VANCOUVER (miningweekly.com) – Junior exploration company Northern Superior Resources is building on the strong momentum gained in recent months, making two new gold discoveries at its Croteau Est project, in Quebec, and gearing up for further exploration at its key assets.
“It’s very exciting to get back to exploration again,” president and CEO Dr Thomas Morris told Mining Weekly Online in a recent interview (see attached video). “We find ourselves flush with cash and the aim is to demonstrate growth in terms of ounces.”
Morris pointed out that at March 31, the company had cash and cash equivalents of C$6.61-million, comprising C$2.11-million of flow-through funds, and working capital of C$5.55-million.
Northern Superior undertook a C$2-million private placement of flow-through shares during the third quarter of 2016, which was subsequently topped up by a strategic investment of C$2-million by mining mogul Eric Sprott, and a second non-brokered private placement that raised gross proceeds of C$2.5-million.
Funds raised through these two private placements will be used to support exploration programmes on the company’s flagship Ti-pa-haa-kaa-ning (TPK) project, in Northern Ontario, and general corporate activities.
According to Morris, the company has been reinvigorated by several new shareholders as a result of financings completed in 2016 and 2017, in addition to a comprehensive overhaul of the board late last year that added a stronger technical component and more market savvy.
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