Toronto-based gold exploration company Northern Superior Resources has announced plans to spin off its Ontario assets into a separate entity. The move will allow the company to concentrate on its rapidly advancing gold properties in the Chibougamau camp in Quebec, while dedicating focused attention and funding to its Ontario assets.
Among the Ontario properties, the Ti-pa-haa-kaa-ning Project (TPK) in the remote James Bay region is the most promising. Northern Superior describes TPK as having the largest gold in-till anomaly in North America, indicating the presence of small pieces of gold within the ground. Notably, Barrick Gold has staked ground on four sides of the TPK property.
The proposed transaction involves the purchase and sale of the Ontario assets to an independent shell company, with the issuance of common shares valued at $18.2 million. Following regulatory approval, the newly formed spinoff will be named Superior Minerals, with Rodney Barber, the company’s senior vice-president of exploration, serving as president, and former Northern Superior CEO Tom Morris as the chair.
TPK spans an area of 47,796 hectares and is known for its high-grade gold, silver, and copper deposits. The property hosts two large independent mineralized systems and has yielded significant findings, including the discovery of a boulder containing over 700 grams per tonne of gold. TPK is located within the traditional territories of the Nibinamik First Nation and Neskantaga First Nation.
Northern Superior has allocated $3 million, currently held in escrow, for exploration and development purposes related to the Ontario assets. The company’s other Ontario property is the October Gold Project, situated 105 kilometers southwest of Timmins and 35 kilometers northwest of IAMGOLD’s Côté mine project. Northern Superior acquired the October Gold Project last year as part of its acquisition of Genesis Metals. The project falls within the traditional territories of the Flying Post and Chapleau Cree First Nations.
Simon Marcotte, Northern Superior’s president and CEO, expressed excitement about the transaction, stating that it would provide a dedicated company, along with capital and a management team, to advance the Ontario assets, particularly the highly prospective TPK Project. Marcotte emphasized the world-class geological potential of the area, the interest it has garnered from various companies, and the extensive mineral potential in the region. With a robust exploration database in place, Northern Superior is ready to launch a program once the transaction is completed.
The spinoff of Ontario assets will allow Northern Superior Resources to focus its resources on its rapidly progressing Quebec gold projects, while Superior Minerals will have the opportunity to advance the highly prospective TPK Project and further explore the potential of the October Gold Project.