Northern Superior Resources Inc. Signs Option Agreement With INV on the Thorne Lake Gold Property
Northern Superior Resources Inc., a junior exploration company whose focus is exploring for gold on the Superior Province of the Canadian Shield report that it has entered into an option / joint venture agreement with International Nickel Ventures Corporation (INV) on Northern Superior’s Thorne Lake gold property.
By entering into this option agreement, exploration on Northern’s Thorne Lake property can be moved forward aggressively with the intent of initiating a drill program during the third quarter of 2009. To prepare the targets for drilling, overburden sampling, bedrock and overburden mapping and prospecting will be completed prior to the third quarter. Northern will be the operator of these exploration programs.
Dr. T.F. Morris, president and CEO commented: “We are very excited to have entered into this agreement with INV, allowing INV to earn an interest in a property with three gold grain-in-till dispersal trains while providing Northern the opportunity to continue its exploration program on this highly prospective gold property. INV as a partner brings valuable technical skills and financial resources.”
An overburden sampling program completed by Northern Superior during the fall of 2008 identified three separate gold grain-in-till dispersal trains on the Thorne Lake property. The property is located 15 km west of the past-producing Sachigo River gold mine in the Ellard Lake greenstone belt, Northwestern Ontario. The Sachigo River gold mine produced 52,560 ounces of gold at an average grade of 1.1 ounces of gold per ton (38.8 grams of gold per tonne) between 1938 and 1943.
Of the three gold grain-in-till dispersal trains identified on the property, two are very similar to dispersal trains extending south from the Sachigo River gold mine (see press release January 26th, 2009). Most significantly, one overburden sample, collected from the Property during the 2008 fall exploration program, contained 476 gold grains, 454 of which are pristine from a 10.6 kg sample. The best gold grain result associated with the Sachigo River gold mine contained 69 gold grains, 57 of which were pristine from a 7.7 kg sample collected by the Ontario Geological Survey within 100m of the Sachigo River mine site. The implication of these results is that the Thorne Lake property has a very strong potential to host gold mineralization and we are looking forward to exploring this project further.
Under the terms of the agreement, INV may earn a 50% interest in the Thorne Lake property by funding $1.5 million in exploration expenditures over four years, with a first year commitment of $500,000. Upon INV completing its funding obligations, a joint venture will be formed with INV and Northern Superior both holding a 50% interest in the property. During the earn-in period, Northern Superior will remain the operator of the exploration project. INV may elect to sole-fund additional work programs, after earning its’ 50% interest, through to the completion of a pre-feasibility study to earn a maximum 60% interest.