Canopener Projec
Vancouver, British Columbia - Jan. 21, 2008 - Superior Diamonds Inc.
(TSX VENTURE:SUP) ("Superior" or "the Company") is pleased to announce
gold assay results from its Canopener Project, Northwestern Ontario.
Superior is working closely with Neskantaga First Nation, whose
Traditional Territory is where the Project is located. Out of respect
for, and at the request of the community, the Canopener project is
being re-named Ti-pa-haa-kaa-ning, which means "that mining place" or
"that exploration place".
Dr. Thomas Morris, President and CEO of Superior, states: "The gold
assay values reported here are significant and support our original
interpretation that the gold grain dispersal apron, which measures
approximately two kilometres long, was derived from a potential fertile
strike length of six kilometres. We now believe, based on the
distribution of these anomalous gold assay results and Superior's
reinterpretation of the bedrock geology, that the fertile strike length
could be as long as ten kilometres."
The Ti-pa-haa-kaa-ning Project is a 50/50 joint venture project between
Superior and Lake Shore Gold Corp and Superior is the Operator. The
joint venture was formed in 2006 when each company contributed claims.
The Project consists of 48 claims totaling 9,072 hectares. Nine claims
are subject to an underlying 1.5% net smelter royalty payable to a
third party, to a maximum of $2.5 million.
The gold assay results reported here are from several sources: a)
bedrock grab samples collected from old gold showings to verify
previously reported gold values; b) review of Superior's extensive
proprietary database; c) extensive review of Government assessment
reports; and d) drill core and bedrock grab samples obtained during
Superior's 2007 preliminary field exploration and drill program.
A bedrock grab sample collected by Superior this past summer from the
historical Rowlandson Lake gold showing (the "Rowlandson Trench"),
located on the northeast part of the Project returned a gold assay
result of 9.57 grams gold per tonne. In addition, one drill hole
located 10 kilometres west of the Rowlandson Trench, returned an
intersection grading 2.063 grams gold per tonne associated with a
sulphide-rich fracture hosted in a gabbro.
Superior's review of its proprietary database and Government assessment
files has uncovered several additional significant gold assay values
within the same target area. A channel sample taken from the Rowlandson
Trench returned 42.24 grams gold per tonne gold over 1.27 metres with
individual grab samples returning up to 154.1 grams gold per tonne
reported. There are also two historical diamond drill holes that
undercut the trench and returned 3.17 grams gold per tonne over 1.3
metres and 2.25 grams gold per tonne over 1.5 metres. A third historic
diamond drill hole located approximately 120 metres east of the trench
intersected 3.36 grams gold per tonne over 2.59 metres.
Superior's 10 hole preliminary diamond drill program tested
stratigraphy and structures in the eastern part of the Project, prior
to the discovery last October of the significant gold in till results
on the west and northern parts of the Project(1). The results of this
drill program used in combination with Superior's proprietary airborne
magnetic survey, dispells the notion that the area of interest consists
of primarily granitic intrusive rocks. The Project is apparently
underlain by a series of west-striking metavolcanic rocks with minor
oxide facies iron formation and mafic to felsic intrusive rocks bounded
by granite to tonalite batholith complexes. Superior's interpretation
is that a possible west-trending splay of the regionally significant
Stull-Wunnimmun Fault Zone extends through the Project. Many large
economic gold deposits are associated with splays or subordinate
structures to major regional fault zones as observed along the
Porcupine-Destor fault in the Timmins mining camp or the Larder
Lake-Cadillac fault in the Kirkland Lake mining camp.