Toronto, Ontario, Canada, February 21, 2024 – Northern Superior Resources Inc. (“Northern Superior” or the “Company”) (TSXV: SUP) (OTCQX: NSUPF) is pleased to announce the nomination of Kyle Stanfield, a seasoned sustainability expert, as the Chief Executive Officer of its spinout company, henceforth known as ONGold Resources Ltd. (“ONGold”), which will take ownership of Northern Superior’s Ontario assets, namely the coveted TPK Project, the October Gold Project, currently under an Earn-in and Joint Venture Agreement with Evolution Mining Limited (ASX: EVN) (see press release dated November 6, 2023), Thorne Lake, Rapson Bay, and Meston Lake. ONGold is the resulting issuer from the previously announced transaction between the Company and 1348515 B.C. Ltd. (See press releases dated July 10, 2023, and September 6, 2023.)
Mr. Stanfield brings over 25 years of extensive experience in mineral exploration and project development with a particularly strong focus on project planning, indigenous consultation and agreements, as well as regulatory engagement. Mr. Stanfield has worked collaboratively with over 30 First Nations and Métis communities in Ontario and British Columbia in support of mineral resource exploration and project development. Earlier in his career, he played a pivotal role at the Musselwhite mine in Ontario, one of Canada’s largest mines currently operated by Newmont Corporation, consulting with the five Musselwhite Agreement signatory First Nations. In British Columbia, he was instrumental in leading the operational launch of the Tahltan First Nation environmental joint venture including facilitating an environmental training program for Tahltan elders and youth at Kwantlen Polytechnic University, his alma mater. In recent years, Mr. Stanfield spearheaded environmental assessments, indigenous consultation and permitting programs for both the Rainy River mine, located in Ontario and operated by New Gold Inc., as well as Argonaut Gold Inc.’s Magino mine, which recently achieved commercial production, also in Ontario.
Simon Marcotte, President and Chief Executive Officer of Northern Superior, commented: “We look forward to Kyle becoming CEO of ONGold. His extensive experience working collaboratively with both indigenous communities as well as regulatory agencies to advance mineral development brings tremendous advantages to our group. The selection of a leader in this field of expertise for this role underscores our profound recognition of the critical role that social responsibility and meaningful indigenous consultation play in both the early exploration and subsequent development phases. We are confident that he can adeptly guide the team to navigate these stages, steadfastly upholding his principles while engaging with stakeholders across Ontario, where immense value can be unlocked with the right approach.” Kyle Stanfield, nominated Chief Executive Officer of ONGold, commented: “Embracing sustainability isn’t just about meeting regulations; it’s about building relationships, fostering trust, and leaving a positive legacy. I’m honored to be presented with the opportunity to lead ONGold in this pivotal moment, where we can merge innovation with respect for indigenous communities and environmental stewardship to shape a future where responsible resource development thrives. I am deeply grateful to the management and Board of Northern Superior for entrusting me with this role and for their visionary commitment to sustainability and social acceptability.”
About Northern Superior Resources Inc.
Northern Superior is a gold exploration company focused on the Chibougamau Camp in Québec, Canada. The Company has consolidated the largest land package in the region, with total land holdings currently exceeding 62,000 hectares. The main properties include Philibert, Lac Surprise, Chevrier and Croteau. Northern Superior also owns significant exploration assets in Northern Ontario highlighted by the district scale TPK Project.
The Philibert Project is located 9 km from IAMGOLD Corporation’s Nelligan Gold project which was awarded the “Discovery of the Year” by the Québec Mineral Exploration Association (AEMQ) in 2019. Philibert host a new maiden 43-101 inferred resource of 1,708,800 ounces Au and an indicated resource of 278,900 ounces of Au[1]. Northern Superior holds a majority stake of 75% in the Philibert Project, with the remaining 25% owned by SOQUEM, and retains an option to acquire the full 100% ownership of the project. Chevrier hosts an inferred mineral resource of 652,000 ounces Au (underground and open pit) and an indicated mineral resource of 260,000 ounces Au.[2] Croteau hosts an inferred mineral resource of 640,000 ounces Au.[3] Lac Surprise hosts the Falcon Zone Discovery, interpreted to be the western strike extension of IAMGOLD Corporation’s Nelligan Deposit.
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, please refer to the Company’s website at www.nsuperior.com or on SEDAR+ (www.sedarplus.ca).
Northern Superior Resources Inc. on Behalf of the Board of Directors
Simon Marcotte, CFA, President and Chief Executive Officer
Contact Information
Simon Marcotte, CFA
President and Chief Executive Officer
Tel: (647) 801-7273
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 press release.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the proposed transaction; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward- looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Northern Superior, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of the parties to execute the proposed transaction. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
[1] Northern Superior announces 1,708,809 gold ounces in inferred category and 278,921 gold ounces in indicated category at 1.10 g/t in maiden NI 43-101 pit constrained resource estimate at Philibert; Northern Superior Resources Inc. press release dated August 08, 2023.
[2] NI 43-101 Technical Report Mineral Resource Estimation for the Chevrier Main Deposit, Chevrier Project Chibougamau, Quebec, Canada, October 20, 2021, Prepared in accordance with National Instrument 43-101 by Lions Gate Geological Consulting Inc. IOS Services Géoscientifiques Inc. for Northern Superior Resources Inc.
[3] Chalice Gold Mines Limited and Northern Superior Resources Inc. Technical Report on the Croteau Est Gold Project, Québec, September 2015, Prepared in accordance with National Instrument 43-101 by Optiro Pty Ltd (“Optiro”) to Chalice Gold Mines Limited and Northern Superior Resources Inc.