The Company was successful in executing its 2019 two-pronged exploration strategy as laid out in the 2019 Q1 Management’s and Discussion Analysis report. First, the Company not only met, but exceeded the mandate outlined by its former option partner on the Ti-pa-haa-kaa-ning (TPK) property by discovering not one, but eight gold-bearing shear zones large enough to host an economic deposit of gold. These newly completed holes, coupled with a thorough re-interpretation of historic drill core (2017) and new proprietary geologic interpretation (2019, 2020), has led the Company to what we feel is a major breakthrough in targeting for the upcoming drill program at TPK. We now feel that we are potentially on the cusp of a major discovery.
Secondly, at our Lac Surprise property in Québec, the Company successfully defined the extension of the hydrothermal system associated with the neighboring Nelligan gold deposit onto the Lac Surprise property, with discovery hole LCS-19-008 returning 1.54 g/t Au over 15.15m. The Nelligan deposit contains 3.2 million ounces of gold and lies approximately 5km away to the east and along strike from our Lac Surprise property. With this important discovery hole we now know that the same system responsible for the emplacement of the Nelligan gold deposit extends onto the Lac Surprise property.
We are quite pleased to see the major uptick of mineral exploration activity and interest in the Chapais-Chibougamou mining camp. The acquisition of large land packages for mineral exploration have been staked within this camp by several newly formed Company’s including Dore Copper (TSXV:DCMC) and Blue Thunder (TSXV:BLUE). Subsequently, well-funded exploration programs have led to exceptional discoveries such as the Nelligan gold deposit (see IAMGOLD press release, October 23, 2019), Monster Lake (see IAMGOLD press release, June 14, 2018) and Osisko Mining (TSX:OSK) Windfall project which is now above 5mm oz of gold resources (see Osisko Mining press release, April 29, 2020). This bodes very well for both our Lac Surprise and Croteau Est properties heading into 2020.
With the recent addition of Michael Gentile, Gordon Morrison and David Medilek onto the Board (Q4 2019 and Q1 2020, respectively), coupled with the completion of a hard dollar financing in January 2020 securing the viability of the Company into 2021, Northern Superior undertook a thorough re-evaluation of its assets. While the bear market for gold and gold equities has been long and painful for the industry and our shareholders, we feel that the tide has now turned and the outlook for gold and for our company has never been better. Through careful management of the Company’s treasury and share structure, maintaining the integrity of its mineral properties, adding significant value to those properties through strategic and measured exploration programs during the down turn and maintaining excellent relationships with key First Nation communities, Northern Superior finds itself in an enviable position relative to its peers with 3 high quality assets (TPK, Croteau Est and Lac Surprise) that have both scale, existing discoveries and drill ready targets ready for follow up drilling in a rapidly improving gold market.
Following the major strategic review and the aforementioned breakthroughs in targeting and geologic understanding at TPK along with the exciting new discovery at Lac Surprise in late 2019, the Company increased its efforts to reintroduce the Northern Superior story to investors during the months of January and February 2020, culminating in three financings (see Northern Superior press releases January 20, 2020; April 6, 2020; June 3, 2020). These financings raised an aggregate of $6,861,000 and as a result, the Company is now fully funded to drill all three of its key assets. The Company currently has over $7MM in its treasury, which is the strongest financial position the Company has had since 2012.
Northern Superior was also very pleased to welcome New Gold Inc. as a new 9.99% shareholder of the company in the month of April 2020 and further validates the great progress made at our Company over the last 12 months. Currently the top 15 shareholders of Northern Superior own over 73% of the shares outstanding. The Company is very pleased to have such a strong and supportive list of long-term holders.
With a fully funded treasury, compelling drill ready targets at TPK and rising interest in our Québec assets, 2020 promises to be a very exciting year for Northern Superior shareholders. The management team and board will continue to work tirelessly to unlock the significant value we feel is present in the shares of our Company at current levels. While many companies speak of how undervalued their company may be, our board and management team has put our money where our mouth is by purchasing 11,973,458 shares of all the shares outstanding. Currently our board and management own or 22.5%
We feel that we now have the right assets, people, shareholders and financial position to make 2020 a great year for Northern Superior. We look forward to reporting to you on the progress of the Company in 2020 as we continue to move the Company forward.