Northern Superior Resources Inc. [SUP-TSXV, NSUPF-OTCQX] on Friday said it has filed a NI-43-101-compliant technical report related to a mineral resource estimate prepared for its Philibert gold project near Chibougamau, Que.
The project is held 75% by Northern Superior (which has the option to increase its interest to 100%) and 25% by SOQUEM, the Quebec mineral exploration company.
The Philibert project is located 9.0 kilometres from the Nelligan project, owned Iamgold Corp [IMG-TSX, IAG-NYSE] and Vanstar Mining Resources Inc. [VSR-TSXV, VMNGF-OTCQX], 1V8-FSE], which received the “Discovery of the Year” award from the Quebec Mineral Exploration Association (AEMQ) in 2019. Nelligan is estimated to host an indicated resource of 1.99 million ounces at 0.84 g/t gold plus an inferred resource of 3.60 million ounces of 0.87 g/t using a 0.35 g/t cut-off.
Philibert is part of a 62,000-hectare land package located in the Chibougamau region, which is currently held by Northern Superior. The package includes Philibert, Lac Surprise, Chevrier, and Croteau.
To date, in excess of $15 million has been spent on the Philibert project, with more than 77,000 metres of drilling completed so far.
On Friday, Northern Superior said Philibert is estimated to host 48.46 million tonnes of inferred resources averaging 1.10 g/t gold or 1.7 million ounces. On top of that is an indicated resource of 7.88 million tonnes averaging 1.10 g/t gold or 278,920 ounces.
The company said metallurgical testing with flotation concentrate returns recoveries of 95.6%. and 93% used for pit optimization.
While a previous resource estimate focused exclusively on underground resources with 239,202 ounces at 5.68 g/t gold, the estimate announced Friday does not include any underground potential. Such potential will be further explored, evaluated and potentially included in a subsequent estimate, the company said in a press release.
On Friday, Northern Superior shares eased 1.3% or $0.005 to 37.5 cents. The shares are currently trading in a 52-week range of 63 cents and 34.5 cents.
The company has said further resource expansion is anticipated as certain zones located along strike and down dip require further drilling to qualify as a resource. The company also sees the potential for parallel zones to replicate Philibert mineralization to the north.
Northern Superior recently announced a spinout transaction whereby 1348515 B.C. Ltd. (BCCo) would acquire all of the company’s exploration properties in Ontario, including the TPK gold-silver-copper project, which covers 47,796 hectares. The TPK project hosts two large independent mineralized systems and is situated in Nibinami First Nation and Neskantaga First Nation traditional territories.
1348515 B.C. Ltd. (BCCo) is a reporting issuer in British Columbia and Alberta with no current activities and operations. The company is engaged in evaluating and evaluating suitable assets or businesses to acquire or merge with.