SUDBURY, ON / ACCESSWIRE / November 10, 2022 / Northern Superior Resources ("Northern Superior" or the "Company") (TSXV:SUP)(OCTQB:NSUPF) is pleased to announce that it has received its permits from the Ontario government to drill its TPK project in Northern Ontario (the "TPK Project"). The permits allow for drilling in 17 drill hole locations on the Big Damn and Annex areas of the property (see Figures 1 and 2).
Simon Marcotte, President and Chief Executive Officer of Northern Superior, stated: "We are very pleased to have finally received the drill permits allowing us to drill key compelling targets at our TPK Project in Northern Ontario, which is the cornerstone of the Ontario assets being considered for a spin-out. Such spin-out is intended to allow for an Ontario focused endeavour with district scale potential and world class geological targets. I feel strongly that the TPK Project, along with the other Ontario assets, have the potential to be a significant value driver for shareholders going forward."
As outlined in the press releases dated September 6 and November 4, 2022, Northern Superior intends to spin out the TPK Project, along with its other Ontario properties, namely October, Thorne Lake, Rapson Bay, and Meston Lake, into an independent entity focused on those assets. Now that the merger with Royal Fox Gold Inc. has been completed, the Company is evaluating different available alternatives; further details will be provided in due course.
Ontario Assets
The TPK Property is approximately 20 km by 30 km and located in northwestern Ontario and contains two regional scale mineralized systems. The first system is primarily gold bearing, stretching 35 km across the Big Dam and New Growth areas of the property. The Big Dam area contains the largest gold grain-in-till dispersal aprons in North America, stretching 6 km by 11 km, with as many as 1,262 gold grains most of which are pristine (92%). Embedded within this apron are numerous high-grade gold mineralized boulders assaying as high as 94 g/t gold. A discovery hole of 25.87 g/t gold over 13.45m has already been intersected. The second system within the Annex area of the property is defined by a gold grain-in-till dispersal corridor 3.5 km by 13.5 km wide with gold grain counts as high as 1,263 gold grains, mostly pristine in shape. Embedded within this corridor are boulders assaying as high as 727g/t gold, 111g/t silver, and 4.05% copper.
The proposed drilling program was designed to test high priority targets within the Amber and Big Dam areas of the property. The Company engaged with the Neskantaga and Nibinamik communities during 2020 and 2021, and will now re-engage with these communities in preparation for the implementation of the drilling program. For a more thorough description of the TPK Project and the planed drill program, please refer to the Company's corporate presentation posted on the Company's website (www.nsuperior.com).
Northern Superior has been working with, and under the terms of, an Early Exploration Benefits Agreement signed in 2006 with the Neskantaga First Nation. Under this agreement, the Company has followed the community's protocols and worked diligently over 20 years to build a respectful and meaningful relationship with the Community. The Company has also committed, and agreed to, a draft agreement with the Nibinamik Community in December of 2021.
The Company has always maintained communication lines open with both communities to answer any questions or concerns, resolve any outstanding issues, and remains committed to maintaining the respectful and meaningful relationship that all parties have committed to. The Company looks forward to re-engaging with these Communities in the near future.
Figure 1. Location and distribution of drill collars (green dots) and traces (black lines) planned for the Amber area of TPK. Eight drill holes are planned from 7 drill collars.
Figure 2. Location and distribution of drill collars (green dots) and traces (black lines) planned for the Big Dam area of TPK. Nine drill holes are planned from 3 drill collars. The red dots and black traces are proposed as a phase 2 program.
Corporate Matters
Due to the late receipt of the permits discussed herein, and the necessity to spend the flow through funds previously raised for the TPK project by the end of 2022, the Company has elected to allocate those funds to its compelling projects in Québec, namely the Croteau Est and the Lac Surprise projects, as part of its core strategy to consolidate the rapidly emerging gold camp of Chibougamau.
Qualified Person
Rodney Barber (P.Geo.) is a Qualified Person ("QP") within the meaning of National Instrument 43-101. Mr. Barber has reviewed and approved all technical information disclosed in this press release. Mr. Barber is the acting Senior Vice President Exploration of the Company and is not considered independent.
About Northern Superior Resources Inc.
Northern Superior is a gold exploration company focused on the Chapais-Chibougamau Camp in Quebec. The Company has consolidated the largest land package in the region, with total land holdings currently exceeding 62,000 hectares. The main properties include Philibert, Lac Surprise, Chevrier and Croteau Est. The Philibert Project is located 9km from IAMGOLD Corporation's Nelligan Gold project which was awarded the "Discovery of the Year" by the Quebec Mineral Exploration Association (AEMQ) in 2019.
To date, more than C$13 million (historical value) have been spent on the Philibert Project, with more than 75,000 metres of drilling completed. The Philibert Project is owned by SOQUEM; the Company is currently undergoing an ownership option process, details of which can be found in the corporate presentation. Chevrier hosts an inferred mineral resource of 652,000 ounces Au and an indicated mineral resource of 260,000 ounces Au. Croteau Est hosts an inferred mineral resource of 640,000 ounces Au. Lac Surprise hosts the Falcon Zone Discovery, the western strike extension of IAMGOLD Corporation's Nelligan Deposit. Northern Superior also owns significant exploration assets in Northern Ontario highlighted by the district scale TPK Project.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF.
For further information, please refer to the Company's website at www.nsuperior.com or on SEDAR (www.sedar.com).
Northern Superior Resources Inc. on Behalf of the Board of Directors
Simon Marcotte, CFA, President and Chief Executive Officer
Contact Information
Simon Marcotte, CFA
President and Chief Executive Office
Tel: (647) 801-7273
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the applicable securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
SOURCE: Northern Superior Resources Inc.