TORONTO, ON / ACCESSWIRE / October 29, 2024 / Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV:SUP)(OTCQX:NSUPF)(GR:D9M1) is pleased to announce the first set of results from its 20,000 metres expansion drilling campaign at the Philibert gold property, located only 9 km from IAMGOLD Corporation Ltd. ("IAMGOLD")'s Nelligan project, and 60 km southwest of Chibougamau, Quebec (the "Philibert Project": Northern Superior: 75%, SOQUEM: 25%[1]).
Highlights Include (Grades uncut; lengths measured along hole, Table 1) :
DDH PB-24-448 returned 2.60 g/t Au over 26.5 metres, including 4.55 g/t Au over 13.4 metres; 200 metres southeast of the pit extent of the Grey Fox footwall zone;
DDH PB-24-444 returned 1.86 g/t Au over 9.2 metres, southeast extension of the Grey Fox hanging wall; and
DDH PB-24-447 returned 1.28 g/t Au over 13.2 metres, including 3.47 g/t Au over 3.4 metres, southeast extension of the Grey Fox footwall zone.
"We are highly encouraged by the initial results from our expansion drilling campaign at the Philibert Project. The strong mineralized intersections, particularly 2.60 g/t over 26.5 metres and 4.55 g/t over 13.4 metres uncovered 200 metres southeast of the pit, already validate the potential to expand our resource base. These results not only demonstrate continuity and consistency but also reinforce Philibert's standing as a cornerstone asset within the rapidly growing Chibougamau Gold District," commented Simon Marcotte, President and Chief Executive Officer of Northern Superior.
Readers are also encouraged to review the recent developments in the Chibougamau District, including drilling results at Nelligan and an updated resource calculation at Monster Lake, detailed by IAMGOLD Corporation in a news release dated October 23, 2024.
Drilling Results
Drillholes PB-24-444 through PB-24-448 were designed to explore a 150-metre strike length southeast of the Mineral Resource Estimate (" MRE ") pit, in easily accessible areas suitable for year-round operations. These drillholes tested both the hanging wall and footwall zones, extending exploration beyond the pit boundary and targeting potential mineralization in previously untested sections. These results revealed significant mineralized intersections, indicating strong potential for further strike length of the deposit and a potential increase in resources.
Hanging Wall Results
All drillholes intersected the interpreted Grey Fox hanging wall approximately 150 metres from the current resource. Although the open pit design extends into this area, it is at a shallow depth and lacks a defined in-pit resource. The following key intersections were recorded:
PB-24-444: 1.86 g/t Au over 9.2 metres from 102.0 metres;
PB-24-445: 1.18 g/t Au over 11.8 metres from 75.2 metres, including 2.17 g/t Au over 5.0 metres; and
PB-24-448: 1.24 g/t Au over 7.4 metres from 51.0 metres.
Drillholes PB-24-446 and PB-24-447, located 40 and 80 metres southeast of the only historic drill hole defining the pit, intersected the zone at shallow depths. As these holes were collared directly into the hanging wall, they may not represent the true width. PB-24-446 returned 0.83 g/t Au over 11.0 metres from 18 metres, while PB-24-447 intersected 0.37 g/t Au over 3.0 metres. See drill plan map, sections L09440W and L9560W, core photo of PB-24-445, significant drill hole intersections and drill hole collar locations (Figures 1,2,3, 9 and Tables 1 and 2).
The hanging wall is an important target for future exploration as it remains poorly defined and unsampled along strike to the southeast and northwest. It represents a litho-structural contact between the Philibert gabbro seam and mafic volcanics with interbedded sediments, including graphitic argillite. The zone exhibits strong deformation, fracturing, and sulphide mineralization with smokey quartz and quartz-tourmaline veins.
Footwall Results
The footwall was tested by all drillholes, but PB-24-444, PB-24-445, and PB-24-446 are interpreted to have been stopped short of the targeted zone, as the footwall trend extends further south than originally modeled. However, PB-24-448 intersected the footwall approximately 200 metres southeast of the current resource, yielding impressive results:
PB-24-448: 2.60g/t Au over 26.5 metres from 329.5 metres, including 4.55g/t Au over 13.4 metres; and
PB-24-447: 1.28 g/t Au over 13.2 metres from 301.6 metres, including 3.47 g/t Au over 3.4 metres
Mineralization in the footwall is hosted within the siliceous phase of the Philibert gabbro seam, characterized by pervasive and vein silica with variable amounts of ankerite, sericite, and disseminated pyrite-pyrrhotite (1-15% abundance).
Four drill holes tested the interpreted near surface extent of the footwall zone including PB-24-449 and 450 reported today. In PB-24-450 a narrow high-grade intersection with 4.03 g/t Au over 2.0 metres starting at 132.0 metres, including 9.10 g/t Au over 0.8 metres. No significant values were reported for PB-24-449. The company is actively re-modeled the geology in this area for future targeting.
An upper footwall zone was intersected in PB-24-447, returning 0.56 g/t Au over 15.5 metres from 128.5 metres, including 3.02 g/t Au over 0.8 metres. PB-24-446 intersected 0.88 g/t Au over 2.0 metres from 124.0 metres. Mineralization in this zone is hosted in a sheared magnetic gabbro unit with weak disseminated pyrite and rare quartz tension veins. See plan map, sections L9440W and L9560W, core photos of PB-24-448, significant drill hole intersections and drill hole collar locations (Figures 1, 2,3, 10, 11 and Tables 1 and 2).
Table 1: Significant Drillhole Intersections
Table 2: Drill holes collars and parameters
Conclusion
These results demonstrate the potential for expanding the resource in both the hanging wall and footwall zones southeast of the current MRE pit. Further drilling is planned to better define these zones and explore their strike extensions to the southeast and west.
Chibougamau Gold Camp
The Chibougamau Gold Camp is rapidly emerging as one of the world's most sought-after gold destinations with several complimentary gold resources reaching viable scale. Only two years ago, these critical assets were divided amongst five different companies. Today, primarily due to Northern Superior's leadership, ownership has been streamlined, with only IAMGOLD and Northern Superior holding these assets. The proximity of these deposits to each other makes them ideally suited to feed a single mill, and their consolidation enhances their viability, thereby increasing their value.
Below is a table showing the resources of the camp having been formalized to date.
Note: see NI-43-101 information below in notes 3, 4, 5, and 6.
Drilling Campaign Highlights ( See press release dated June 13, 2024, for a detailed review of the exploration strategy.)
BUILDING ON STRONG FOUNDATIONS: in 2023, the Company filed a transformational MRE for the Philibert Project of 1,708,800 ounces of inferred mineral resource averaging 1.10 grams of gold per tonne, and 278,900 ounces of indicated mineral resource averaging 1.10 grams of gold per tonne;
Impactful Program: Over 20,000 metres of expansion drilling planned for the next 8 months, i) along strike to the east and west and, ii) along the hanging wall trend north and down dip of the open pit resource and defined pit;
Great Potential: Work conducted to date on the Philibert Project is based on only 3 km of mineralization while geophysics is indicative of an additional 4 km of mineralization spreading east and west of the resource ( see Figure 1 );
Expansion Drilling with Demonstrated Mineralization: Notable historic drill holes over 300 metres east of the current resource returned 2.17 g/t Au over 17.9 metres, and 1.66 g/t Au over 8.27 metres (see Figure 1,2 and 3) ;
Plan to Connect Mineralization: Historic drilling located over 1,500 metres southeast of the current resource (see Figure 1,2 and 3) returned 1.55 g/t Au over 26.0 metres starting at 72.5 metres, and 1.09 g/t Au over 13.7 metres;
Great potential to the west: Approximately 300 metres west of the defined pit along the hanging wall trend returned 1.76 g/t Au over 7.0 metres, including 10.8 g/t Au over 1.0 metre starting at 162.5 metres from historical drilling. The western trend is defined by a linear magnetic anomaly interpreted to correspond to the gabbro host of Philibert extending on the property for over 2 km (see Figure 6,7 and 8) ;
Strike extensions: Expansion drilling southeast of the Corsac Fox zone part of the interpreted hanging wall with an additional potential of 700 metres of strike extension (see Figure 6, 7 and 8) ;
great metallurgy: Further metallurgical testing is being planned for the eastern end of the pit to build on initial testing with flotation concentrate returning recoveries up to 95.6% (see press release dated July 6, 2023); and,
Underground Potential: While the MRE published in 2023 did not include any of the underground potential, a previous study of the economic potential of the Philibert Project, [2] focused exclusively on underground resources from the western domains, with approximately 239,000 ounces at 5.68 g/t gold ( see Figure 8 ). Such underground potential will be further explored, evaluated, and potentially included in a subsequent mineral resource estimate ( see Figure 3 ).
Qualified Person ("QP")
The technical content and drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 "). The content has been reviewed and approved by Ms. Melanie Pichon, P.Geo., Senior geologist. Ms. Pichon is a QP under the NI 43-101 and is not considered independent.
Northern Superior adheres to strict protocols following the NI 43-101 best practices when conducting exploration works. Sampling and assay results are monitored with a strict QAQC protocols. Drilled core is processed and assayed in Northern Superior's facilities in Chapais, Quebec. Core samples (half core) are transported to Agat Laboratory in Val d'Or.Samples are analyzed by fire assay with a 50-gram charge with an Atomic Absorption (AA) finish. Samples returning assay values over 10.0 grams are re-assayed with a gravimetric finish. QAQC consists of 4% of blank material, certifies standards and duplicates inserted in the assay sequences by Northern Superior.
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 72% of ONGold Resources Ltd. (TSXV:ONAU) which is advancing promising exploration assets in Northern Ontario, including the district scale TPK Project.
The Philibert Project is located 9 km from IAMGOLD Corporation's Nelligan [3] Gold project which was awarded the " Discovery of the Year " by the Québec Mineral Exploration Association (AEMQ) in 2019. Philibert hosts a new maiden 43-101 inferred resource of 1,708,800 ounces Au and an indicated resource of 278,900 ounces of Au. [4] 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. [5] Croteau hosts an inferred mineral resource of 640,000 ounces Au. [6] Lac Surprise hosts the Falcon Zone Discovery, interpreted to be the western strike extension of IAMGOLD Corporation's Nelligan Gold project.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSXV 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 the Company's profile on SEDAR+ at www.sedarplus.ca .
About SOQUEM
SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery, and development of mining properties in Québec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Québec's mineral wealth, SOQUEM relies on innovation, research, and strategic minerals to be well-positioned for the future.
Northern Superior Resources Inc. on Behalf of the Board of Directors
Simon Marcotte, CFA, President and Chief Executive Officer
Contact Information
Katrina Damouni
Director - Corporate Development
Tel: +44 7795 128583 (Mobile/WhatsApp)
info@nsuperior.com
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 has the option to acquire from Soquem the remaining 25% (to own 100%) of the Philibert Project for a cash payment of CAD$3.5 million.
[2] Historical information: Roche Ltée., (1991) Économique, Propriété Philibert. Projet: 11044-001.
[3] IAMGOLD reports increase in mineral reserves and resources at existing assets, with increase in resources at Gosselin; IAMGOLD Corporation News Release dated February 15, 2024 and October 23, 2024.
[4] 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's press release dated August 08, 2023.
[5] 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 NI 43-101 by Lions Gate Geological Consulting Inc. IOS Services Géoscientifiques Inc. for Northern Superior.
[6] Chalice Gold Mines Limited and Northern Superior Resources Inc. Technical Report on the Croteau Est Gold Project, Québec, September 2015, Prepared in accordance with NI 43-101 by Optiro Pty Ltd ("Optiro") to Chalice Gold Mines Limited and Northern Superior.
SOURCE: Northern Superior Resources Inc.
View the original press release on accesswire.com
