Sudbury, Ontario, December 21, 2021. Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV: SUP) is pleased to announce that it has completed its acquisition of 100% of Kintivar Exploration Inc.'s (TSXV:KTR) Gaspard Nord mineral property (see Northern Superior press release, September 15, 2021). Located in the Chapais- Chibougamau gold- copper camp, the Gaspard Nord property consists of 5 claims covering an area of 2.8km2 and ties onto the northern part of Northern Superior's large, 100% owned Lac Surprise mineral property (Figure 1).
The Gaspard Nord property overlies a portion of the Opawica Guercherville Deformation Zone (OGDZ) which extends southeast across northern parts of the Lac Surprise property for over 11.5 km and hosts the Company's recently discovered Falcon Zone (gold-silver) (see Northern Superior press release, August 17, 2021) (Figure 2). This zone is believed to be a 900m extension of the neighbouring Vanstar/ IAMGold, 3.2M ounce (at 1.02 g/t Au) Nelligan deposit*, which is also hosted in the OGDZ. Vanstar/ IAMGold recently announced results further supporting the potential western extension of the Nelligan gold deposit onto the Lac Surprise property (see Vanstar/ IAMGold press releases, December 16, 2021). Those results, approximately 2.1 km from the eastern end of the Falcon Zone, included 40.5 m at 1.28 g/t Au (NE-21-178) and 15.0 m at 7.81 g/t Au (NE-21-180): best holes reported from the Falcon Zone include 44.9m at 1.54 g/t Au (LCS21-029) and 42.6m at 1.99g/t Au (LCS21-032) (see Northern Superior press release August 17, 2021).
With the large majority of the OGDZ yet to be explored we see significant potential for additional discoveries along this trend as well two other major deformation zones that cut across the property the Remick and Doda to the south.
Dr. T.F. Morris (PhD., P,Geo, FGAC, ICD.D), President and CEO of Northern Superior commented: "Acquiring additional ground associated with the OGDZ hosting gold showings and soil "B" horizon gold geochemical anomalies, and occurring west of and along strike from the Falcon Gold Zone, is an exciting opportunity to understand the potential for additional gold mineralization west of the Falcon Zone."
"The Company anticipates an exciting exploration year for the Lac Surprise property, with not only investigating the westward extension of the Falcon Zone but also exploring the mineral potential of the Confluence and Amber areas."
"With a $6M budget allocated to exploration in Quebec for 2022 (see Northern Superior press release, December 3, 2021), Northern Superior looks forward to announcing its 2022 exploration plans for not only the Lac Surprise property in the new year, but also for it's 100% owned Croteau Est and Wapistan properties as well. The 2022 program will be the largest ever Québec focused exploration program in the Company's history."
Northern Superior agreed to issue 85,000 common shares of the Company to Kintivar and to grant Kintivar a 2% net smelter return royalty ("NSR") on the property. The common shares to be issued will be subject to a four month hold ending on April 16, 2022. Northern Superior has also retained an option to buyback 1% of the NSR royalty for $1M and a right of first refusal on any proposed transfer of the NSR royalty to a third party. No finder's fees were payable in connection with the acquisition. TSX Venture Exchange acceptance of the transaction was received on December 15, 2021.
Note to readers: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.
*Reference for IAMGOLD/Vanstar's Nelligan 3.2MM Inferred Gold Resource: "Carrier, Alain (M.Sc., P.Geo); Nadeau-Benoit, Vincent (P.Geo); Fauvre, Stéphane (PhD., P.Geo). October 22, 2019. NI 43-101 Technical Report and Initial Resource Estimate for the Nelligan Project, Québec, Canada."
Huss, L. (2010). Propriété Vent d'Or, Exploration 2010. Corporation Minière Golden Share, GM65493, 59 pages.
Michel Leblanc (P.Geo.) is a Qualified Person ("QP") within the meaning of National Instrument 43-101. Mr. Leblanc has reviewed, and approved information disclosed in this press release.
About Northern Superior
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF.
For further information contact:
Thomas F. Morris PGeo., PhD., FGAC
President and CEO
Tel: (705) 525 ‐0992
Fax: (705) 525 ‐7701
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.
Figure 1. Location, Gaspard Nord property relative to the Lac Surprise property.
Figure 2. Location of the OGDZ in relation to the Gaspard Nord properties, the newly discovered Falcon Zone and the Vanstar/ IAMGold Nelligan gold deposit.