SUDBURY, ON / ACCESSWIRE / December 21, 2021 / North Superior Resources Inc. (“Superior North“or the”Society“) (TSXV: SUP) is pleased to announce that it has completed the acquisition of 100% of the Gaspard Nord mining property from Kintivar Exploration Inc. (KTR) (see Superior North press release, September 15, 2021). Located in the Chapais-Chibougamau gold-copper camp, the Gaspard North property consists of 5 claims covering an area of ââ2.8 km2 and is attached to the northern portion of the large Lac Surprise mining property wholly owned by Northern Superior (Figure 1).
The Gaspard North property covers part of the Opawica Guercherville deformation zone (OGDZ) which extends to the southeast on the northern parts of the Lac Surprise property over more than 11.5 km and shelters the Falcon zone (gold-silver ) recently discovered by the Company (see North Superior press release, August 17, 2021) (Figure 2). This zone is considered to be a 900 m extension of the neighboring Nelligan * deposit Vanstar / IAMGold, 3.2 M ounces (at 1.02 g / t Au) *, which is also hosted in the OGDZ. Vanstar / IAMGold recently announced results further supporting the potential westward extension of the Nelligan gold deposit on the Lac Surprise property (see Vanstar / IAMGold press releases, December 16, 2021). These results, about 2.1 km from the eastern end of the Falcon Zone, included 40.5 m at 1.28 g / t Au (NE-21-178) and 15.0 m at 7.81 g / t Au (NE-21-180): Best reported holes in the Falcon area include 44.9 m at 1.54 g / t Au (LCS21-029) and 42.6 m at 1.99 g / t Au (LCS21-032) (see Superior North press release, August 17, 2021).
With the vast majority of OGDZ not yet explored, we see significant potential for additional discoveries along this trend as well as two other major deformation zones that cross the property, Remick and Doda to the south.
Dr TF Morris (PhD., P, Geo, FGAC, ICD.D), President and CEO of Northern Superior said: “The acquisition of additional land associated with the OGDZ containing gold showings and gold geochemical anomalies of the” B “horizon of the soil, and occurring to the west and along the direction of the Falcon gold zone, is an exciting opportunity to understand the potential for additional gold mineralization west of the Falcon. Zoned.”
âThe Company is anticipating an exciting year of exploration for the Lac Surprise property, not only by studying the western extension of the Falcon zone, but also by exploring the mineral potential of the Confluence and Amber zones.
âWith a budget of $ 6 million allocated to exploration in Quebec for 2022 (see press release from North Superior, December 3, 2021), North Superior is eager to announce its 2022 exploration plans for not only the property Lac Surprise in the new year, but also because it is also 100% owned Croteau Est and Wapistan properties. The 2022 program will be the largest exploration program ever targeted in Quebec in the history of the Company.“
Northern Superior has agreed to issue 85,000 common shares of the Company to Kintivar and to grant Kintivar a 2% net smelter return royalty (âNSRâ) on the property. Common shares to be issued will be subject to a four-month hold ending April 16, 2022. Northern Superior also retained an option to repurchase 1% of the NSR royalty for $ 1 million and a right of first refusal on any proposed transfer. of the NSR royalty to a third party. No intermediation commission was due in connection with the acquisition. Acceptance of the transaction by the TSX Venture Exchange was received on December 15, 2021.
Note to readers: The mineralization received on adjacent and / or nearby properties is not necessarily indicative of the mineralization received on the Company’s property.
*Reference for the IAMGOLD / Vanstar 3.2 MM Nelligan Inferred Gold Resource: “Carrier, Alain (M.Sc., P.Geo); Nadeau-Benoit, Vincent (P.Geo); Fauvre, StÃ©phane (PhD., P.Geo). October 22, 2019. NI 43-101 Technical Report and Estimate initial resources for the Nelligan project, Quebec, Canada. “
Huss, L. (2010). Vent d’Or property, Exploration 2010. Golden Share Mining Corporation, GM65493, 59 pages.
Michel Leblanc (P.Geo.) Is a qualified person (“QP”) within the meaning of National Instrument 43-101. Mr. Leblanc has reviewed and approved the information disclosed in this press release.
About the Superior North
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Quebec and trades on the TSX Venture Exchange under the symbol SUP and on the OTCQB VentureMarket under the symbol NSUPF.
For more information contact:
Thomas F. Morris PGeo., PhD., FGAC
President and CEO
Phone. : (705) 525 â0992
Fax: (705) 525 â7701
Caution 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”, “intention”, “plan”, “anticipate”, “believe”, “estimate”, ” expect âand similar phrases are intended to identify forward-looking statements. Such statements reflect our current views regarding future events and are subject to such risks and uncertainties. There are many factors that could cause our actual results to differ materially from statements made, including factors discussed in documents we have filed with Canadian securities regulators. If one or more of these risks and uncertainties, such as the actual results of current exploration programs, general risks associated with the mining industry, the price of gold and other metals, currency fluctuations and interest rates, increased competition, and general economic and market factors, occur or if the assumptions underlying forward-looking statements prove to be incorrect, actual results may differ materially from those described herein as expected, planned , anticipated or expected. We do not intend and assume no obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to place undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Figure 1. Location, Gaspard North property in relation to the Lac Surprise property.
Figure 2. Location of the OGDZ in relation to the Gaspard Nord properties, the newly discovered Falcon zone and the Vanstar / IAMGold Nelligan gold deposit.
THE SOURCE: North Superior Resources Inc.
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