Northern Superior starts prospecting at Grizzly
Northern Superior starts prospecting at Grizzly
2015-05-27 08:36 ET - News Release
Dr. Thomas Morris reports
NORTHERN SUPERIOR ANNOUNCES PROSPECTING PROGRAM AND AMENDED AGREEMENT, GRIZZLY PROPERTY, WEST-CENTRAL QUEBEC
Northern Superior Resources Inc. has initiated a prospecting program for the Grizzly property, west-central Quebec. The program will be completed by the end of June 2015, and will focus on the northwest part of the property where little work has been completed to date.
In addition, the original option agreement between Northern Superior, GL Geoservice Inc. and Marc Bouchard (see press release, July 16, 2013) granting Northern Superior the option to acquire 100% of the property (subject to a 1% NSR) has been amended to defer the required exploration expenditures, share issuances and cash payments to the Optionors by one year, extending the earn-in from 2018 to 2019. Notwithstanding this extension, Northern Superior retains the right to accelerate its earn in on the property.
The Grizzly mineral property of north- central Quebec is an important early- stage exploration property to Northern Superior. So far, mineralization and shear zones identified on the property (see press release, April 29th, 2014; Figure 1) include:
1. Volcanic massive sulphide (VMS) targets (Lac Porphyre-Sud; Bras Pichamobi) 2. Magmatic nickel- copper +/- platinum-group-element targets (Ruisseau Daladier-Nord) 3. Shear- hosted gold and/ or gold-copper targets (Lac Mahekan; Keller; Grizzly/ Grizzly North; Queeniwich; Gladstone; Icestorm-Grelon; Huitans; and Dussault); and 4. Three shear zones (Guettard North, Guettard and MD).
Dr. T.F. Morris, President and CEO of Northern Superior commented: "Although the exploration program for 2015 is a small one ($25,000), the information gathered will be important to the overall understanding of the mineral potential of this important property. The accommodation afforded by GL Geoservices and Marc Bouchard in the payment schedule of the option agreement provides much needed flexibility to Northern Superior at this time."