In November 2011 Northern Superior reacquired a 100% interest in the Thorne Lake gold property (see press release November 17, 2012). To reacquire the property, Northern Superior made a payment of $500,000 and issued 750,000 common shares of Northern Superior to INV Metals. The common shares are subject to a hold period which expired on March 17, 2012.
2011
Exploration Highlights
a) Completed a termination agreement with INV Metals Corp. regarding the option agreement between INV Metals and Northern Superior, allowing Northern Superior to regain 100% control of the Thorne Lake gold property.
The Thorne Lake property is located approximately 720 km northwest of Thunder Bay and 360 km northwest of Pickle Lake. The property is situated over a portion of the Ellard Lake greenstone belt, 15.5 kilometres west of the Sachigo River gold mine, a past producer (1938–1943) that produced 52,560 ounces of gold from 46,416 tons of ore for an average grade of approximately 1.1 oz Au/ t (38.8 g Au/ t). The Ellard Lake greenstone belt is highly prospective for gold but to date has not been extensively explored.
The property currently consists of 44 claims covering an area of 10,752 hectares.
Much of the Company’s exploration on this property was completed in 2009. At that time, an aggressive exploration program discovered: a) four new gold exploration targets based on the concentration and distribution of gold grain values (see press release October 27, 2009); b) four new gold showings (see press release August 25, 2009); and c) two gold-bearing shear structures (see press release October 29, 2009).
2012 OUTLOOK
a) Plan and initiate a prospecting program over key target areas, 2nd Quarter, 2012; and
b) Assess all data to identify targets for a diamond drill program