Internal Comments on SUP from a Canadian Brokerage Northern Superior (SUP)
• Northern Superior (SUP) released some further drill results on its Lac Surprise project in Quebec
• Recall that SUP announced a new discovery there on Nov 5/20, a result of 35.5m @ 1.02 g/t gold and 3.92 g/t silver. Then a follow-up hole drilled 200m west along strike of that first discovery hole intersected 44.9m @ 1.44 g/t gold and 1.08 g/t silver (including 1m @ 47.44 g/t) as announced on Dec 22/20.
• That second hole really lit a fire under the SUP share price, doubling it from ~$0.15 to $0.30
• Some additional holes from the Phase 1 drill program were released today.
• There were no barnburner holes in this release, the best of which was 3.0m of 2.9 g/t Au and 16.6 g/t Ag. But there were wide intersections of lower grades, such as 18.0m @ 0.33g/t AuEq and 0m @ 0.16 g/t AuEq.
• All the results today are from different targets than the Target 1 discovery, which has now been renamed the “Falcon Gold Zone”, and every hole was successful in finding structure and at least anomalous gold. A 100% hit rate for a first-pass Phase 1 drill program is impressive.
• SUP has announced a fully-funded (~C$2m) Phase 2 drill program of up to 24 holes / 10,000m to begin in early-February at Lac Surprise.
• Phase 2 will obviously follow-up at the Falcon Zone, where the first two discovery holes has given SUP a good sense of where they think the thick gold zone should be present, so hopefully we will see an excellent hit rate for the Phase 2 drilling
• Another important part of the Phase 2 drilling will be testing Target 3, which was originally planned to be tested in Phase 1, but due to lack of time and rig availability wasn’t completed. Target 3 has the same structural setting as Target 1 which yielded the Falcon zone discovery. SUP sees at least three potential targets in the broad Target 3 area, each of them as larger or larger than what they saw at Target 1.
• It is exploration, so we will see what the drills return, but there are definitely some exciting targets to be drilled in February, so stay tuned.
• TPK project in Ontario that we think has the potential to be a multi-Moz mining camp. The work on that project has been delayed due to COVID, and before Christmas it looked as if they would be able to start in January, but the latest COVID restrictions have delayed them again. SUP is ready and fully-funded to begin the largest work project the TPK project has seen in a decade.
• The Croteau and Lac Surprise projects in Quebec are the base value of SUP. But I think the TPK project has huge potential that could eclipse both of those projects combined. Again, it is exploration so I could be wrong. But there are just so many signs of “camp” potential at TPK that odds are pretty good, in my opinion, there is something significant there waiting to be found.