Northern Shield Identifies Visible Gold in 3 of 8 Drill Holes, Root & Cellar Property, Newfoundland

OTTAWA, Oct. 17, 2023 - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to announce that the diamond drilling program at the Root & Cellar Gold Project (the "Project"), located on the Burin Peninsula in southeastern Newfoundland, has been completed, with visible gold noted in three of the eight drill holes (Table 1). The Company can earn a 100% interest in the Project, which is being explored for epithermal gold-silver and porphyry-copper type mineralization, both with associated tellurium (Te).

Eight drill holes (23RC-15 to 22), totalling 615 metres, were completed (Figure 1) with 200 drill core samples taken for analysis. The drilling program tested shallow IP geophysical anomalies in the vicinity of surface mineralization in the Conquest Zone. Seven of the eight drill holes intersected quartz/silica-pyrite +/- clay breccias and associated argillic to propylitic alteration consistent with a low-sulphidation, epithermal, gold system. Five occurrences of visible gold were noted in drill holes 23RC-16, 18 and 21 (Figure 2). Mineralized zones show multiple phases and styles of brecciation (Figure 3) and replacement textures with common, abundant pyrite (and/or marcasite) in silica and locally clay rich matrixes. What are interpreted to be hydrothermal mill breccias, (including the "Oatmeal Breccia") are a common phase in the Conquest Zone, and host two of the visible gold occurrences in drill core (Figure 4).

Much of the mineralization intersected is hosted in andesitic lapilli tuffs and adjacent rhyolite spires, and associated carapace breccias. It appears that the porosity of the tuffs and voids in breccia units acted as a sponge for the initial hydrothermal fluids prior to repeated brecciation events, each event bringing in more clay minerals, silica and pyrite.

The mineralization in drill core, along with the corresponding IP chargeability anomalies, fall on the edge of, or within, a zone of low resistivity. Clay minerals, ubiquitous in epithermal systems as alteration products, along with the observed stringer pyrite, could create these resistivity lows which, with the IP chargeability anomalies that coincide with its margin, provide an extensive target area.

Future drilling will test the mineralized intervals laterally, and to depth, along the margin of the geophysical anomalies.

"We are very happy with what we see in core from this small drilling program. Not only have we intersected multiple intervals of promising looking mineralization and visible gold within 40 metres of surface, we have also gained valuable knowledge of the geology and the likely causes of the geophysical signatures, and a refined understanding of the epithermal system. The multiple phases of hydrothermal brecciation, of which most, if not all carry pyrite, is a good sign as every progressive hydrothermal event provides the opportunity to increase gold grades and grow the epithermal system. Although we need to wait for assay results, we are very pleased with the results from the completed drilling program and we are optimistic about future drilling programs targeting the Conquest Zone".

- Ian Bliss, Northern Shield President and CEO

Table 1. Summary of significant drill core intervals.

The drilling project along with this news release was overseen by Christine Vaillancourt, P. Geo., the Company's Chief Geologist and a Qualified Person under National Instrument 43-101.

Northern Shield Resources Inc. is a Canadian-based company, known as a leader in generating high-quality exploration targets, that views greenfield exploration as an opportunity to discover a near surface, tier one asset, at relatively low cost. We implement a model driven approach in exploration to reduce risks associated with early-stage projects for ourselves, our shareholders, and the environment. This approach is what led to the discovery of an alkaline-related gold-silver-tellurium and porphyry copper system at the Root & Cellar Project in Newfoundland.

Forward-Looking Statements Advisory

This news release contains statements concerning the exploration plans, results and potential for epithermal gold deposits, and other mineralization at the Company's Root & Cellar Property , geological, geophysical and geometrical analyses of the properties and comparisons of the properties to known epithermal gold deposits and other expectations, plans, goals, objectives, assumptions, information or statements about future, conditions, results of exploration or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect.

Although Northern Shield believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward?looking statements because Northern Shield can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Northern Shield and described in the forward?looking statements or information. These risks and uncertainties include, but are not limited to, risks associated with geological, geometrical and geophysical interpretation and analysis, the ability of Northern Shield to obtain financing, equipment, supplies and qualified personnel necessary to carry on exploration and the general risks and uncertainties involved in mineral exploration and analysis.

The forward-looking statements or information contained in this news release are made as of the date hereof and Northern Shield undertakes no obligation to update publicly or revise any forward?looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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.

SOURCE Northern Shield Resources Inc.