Northern Superior Resources Inc. is pleased to announce that planning for its 2015 Croteau Est drill program, is complete. Initiation of the core drill phase of the program is planned for June 9th, 2015.
The drill program for 2015 will be comprised of three phases:
- A core drill program to infill gaps within the currently defined Croteau Bouchard Shear Zone (CBSZ) structural corridor. Twelve holes are planned from six collar locations (-45° and -60°, approximately 2200 m, Figure 1). Two holes are planned for the western part of the CBSZ (A& B- Figure 1), the other ten (C- L, Figure 1) on the east side of the CBSZ in order to provide a series of near surface pierce points (40- 100 m vertical depth) in an area where the majority of core hole intercepts are on the order of 175- 300 m vertical depth. Upon completion of the drill core program, all data will be submitted to a third party contractor for the construction of a wireframe model and a resource estimate of the CBSZ to 43-101/JORC standards;
- The completion of forty- eight vertical, 3.5" diameter reverse circulation (RC) drill holes in the vicinity of the CBSZ (Figure 2). Results from this RC drilling program should provide further definition to the mineralization potential of the Croteau Fault and its inferred association with the CBSZ, and to provide scope for the sighting of core holes within this target area during future drilling on the property; and
- Eight additional RC drill holes to test a prominent magnetic target, located on the northeastern part of the property (Figure 3).
The 2015 drill program is anticipated to cost approximately $500,000 and is being funded under a formal option agreement signed between Northern Superior and a subsidiary of Chalice Gold Mines Limited (TSX:CXN and ASX:CHN) ("Chalice"), dated April 21st, 2015. Chalice can earn a 65% joint venture interest in the Croteau Est property by spending an aggregate of $4,000,000 on exploration expenditures over three (3) years. Chalice is obligated to spend a minimum of $500,000 on exploration of the Croteau Est property in the first year regardless of whether it fully exercises its option (see press release, April 21st, 2015), and Chalice's funding the 2015 drill program as planned will satisfy that requirement. Chalice is the operator of the property, with the exploration component of the option agreement managed by Northern Superior under a Technical Services Agreement. This exploration program was developed and approved by a joint technical program committee, comprised of representatives from both Chalice and Northern Superior.
To view the figures associated with this release, please visit the following link: http://media3.marketwire.com/docs/supF.pdf.