10:44 AM EDT, 05/16/2025 (MT Newswires) -- Northern Shield Resources ( NSHRF ) on Friday said it closed its previously announced non-brokered, private placement of 7.5 million units for total proceeds of $300,000.

The offering was made up units at $0.04 per unit, with each unit comprising of one common share in the capital of the company and one common share purchase warrant. Each warrant is exercisable for one common share at a price of $0.10 per share within 24 months of closing.

The company said the proceeds from the offering, along with the $500,500 in proceeds from its previously completed offering of flow through and non-flow through units that closed on April 22, will be used for exploration expenses at the Root & Cellar property focussed on a diamond drill program at the Conquest Zone to commence on or around June 10. The company added that a drill contract has been signed with MCL Drilling of Deer Lake, Newfoundland.

"We are excited to be starting this, pivotal, 3,000m drill program, on the Conquest Zone at Root & Cellar," said Chief Executive Ian Bliss. "This drilling program follows up on the 2023 program that identified the sinter and outflow zone, marking the top of an epithermal gold / silver system. It is unusual to see significant gold mineralization at the sinter level, and the visible gold found in the 2023 drilling and trenching programs, bodes well for what may exist at greater depth in the boiling zone where higher grades that are characteristic of low sulphidation systems, are expected. 3D modelling of the magnetic low underlying the Conquest Zone shows a compelling visualization of the epithermal system, with the sinter coinciding with the top of a 'branch' that extends to approximately 800m depth."