SUDBURY, ONTARIO--(Marketwired - May 25, 2015) - Northern Superior Resources Inc. (TSX VENTURE:SUP) ("Northern Superior") is pleased to announce that planning for its 2015 Croteau Est drill program, is complete. Initiation of the core drill phase of the program is planned for June 9th, 2015.
The drill program for 2015 will be comprised of three phases:
- A core drill program to infill gaps within the currently defined Croteau Bouchard Shear Zone (CBSZ) structural corridor. Twelve holes are planned from six collar locations (-45° and -60°, approximately 2200 m, Figure 1). Two holes are planned for the western part of the CBSZ (A& B- Figure 1), the other ten (C- L, Figure 1) on the east side of the CBSZ in order to provide a series of near surface pierce points (40- 100 m vertical depth) in an area where the majority of core hole intercepts are on the order of 175- 300 m vertical depth. Upon completion of the drill core program, all data will be submitted to a third party contractor for the construction of a wireframe model and a resource estimate of the CBSZ to 43-101/JORC standards;
- The completion of forty- eight vertical, 3.5" diameter reverse circulation (RC) drill holes in the vicinity of the CBSZ (Figure 2). Results from this RC drilling program should provide further definition to the mineralization potential of the Croteau Fault and its inferred association with the CBSZ, and to provide scope for the sighting of core holes within this target area during future drilling on the property; and
- Eight additional RC drill holes to test a prominent magnetic target, located on the northeastern part of the property (Figure 3).
The 2015 drill program is anticipated to cost approximately $500,000 and is being funded under a formal option agreement signed between Northern Superior and a subsidiary of Chalice Gold Mines Limited (TSX:CXN and ASX:CHN) ("Chalice"), dated April 21st, 2015. 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 (see press release, April 21st, 2015), and Chalice's funding the 2015 drill program as planned will satisfy that requirement. Chalice is the operator of the property, with the exploration component of the option agreement managed by Northern Superior under a Technical Services Agreement. This exploration program was developed and approved by a joint technical program committee, comprised of representatives from both Chalice and Northern Superior.
Dr. T.F. Morris, President and CEO of Northern Superior commented: "Northern Superior is pleased to see such positive progress on its Croteau Est property, and we look forward to sharing the results of these drill programs with our shareholders."
Reminder, Annual General Meeting
The Company wishes to remind its shareholders that its Annual General Meeting will be held May 28th, 2015 at 4:15PM (EST). The meeting will be held at One King Street West Hotel & Residence, 1 King Street West, Toronto, Ontario Canada, M5H 1A1 in the Fourteen Hundred Room.
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 the figures associated with this release, please visit the following link: http://media3.marketwire.com/docs/supF.pdf.