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Pandemic-related market volatility hasn’t fazed a Sudbury gold exploration company from raising more than $3.9 million in private financing, much of it earmarked for a high-grade James Bay gold project.
Northern Superior Resources announced they have raised $3,924,000 by issuing Ontario charity flow-through shares and hard-dollar shares.
The $3,219,000 raised through charity flow-through shares are destined for its ongoing exploration of its Ti-pa-haa-kaa-ning (TPK) property near the Ring of Fire in preparation for a drill program this summer.
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TPK is a large, 47,796-hectare, property located 15 kilometres west of the Ring of Fire and 470 kilometres northeast of Thunder Bay, where the company has discovered gold, silver and copper.
At the same time, New Gold – operators of the Rainy River Mine in northwestern Ontario – has bought into Northern Superior by acquiring a 9.99 per cent ownership stake in picking up 5,080,000 common shares.
In an April 6 release, company president Tom Morris was pleased with the “strong vote of confidence” from the board and management in purchasing 24 per cent of the shares sold in the offering.
“The momentum behind the company and our exploration projects continues to increase.”
If conditions allow, Morris said they’re looking forward to making great gains at the TPK property this year.
“We intend to initiate a core drill program on the TPK property this summer, or as soon as we and our stakeholders on this project determine that the current Covid-19 pandemic has abated sufficiently to allow for the safe execution of the program," he said in a release.
Besides TPK, Northern Superior has a number of exploration properties in the Chapais-Chibougamau area of western Quebec, including its main Croteau EST and Lac Surprise properties.
