploration S.A.C.
About Canadian Shield Resources Inc.
Canadian Shield is focused on the acquisition, exploration and development of strategically located precious metal and base metal properties in Peru. The Company will continue to explore the "CSP Gold Discovery Zone" at the Humajala Gold Property and the copper porphyry potential at the Cerro Cori Copper-Gold Property. Canadian Shield also holds two other exploration properties, the Ccello Ccello Copper-Gold Property and the Pucarana Gold Property with major resource potential.
The Company's shares are listed on the TSX Venture Exchange (Trading Symbol CSP: TSX V). For further information, visit www.canadianshieldresources.com.
Samples were submitted to SGS de Peru, Lima following industry-accepted quality control protocols for the 2005 and 2006 programs. Samples were assayed by standard fire assay methods with atomic absorption spectrometry finish.
Lynda Bloom (M.Sc., P.Geo.), a "qualified person" as defined by National Instrument 43-101, supervised the 2005 and 2006 prospecting programs and approved the technical aspects of this press release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Canadian Shield Resources Inc. Lynda Bloom President & CEO Direct Tel: (416) 462-9124 or (416) 927-0025 Ext. 30 (416) 927-1222 (FAX) Email: investor@canadianshieldresources.com Website: www.canadianshieldresources.com
Rosemont Advisory Inc. David Fletcher or Frank Chen (416) 594-9361 or Toll Free Tel: 1-866-748-9361 (905) 672-8630 (FAX) Email: info@rosemontadvisory.com Website: www.rosemontadvisory.com
SOURCE: Canadian Shield Resources Inc.
Source: marketwire
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