TORONTO, ON / ACCESSWIRE / March 14, 2024 / Northern Superior Resources Inc. (" Northern Superior " or the " Company ") (TSXV:SUP)(OTCQB:NSUPF) is pleased to announce the disposition of 7,800,000 shares of Rockland Resources Ltd. (CSE:RKL) (" Rockland ") at a price of C$0.025 for gross proceeds of C$195,000; the disposition took place on the open market on March 13, 2024.
Prior to this disposition, the Company beneficially owned, and had control and direction over 10,800,000 common shares of Rockland, constituting approximately 15.6% of Rockland's total issued and outstanding shares. These shares were initially acquired by Northern Superior, along with a cash consideration and a Net Smelter Royalty (NSR), pursuant to an option agreement on the Wapistan property in the James Bay region of the province of Quebec. See press releases dated May 2, 2023, and June 6, 2023 . As a result of the disposition, Northern Superior now owns, and has control and direction over 3,000,000 common shares of Rockland, constituting approximately 4.3% of Rockland's total issued and outstanding shares.
This press release is being issued as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues . The Company will file an Early Warning Report (the " Report ") on Sedar+ under Rockland's issuer profile. The Company may dispose of additional shares of Rockland either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans, or other relevant factors.
For further details relating to the disposition, please see the Report, a copy of which will be available on Sedar+ (www.sedarplus.ca), or by contacting the Company at 1-855-525-0992.
About Northern Superior Resources Inc.
Northern Superior is a gold exploration company focused on the Chibougamau Camp in Qubec, Canada. 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. Northern Superior also owns significant exploration assets in Northern Ontario highlighted by the district scale TPK Project.
The Philibert Project is located 9 km from IAMGOLD Corporation's Nelligan Gold project which was awarded the " Discovery of the Year " by the Qubec Mineral Exploration Association (AEMQ) in 2019. Philibert host a new maiden 43-101 inferred resource of 1,708,800 ounces Au and an indicated resource of 278,900 ounces of Au1 . Northern Superior holds a majority stake of 75% in the Philibert Project, with the remaining 25% owned by SOQUEM, and retains an option to acquire the full 100% ownership of the project. Chevrier hosts an inferred mineral resource of 652,000 ounces Au (underground and open pit) and an indicated mineral resource of 260,000 ounces Au.2 Croteau hosts an inferred mineral resource of 640,000 ounces Au.3 Lac Surprise hosts the Falcon Zone Discovery, interpreted to be the western strike extension of IAMGOLD Corporation's Nelligan Deposit.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Qubec, 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.sedarplus.ca).