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Northern Superior Resources Inc V.SUP

Alternate Symbol(s):  NSUPF

Northern Superior Resources Inc. is a Canada-based gold exploration company focused on the Chibougamau Camp in Quebec, Canada. The Company has consolidated the land package in the region, with total land holdings exceeding 62,000 hectares (ha). The main properties include Philibert, Lac Surprise, Chevrier and Croteau. It also owns 72% of ONGold Resources Ltd., which is advancing exploration assets in Northern Ontario, including the district scale TPK Project. The Philibert Project is located 9 kilometers (km) from IAMGOLD Corporation’s Nelligan Gold project. It holds a majority stake of 75% in the Philibert Project, with the remaining 25% owned by Mines Royales and Soquem Inc., and retains an option to acquire the full 100% ownership of the project. Chevrier hosts an inferred mineral resource of 652,000 ounces Au and an indicated mineral resource of 260,000 ounces Au. Croteau hosts an inferred mineral resource of 640,000 ounces Au. Lac Surprise hosts the Falcon Zone Discovery.


TSXV:SUP - Post by User

Post by kevoyon Oct 27, 2009 1:17pm
264 Views
Post# 16427900

Where are!

Where are!Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSX VENTURE: SUP) announced today that the 2009 overburden sampling program, on its Thorne Lake property in Northwestern Ontario, has identified four new gold targets.$0$0Dr. T.F. Morris, President and CEO commented "The gold grain-in-till data derived from the 2009 overburden sampling program clearly defines new gold exploration targets on the Property. These targets are in addition to those associated with the 3 gold anomalies (gold grain-in-till dispersal trains) identified during the 2008 exploration program. Of particular interest are two gold exploration targets associated with the western-most gold anomaly defined during the 2008 exploration program (see press release January 26th, 2009). The distribution of gold grain values associated with this anomaly was initially thought to be derived from one source. The data acquired from this summer's program indicates that there are three overlapping gold grain dispersal trains (see figure, Northern Superior Resources website, www.nsuperior.com, Projects, Thorne Lake Gold Project)."$0$0Dr. Morris further states: "The number of gold targets defined to date illustrates the potential of this property for gold mineralization."$0$0The success of the 2008 and 2009 overburden sampling programs is due in large part to the recognition of thin, basal tills. The 2009 exploration program confirmed that these tills are of local origin which is re-enforced by the high percentage of pristine gold grains associated with these tills. Exploration efforts will now be focused on a more defined area up-ice of the most anomalous gold grain-in-till values.$0$0The large number of gold grains recovered from these basal tills associated with the new gold exploration targets is significant. These gold grain values are either comparable to, or higher than, those recovered from till samples collected in 2008 and to gold grain-in-till dispersal trains associated with the nearby Sachigo River gold mine (see Table 1). The past-producing Sachigo River gold mine is located approximately 15 km east of the Company's property, in the same greenstone belt, and produced 52,560 ounces of gold at an average grade of approximately 1.1 oz Au/t (38.8 grams Au/t).$0$0Table 1. Comparison of gold grain values recovered from overburden samples collected on the Company's Thorne Lake gold property, Northwestern Ontario, to those recovered down-ice from the neighboring Sachigo River gold mine (see figure, Northern Superior Resources website, www.nsuperior.com, Projects, Thorne Lake Gold Project). Note the high percentage of pristine gold grains.$0$0-----------------------------------------------------------------------$0-----$0Thorne Lake Gold Exploration Targets$0----------------------------------------------------------------------------$0Exploration Year Largest Gold Grain Anomaly$0---------------------------------------------$0% Pristine$0Target Identified Total Reshaped Modified Pristine Gold Grains$0----------------------------------------------------------------------------$0Dispersal Train # 1 2008 65 6 20 39 60$0----------------------------------------------------------------------------$0Dispersal Train # 2 2008 476 3 19 454 95$0----------------------------------------------------------------------------$0Dispersal Train # 3 2008 12 7 3 2 17$0----------------------------------------------------------------------------$0Target # 1 (TL09-072) 2009 147 17 55 75 51$0----------------------------------------------------------------------------$0Target # 2 (TL09-019) 2009 294 4 54 236 80$0----------------------------------------------------------------------------$0Target # 3 (TL09-069) 2009 186 1 24 161 87$0----------------------------------------------------------------------------$0Target # 4 (TL09-078) 2009 52 2 7 43 83$0----------------------------------------------------------------------------$0Sachigo Lake Gold Mine Gold Grain-In-Till Dispersal Trains$0----------------------------------------------------------------------------$0Dispersal Train Year Largest Gold Grain Anomaly$0---------------------------------------------$0Number Identified Total Reshaped Modified Pristine$0----------------------------------------------------------------------------$0Dispersal Train # 1 2002 18 7 2 9 50$0----------------------------------------------------------------------------$0Dispersal Train # 2 2002 69 3 9 57 83$0----------------------------------------------------------------------------$0$0$0Donald Boucher (P. Geo.) is the designated Qualified Person for this aspect of the project. As QP, he has supervised the preparation of the scientific or technical information for the property and has verified the data disclosed in this press release.$0$0International Nickel Ventures (INV), entered into an option agreement with Northern Superior in May 2009 (see press release May 28th, 2009). Under the terms of the agreement, INV may earn a 50% interest in the Property by funding $1.5 million in exploration expenditures over four years, with a first year commitment of $500,000. Upon INV completing its funding obligations, a joint will be formed with INV and Northern Superior both holding a 50% interest in the property. During the earn-in period, Northern Superior will remain the operator of the exploration project. INV may elect to sole-fund additional work programs, after earning its 50% interest, through to the completion of a pre-feasibility study to earn a maximum 60% interest.$0$0About Northern Superior$0$0Northern Superior Resources Inc. is a junior exploration whose focus is exploring for gold on the Superior Province of the Canadian Shield. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.$0$0This news release includes certain "forward-looking ". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of Northern Superior are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Northern Superior's expectations are exploration risks detailed herein and from time to time in the filings made by Northern Superior with securities regulators.
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