SUDBURY, Ontario, June 16, 2017 (GLOBE NEWSWIRE) -- Northern Superior Resources Inc. (“Northern Superior” or the “Company”) (TSXV:SUP) reports that Bold Ventures Inc. (“Bold”) has advised that it is terminating the option agreement to earn a 60% interest in Northern Superior’s Lac Surprise gold property in Québec as Bold 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 Phoenix | 0.14 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. T.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.
About Northern Superior Resources Inc.
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 further information please visit the Company’s website at www.nsuperior.com or contact:
Thomas F. Morris PGeo., PhD., FGAC, ICD.D.
President and CEO
Tel: (705) 525 ‐0992
Fax: (705) 525 ‐7701
e‐mail: info@nsuperior.com
www.nsuperior.com
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.
Neither the 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.