Northern Superior Res Inc Stock Price, News & Analysis

Northern Superior Resources has announced a definitive arrangement to acquire Genesis Metals Corp. The acquisition, expected to close in July 2022, aims to create a leading gold exploration company with six projects in Québec and Ontario. This transaction will consolidate approximately 1.3 million ounces of gold in inferred resources and provide significant operational synergies. Genesis shareholders will receive 0.2304 shares of Northern Superior for each Genesis share, representing a 46.6% premium based on the share price on April 26, 2022.

Northern Superior Resources (OCTQB: NSUPF) announced significant results from its reverse circulation (RC) drill program on the Croteau Est property, which hosts an inferred resource of 640,000 ounces gold at 1.7 g/t Au. The expansion of the gold footprint area was confirmed with new gold targets identified, including gold assays of 0.21 g/t and 0.61 g/t. A 7-hole core drill program is set to test five targets, leveraging winter conditions for effective drilling. The company is also planning a summer bedrock mapping program to further explore gold potential.

Northern Superior Resources reports significant findings from the first three drill holes of its 2022 drill program at the Lac Surprise property. The Falcon Gold Zone (FGZ) has been intersected at a vertical depth of 343m, extending the previous depth of 250m. The company emphasizes the 100% drill strike rate with 29 successful holes. The FGZ remains open at depth, indicating strong potential for higher-grade mineralization. With $12 million in cash, Northern Superior is fully funded for ongoing exploration.

Northern Superior Resources has launched a 15-hole core drill program totaling 6,650 meters at its 100% owned Lac Surprise property in Ontario. The program aims to expand the Falcon Gold Zone, which currently shows a 100% drill hole strike rate with notable intersections including 1.36 g/t Au over 40m. The objectives include testing strike extensions, increasing vertical continuity, and exploring potential parallel gold-bearing structures. The company is optimistic, holding over $12 million in cash for extensive exploration this year.

Northern Superior Resources has announced the initiation of the second phase of Reverse Circulation (RC) drilling at its Croteau Est property in Quebec, following promising results from the initial phase completed in Fall 2021. The Phase 1 drilling expanded the inferred gold resource to 640,000 ounces at 1.7 g/t Au. The new phase includes another 124 RC drill holes aimed at further gold footprint expansion. CEO Dr. T.F. Morris expresses optimism about the potential for additional gold ounces. Preliminary deeper core drill targets have also been defined for future exploration.

Northern Superior Resources has successfully acquired Kintivar Exploration Inc.'s Gaspard Nord mineral property, expanding its exploration potential in the Chapais-Chibougamau gold-copper camp. The 2.8 km² Gaspard Nord property is strategically located next to Northern Superior's Lac Surprise property and is believed to host extensions of the Falcon Zone, which has shown promising gold-silver mineralization. The acquisition includes a 2% net smelter return royalty and is expected to enhance the company's exploration strategy with a $6M budget allocated for 2022.

Northern Superior Resources has appointed Catharine Farrow and Alan King to advisory roles, enhancing the company's exploration strategies. Dr. Farrow, with over 30 years of experience in geology and management, previously served notable organizations and is currently an independent director for multiple mining corporations. Mr. King, with 40 years in geophysics and mineral exploration, will provide insights into various exploration projects. The company has also granted 1,990,000 incentive stock options for strategic growth.

Northern Superior Resources Inc. (OTCQB:NSUPF) has successfully closed a non-brokered private placement, raising C$6.65 million, up from the initial C$3 million offering. This financing includes participation from the Cree First Nation of Waswanipi and board members, alongside existing shareholders and seven new institutional investors. Proceeds will position the company for an aggressive exploration strategy in 2022, maintaining a cash balance exceeding C$12 million by year-end. New Gold Inc. retains a 9.9% ownership stake.