Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

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 Apr 21, 2015 10:10am
60 Views
Post# 23649318

Northern Superior Resources Inc. and Chalice Gold Mines

Northern Superior Resources Inc. and Chalice Gold Mines Northern Superior Resources Inc. and Chalice Gold Mines Limited Sign a Formal Option and Joint Venture Agreements With Respect to Northern Superior’s Croteau Est Gold Property, Québec Sudbury, Ontario, April 21, 2015 - Northern Superior Resources Inc. (TSXV:SUP) (“Northern Superior”) is pleased to announce it has entered into a formal option and joint venture agreement with a subsidiary of Chalice Gold Mines Limited (TSX:CXN and ASX:CHN) (“Chalice”) relating to Northern Superior’s Croteau Est gold property, west-central Québec. Northern Superior’s Croteau Est gold property (which now includes claims which used to be referred to as its Wachonichi property) is located near Chibougamau, Québec. The property is comprised of 213 claims totaling approximately 8,316 hectares which are 100% owned by Northern Superior, and 109 claims totaling approximately 3,856 hectares which are under option from G.L Geoservices and Mark Bouchard. Pursuant to the agreement, Chalice can earn a 65% joint venture interest in the Croteau Est property by spending an aggregate of $4,000,000 on exploration expenditures over three (3) years. Chalice is obligated to spend a minimum of $500,000 on exploration of the Croteau Est property in the first year regardless of whether it fully exercises its option. Upon completion of the $4,000,000 expenditure earn-in requirement, a joint venture will be formed with Chalice holding a 65% joint venture interest and Northern Superior owning a 35% joint venture interest and thereafter, each party will be required to contribute to any further programs pro rata according to its joint venture interest. Should a joint venture party fail to make any of its required program contributions, its interest will be diluted accordingly. If a party’s joint venture interest is diluted below 10%, its joint venture interest will be converted to a NSR interest as follows: (i) with respect to any claims which are already subject to an NSR (to a third party): a. for period(s) where the price of gold (as quoted on the London Gold Fix) is less than C$1,800 per ounce, a 1% NSR; and b. for period(s) where the price of gold (as quoted on the London Gold Fix) exceeds C$1,800 per ounce, a 2% NSR; and (ii) with respect to all other claims, a 2% NSR, and in each case, one-half of the NSR percentages can be bought back for $1,000,000. Dr. T.F. Morris, President and CEO of Northern Superior commented “This agreement with Chalice provides a refreshing opportunity to advance one of Northern Superior’s key properties forward, after a period of inactivity. We are very excited at the prospect of finally being able to drill-test key mineral targets with a partner who is as excited and determined to make discovery as we are.” The Croteau Est property is managed under a pre-development agreement with the First Nation community of Oujé Bougoumou, the Cree Regional authority and the Grand Council of the Cree. No finder’s fee is payable by Northern Superior in connection with the transaction and Northern Superior and Chalice deal at arm’s length with one another. The transaction is not subject to TSXV review or approval. About Northern Superior Northern Superior is a junior exploration company exploring for gold in the Superior Province of the Canadian Shield. The Company is currently focused on exploring its Croteau Est property in Québec and its Ti-pa-haa-kaa-ning in Ontario. Northern Superior also has a number of other 100% owned properties in Ontario and Québec. Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP. For more information, please visit www.nsuperior.com Thomas F. Morris PGeo., PhD., FGAC President and CEO Tel: (705) 525 ‐0992 Fax: (705) 525 ‐7701 e‐mail: info@nsuperior.com For Investors Forward looking statements: This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act or 1995 (collectively, “forward looking statements”). Forward looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “ expect”, “ potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved or other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results, interpretation of results, the timing and success of exploration activities generally, the timing and results of future resource estimates, 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. Forward looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Northern Superior’s expectations include exploration risks, changes in project parameters as plans continue to be refined, results of future resources estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business 
Bullboard Posts