Northern Superior logs high-grade gold in Quebec

[Redator]

Northern Superior Resources (TSXV: SUP) cut a highlight result of 9.1 metres grading 11.99 grams gold per tonne at its Philibert property in Quebec. The stock jumped.

That result, in hole PB-25-490 from about 104 metres depth, included 1 metre at 101 grams gold, Northern Superior said Wednesday. Another hole, PB-25-504, cut 18.8 metres at 1.83 grams gold from 6.7 metres downhole, including 10.6 metres at 3.02 grams gold from about 12 metres depth.

“We are particularly encouraged by PB-25-504, which intersected mineralization right at the contact between the bedrock and overburden,” CEO Simon Marcotte said in a statement. “The continued success at the southeast pit, the recent deep high-grade hits, and now this new hanging wall mineralization, all underscore the potential to grow Philibert well beyond the current resource.”

Shares of Northern Superior rose 3.8% to C$1.09 in midday Toronto trading Wednesday. That gave the company a market capitalization of about C$188 million.

Northern Superior is conducting a 20,000-metre expansion drilling program at Philibert, which sits in the area known as the Chibougamau gold camp, about 60 km southwest of the eponymous Quebec city and 9 km from Iamgold’s (TSX: IMG; NYSE: IAG) Nelligan project. The company’s land package in the Chibougamau gold camp covers about 680 sq. km. Chibougamau is about 675 km north of Montreal.

Crews are developing a follow-up drilling program at Philibert to investigate the higher-grade near-surface mineralization – as well as at depth – to increase the ounces in the resource pit. Northern Superior might also add an underground component to the resource.

Other highlights released Wednesday include hole PB-25-505, which cut 33 metres at 1.29 grams gold from 9 metres depth, and hole PB-25-494, which cut 5.7 metres at 1.15 grams from about 166 metres downhole.

Philibert holds 7.88 million indicated tonnes grading 1.1 grams gold for 278,900 oz. of contained metal; and about 48.5 million inferred tonnes averaging 1.1 grams gold for 1.7 million oz. of contained metal, according to a 2023 estimate.