Northern Superior Resources announced that a numbered company controlled by gold financier Eric Sprott will make a $2 million investment in the Sudbury junior miner, and is out to raise $2.5 million more.
"Northern Superior looks forward to the involvement of Mr. Sprott and his associates with the Company,” said Northern Superior president-CEO Tom Morris in a Feb. 13 statement. “These financings could raise up to $4,500,000, allowing Northern Superior to aggressively advance exploration on the Company's key properties in Québec and Ontario. We look forward to the initiation of a series of exciting exploration programs on our two key properties over the coming months."
Northern Superior Resources has started a 30-hole, 9,000-metre drilling program on its Croteau Est gold property in north-central Quebec to examine the eastward extension of mineralization linked to the company’s Croteau Bouchard Shear Zone which has an inferred gold resource of 640,000 ounces of gold.
Morris said defining that extension “will not only lay the foundation for increasing the resource already reported, but could potentially lead to the discovery of other areas of mineralization.”
Sprott’s company is acquiring 40,000,000 units at a price $0.05 per unit with each unit comprised of one common share and one non-transferable share purchase warrant exercisable at a price of $0.075 per share for a period of two years from date of closing.
Sprott is entitled to nominate one person to Northern Superior’s board, so long as he maintains a minimum 10 per cent interest in the company.
Northern Superior has a portfolio of gold and diamond projects in Quebec and Ontario, including the Ti-pa-haa-kaa-ning gold property in northwestern Ontario, Croteau Est and Lac Surprise gold projects in central Quebec, and Ville Marie diamonds in west-central Quebec.