Bold Ventures is terminating the option agreement. Dr. Thomas Morris reports
NORTHERN SUPERIOR INFORMED OF BOLD VENTURES' OPTION INTENTIONS ON THE LAC SURPRISE GOLD PROPERTY, QUEBEC
Northern Superior Resources Inc. has been advised by Bold Ventures Inc. that Bold Ventures is terminating the option agreement to earn a 60-per-cent interest in Northern Superior's Lac Surprise gold property in Quebec, as Bold Ventures was unable to meet its earn-in commitments. Northern Superior offered terms to extend the option earn-in; however, agreement on those terms could not be reached by the companies.
Prior to entering into the option agreement with Bold, Northern Superior had identified a number of high priority and drill ready gold targets located through till sampling, heavy mineral and geochemical programs, and airborne and ground geophysical surveys. With Bold acting as operator during the term of the option, exploration highlights include:
Discovery of seven new showings (see Northern Superior press release, February 17, 2015):
Showing Grab sample results Channel Sample Results Amber 0.81 to 28.6 g/t Au 0.02 to 10.0 g/t Au over 1.0 m, including 26.1 g/t Au over 0.5 m Till-39 - 0.106 to 2.89 g/t Au over 1.0 m Till-68 - 0.016 to 2.44 g/t Au over 0.85m Tonalite-1 0.023 to 1.07 g/t Au- Fox - 0.084 to 2.95 g/t Au over 1.0 m Fox North - 0.097 to 6.76 g/t Au over 1.0 m Black Phoenix0.14 to 19.9 g/t Au -
Discovery of three zones associated with the Amber Showing, interpreted to be potentially economic gold carriers due to their low resistivity, low magnetic signature, size potential and high conductivity (induced polarization ("IP") effect) usually characteristic of shear hosted gold deposits found elsewhere in the Chapais-Chibougamau gold camp (see press release, October 5, 2015); and
Identification of five anomalous, generally east-west prospective trends for gold-mineralization, identified from a 10 line-km IP survey and high definition magnetometer survey, east of the Black Phoenix Showing (see Northern Superior press release, October 20, 2016). Testing of these trends with a five drill hole (approximately 1185 m) program indicated that at least one of the anomalous trends is gold bearing and confirms that a hydrothermal gold bearing system exists east of the Black Phoenix area.
Dr. Thomas F. Morris, President and CEO of Northern Superior states: "The understanding of the mineral potential of the Lac Surprise Gold property was enhanced through the exploration efforts completed under the option agreement with Bold (see summary above). Northern Superior now looks forward to further advancing this highly prospective property either through its own efforts or in collaboration with others."
Northern Superior will integrate all geoscientific data generated by Bold into its own data base, with the goal of establishing future exploration programs on the property.