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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 deadlypupon Jun 11, 2012 9:02am
290 Views
Post# 19998722

News out this morning

News out this morning
Northern Superior Drilling Expands Croteau Est Gold Discovery with Grades up to 8.16g/t Gold over 19.55m

SUDBURY, ONTARIO--(Marketwire - June 11, 2012) - Northern Superior Resources Inc. (TSX VENTURE:SUP) ("Northern Superior" or the "Company") has further defined and expanded its Croteau Est gold discovery, west central Quebec. The Company's early stage exploration drill program (29 holes/7,644 metres) has defined a mineralized deformation and alteration corridor with a present strike length of 1000 m and ranging in width between 50 to 150 m (Figure A). Within this alteration corridor 4 distinct gold-bearing mineralized zones are being defined (Figure B). The most interesting zone named "Marco", has returned grades ranging up to 8.16 g/t gold over 19.55m in drill hole CRO12-10.

Three dimensional geological modeling based on trenching and channel sampling, mapping of surface exposures, detailed drillcore logging, structural measurements, assay results, and the distribution of alteration assemblages show that the four gold mineralized zones identified form discrete steeply dipping, to subvertical sheet like bodies that are open at depth and to the east. Based on receipt of the positive assay results, the Company will expand the 2012 drilling program to further define and expand the four known mineralized zones to the east along strike, and below 150 m depth. This delineation drilling program was initiated on June 04, 2012.

In support of NSR's plan to develop a resource at Croteau, SRK Consulting have been contracted to: (a) undertake a structural mapping exercise to expand the presently defined mineralized zones; (b) complete a 43-101 technical report following the completion of the 2012 drilling, trenching and stripping; and (c) to provide ongoing geotechnical support.

In addition, preliminary interpretation of the Company's proprietary airborne geophysical data identified additional shear zone targets on the property. Additional mineralized shear zones have been discovered within a number of trenches. These shear zones and geophysical targets will be fully evaluated through a comprehensive exploration program this summer.

Dr. T.F. Morris, President and CEO of Northern Superior, states: "Obviously we are thrilled with these very early stage results. To take Croteau Est so quickly from discovery to one that is poised to potentially define a resource in 2013 is extremely exciting. Croteau Est is a significant gold discovery in the proven Chibougamau mining camp, Quebec. From initial discovery in 2011, to initiating delineation drilling in 2012 that will be used to support planned resource definition work in 2013 is a testament to the quality of this project and the high level of expertise and competence of Northern Superior staff and consultants engaged in this exploration and evaluation program. The recent option agreement with Murgor Resources Inc. (see press release June 7, 2012) to a acquire a 70% interest in the adjoining Waconichi gold property was a strategic and important property acquisition for Northern Superior Resources Inc., as structures associated with the mineralized deformation and alteration corridor on Croteau Est likely extend onto the Waconichi gold property, potentially hosting additional deformation and alterations zones."

Northern Superior operates the Croteau Est property under an option agreement (see press release, August 23, 2011).

The Company's Qualified Persons ("QP") for the Croteau Est gold property are Donald Boucher, P.Geo., Michel LeBlanc, P.Geo. and Casey Hetman, P.Geo. As QP's, Mr. Hetman, Mr. LeBlanc and Mr. Boucher have prepared or supervised the preparation of the scientific or technical information for this program and have verified the data disclosed in this press release.

Figure A. Geological model of the Croteau Est mineralized deformation and alteration corridor. This corridor presently has a defined strike length of 1000 m and ranging in width between 50 to 150 m. Drill holes and collars represented by black lines and open circles: https://media3.marketwire.com/docs/SUP-Figure-A-June-11-2012.pdf.

Figure B. Geological model illustrating the four gold-bearing mineralized zones. These zones are open at depth and to the east. Drill holes and collars represented by black lines and open circles: https://media3.marketwire.com/docs/SUP-Figure-B-June-11-2012.pdf.

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