Northern Superior Announces Prospecting Program and Amended Agreement, Grizzly Property, West-Central Québec
SUDBURY, ONTARIO--(Marketwired - May 27, 2015) - Northern Superior Resources Inc. (TSX VENTURE:SUP) ("Northern Superior") is pleased to announce that the Company has initiated a prospecting program for the Grizzly property, west- central Québec. 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 Québec 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:
- Volcanic massive sulphide (VMS) targets (Lac Porphyre-Sud; Bras Pichamobi)
- Magmatic nickel- copper +/- platinum-group-element targets (Ruisseau Daladier-Nord)
- Shear- hosted gold and/ or gold-copper targets (Lac Mahekan; Keller; Grizzly/ Grizzly North; Queeniwich; Gladstone; Icestorm-Grêlon; Huitans; and Dussault); and
- Three shear zones (Guêttard North, Guêttard 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."
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, Lac Surprise and Grizzly properties in Québec. Northern Superior is currently looking to option out its 100% owned Ti-pa-haa-kaa-ning gold, silver copper property in Ontario and its 100% owned Ville Marie diamond property in Québec. Northern Superior has developed a number of early stage exploration properties in both Ontario and Québec from its proprietary geoscientific data base.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
To view Figure 1, click on the following link: http://media3.marketwire.com/docs/NS527.jpg
Contact
Northern Superior Resources Inc.
Thomas F. Morris
President and CEO
(705) 525-0992
www.nsuperior.com