Northern Superior Resources Inc. (TSX-V:SUP, OTCQX:NSUPF) announced the release of additional positive results from its 20,000-metre expansion drilling campaign at the Philibert gold property in Quebec.
One hole returned 1.94 grams per ton (g/t) of gold over 31 metres and 1.73 g/t over 6.1 metres, both located beneath the current resource pit.
Another hole intersected 2.03 g/t over 19.7 metres in the same area.
Together with a previously reported hole that returned 2.89 g/t over 10.6 metres, these results define a new core zone extending 150 metres across and 200 metres deep, all outside the current resource pit.
Simon Marcotte, Northern Superior CEO, said the results demonstrated the expansion potential of the Philibert deposit.
The three holes returned “robust grades and excellent continuity” beyond the current pit shell, according to Marcotte.
“These results further strengthen the steady progress made in expanding the mineralization at the southeastern extent of the pit, where we recently reported significant on-strike mineralization outside of the current 3 km-long resource pit, including 2.6 g/t over 26.5 metres in hole PB-24-448 and 3.59 g/t over 7.7 metres in hole PB-24-450, located approximately 200 metres and 800 metres east of the resource pit, respectively,” Marcotte said.
“These findings support the strong expansion potential beyond the current resource of 1,708,800 oz inferred at 1.1 g/t and 278,900 oz indicated at 1.1 g/t.”
The Philibert gold project is currently 75% owned by Northern Superior Resources and 25% owned by SOQUEM. Northern Superior has the option to acquire the remaining 25% from SOQUEM for a cash payment of C$3.5 million, which would give Northern Superior full ownership of the project.
Shares of Northern Superior moved higher on the news, adding 6% to reach $0.53 by midday.