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SUP Northern Superior Resources Inc

0.48
0.01 (2.13%)
27 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Northern Superior Resources Inc TSXV:SUP TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.01 2.13% 0.48 0.48 0.485 0.48 0.475 0.475 92,522 14:30:13

Northern Superior to Redefine Inferred Resource, Focus on High Grade Shoots, Croteau Est Property, Québec

05/07/2017 1:30pm

GlobeNewswire Inc.


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Northern Superior Resources Inc. (“Northern Superior” or the “Company”) (TSXV:SUP), reports that it will focus on redefining the inferred resource on its 100% owned Croteau Est property, in Québec. The decision is based on results from the Phase I drill program completed on the property during Q1 of 2017 (see press release, May 9, 2017). Northern Superior has allocated a budget of $1.2 million to facilitate Phase II of the program, for approximately 8,000m of core drilling.

Redefining the current inferred gold resource originally reported on January 14, 2016, will require a detailed evaluation of structural controls to determine and re-affirm specific emplacement mechanisms and characteristics of the defined high grade, gold-bearing shoots (orientation, dip and width) known to occur within the Croteau Bouchard Shear Zone (“CBSZ”) (see press release, November 3, 2014). This effort will include:

1) internal re-evaluation of all related geoscience data including the determination of gold grade times thickness intercepts (associated values ranging between 14.3 to 362.1, (refer to Table 1) from 19 core drill holes completed within the central part of the CBSZ; 50m collar spacing over 600m); 2) determination of structural orientation of quartz veins and intrusive dykes that host high grade gold intercepts through an optical televiewer survey; 3) determination of structural controls and emplacement mechanisms of high- grade gold- bearing shoots determined from a detailed, independent evaluation of all related geoscientific data; and4) re-evaluation of the structural data will also incorporate structural data from the trench mapping and channel sample assay data derived from several trenches across the CBSZ mineralization (Trenches: 01, 03, 04, 05; Table 2). This data was excluded from the inferred resource determination, (see press release, January 14, 2016), however, Northern feels that it has great relevance in modelling the geometry of ore shoots that extend from surface (Croteau Trench-05; see press release, November 3, 2014) to depths in excess of 535m vertical depth (drill hole CRO12-54; Table 2).

Table 1: Gold Grade Times Thickness Data, CBSZ

       MINERALIZATION INCLUDED FOR THE INFERRED RESOURCE          
DrillholeSample Interval  Assay Value  Length (m)grade x thickness
From (m)To (m)(g/t Au)
CRO11-0141.145.53.74.416.2
CRO11-05170.2176.012.75.974.5
181.8190.512.88.8111.7
CRO11-0615.618.09.62.523.6
28.034.04.66.027.5
CRO11-0825.035.02.110.021.1
CRO12-1090.8110.38.219.6159.5
CRO12-1196.0108.31.612.319.7
CRO12-2159.259.732.40.516.2
CRO12-2288.0105.00.817.014.3
CRO12-29171.2181.43.410.234.2
CRO12-31315.5334.02.018.537.6
CRO12-34160.3168.53.48.228.1
181.0188.12.07.114.3
221.7233.25.811.566.0
236.0250.23.314.246.6
CRO12-35353.0353.449.40.419.8
CRO12-38206.0215.42.69.424.1
220.0243.00.823.019.1
CRO12-41153.4155.225.81.947.7
170.4199.51.229.234.7
207.5220.02.312.628.4
240.0259.00.719.013.5
CRO12-42276.5278.28.71.815.2
CRO12-43200.7221.40.920.717.8
CRO12-46241.2246.075.44.8362.1
CRO12-49270.4273.09.52.624.8
CRO12-64251.0252.018.851.018.9
n= 19 drillholes   count28.0
    min14.3
    max362.1

Table 2: Assay Data Not Included in the Inferred Resource

         MINERALIZATION NOT INCLUDED IN THE INFERRED RESOURCE          
DrillholeSample Interval    Assay ValueLength (m)grade x thickness
From (m)To (m)(g/t Au)
CRO12-36528.95549.751.3220.827.5
including540.25549.752.439.523.1
CRO12-54537.2540.92.43.78.9
678.6686.03.27.424.0
730.6733.56.22.917.9
CRO15-6969.8570.8517.51.017.5
CRO17-86147.73155.71.607.9712.8

Trench   Assay ValueLength (m)grade x thickness
   (g/t Au)
   Trench 1    3.2312.339.7
   2.1111.023.2
Trench 3  2.495.513.7
   14.377.5107.8
Trench 4  0.4125.752.4
Trench 5 6.263.924.4
1.594.857.7
8.495.748.4
2.333.58.2
4.872.914.1

Dr. T.F. Morris, President and CEO of Northern Superior states: “There is far more opportunity to realize additional ounces of gold associated with the CBSZ by focussing on the high grade gold shoots than by considering the deposit as a whole, which presented a relatively low grade, open pit model. Focusing on the high grade, gold-bearing shoots presents an opportunity to consider an underground mining operation,  which is more in keeping with most gold mining operations associated with Abitibi-related gold mines such as the Sage Gold Inc., Clavos Deposit, the Integra Gold Corp, Lamaque Gold deposit and the Osisko Mining, Windfall Lake Deposit. This re-evaluation would not exclude some consideration for limited open pit development where appropriate. Once the additional structural information is compiled, this data will be used to target and determine the down-strike and plunge continuity of high grade mineralized shoots. An 8,000m core drill program will then be applied in the latter part of 2017. We look forward to reporting our findings prior to commencement of the core drill program.”

About Northern Superior Resources Inc.Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP. The Company is currently focused on exploring its 100% owned Croteau Est (Québec) and Ti-pahaa-kaa-ning (Northwestern Ontario) properties. Northern Superior is currently looking to option out its other 100% owned mineral properties in Québec and Northwestern Ontario.

Qualified PersonThe Company’s Qualified Person (“QP”) for the Croteau Est property is Ron Avery (P.Geo.). As the QP for the Croteau Est project, Mr. Avery has approved information disclosed in this press 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 Canadian 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.

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.

For further information please visit the Company’s website at www.nsuperior.com or contact:

Thomas F. Morris P.Geo., PhD., FGAC 
President and CEO 
Tel: (705) 525 ‐0992 
Fax: (705) 525 ‐7701 
e‐mail: info@nsuperior.com 
www.nsuperior.com

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