Northern Superior Announces Disposition of Rockland Shares

Rhea-AI Summary

Northern Superior Resources Inc. announces the disposition of 7,800,000 shares of Rockland Resources Ltd. at a price of C$0.025 for gross proceeds of C$195,000. The Company now owns 3,000,000 common shares of Rockland, constituting approximately 4.3% of Rockland's total issued and outstanding shares.

TORONTO, ON / ACCESSWIRE / March 14, 2024 / Northern Superior Resources Inc. (" Northern Superior " or the " Company ") (TSXV:SUP)(OTCQX:NSUPF) is pleased to announce the disposition of 7,800,000 shares of Rockland Resources Ltd. (CSE: RKL) (" Rockland ") at a price of C$0.025 for gross proceeds of C$195,000; the disposition took place on the open market on March 13, 2024.

Prior to this disposition, the Company beneficially owned, and had control and direction over 10,800,000 common shares of Rockland, constituting approximately 15.6% of Rockland's total issued and outstanding shares. These shares were initially acquired by Northern Superior, along with a cash consideration and a Net Smelter Royalty (NSR), pursuant to an option agreement on the Wapistan property in the James Bay region of the province of Quebec. See press releases dated May 2, 2023, and June 6, 2023 . As a result of the disposition, Northern Superior now owns, and has control and direction over 3,000,000 common shares of Rockland, constituting approximately 4.3% of Rockland's total issued and outstanding shares.

This press release is being issued as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues . The Company will file an Early Warning Report (the " Report ") on Sedar+ under Rockland's issuer profile. The Company may dispose of additional shares of Rockland either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans, or other relevant factors.

For further details relating to the disposition, please see the Report, a copy of which will be available on Sedar+ (www.sedarplus.ca), or by contacting the Company at 1-855-525-0992.

About Northern Superior Resources Inc.

Northern Superior is a gold exploration company focused on the Chibougamau Camp in Québec, Canada. The Company has consolidated the largest land package in the region, with total land holdings currently exceeding 62,000 hectares. The main properties include Philibert, Lac Surprise, Chevrier and Croteau. Northern Superior also owns significant exploration assets in Northern Ontario highlighted by the district scale TPK Project.

The Philibert Project is located 9 km from IAMGOLD Corporation's Nelligan Gold project which was awarded the " Discovery of the Year " by the Québec Mineral Exploration Association (AEMQ) in 2019. Philibert host a new maiden 43-101 inferred resource of 1,708,800 ounces Au and an indicated resource of 278,900 ounces of Au¹ . Northern Superior holds a majority stake of 75% in the Philibert Project, with the remaining 25% owned by SOQUEM, and retains an option to acquire the full 100% ownership of the project. Chevrier hosts an inferred mineral resource of 652,000 ounces Au (underground and open pit) and an indicated mineral resource of 260,000 ounces Au.² Croteau hosts an inferred mineral resource of 640,000 ounces Au.³ Lac Surprise hosts the Falcon Zone Discovery, interpreted to be the western strike extension of IAMGOLD Corporation's Nelligan Deposit.

Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP and the OTCQB Venture Market under the symbol NSUPF. For further information, please refer to the Company's website at www.nsuperior.com or on SEDAR+ (www.sedarplus.ca).

¹ Northern Superior announces 1,708,809 gold ounces in inferred category and 278,921 gold ounces in indicated category at 1.10 g/t in maiden NI 43-101 pit constrained resource estimate at Philibert; Northern Superior Resources Inc. press release dated August 08, 2023.
² NI 43-101 Technical Report Mineral Resource Estimation for the Chevrier Main Deposit, Chevrier Project Chibougamau, Quebec, Canada, October 20, 2021, Prepared in accordance with National Instrument 43-101 by Lions Gate Geological Consulting Inc. IOS Services Géoscientifiques Inc. for Northern Superior Resources Inc.
³ Chalice Gold Mines Limited and Northern Superior Resources Inc. Technical Report on the Croteau Est Gold Project, Québec, September 2015, Prepared in accordance with National Instrument 43-101 by Optiro Pty Ltd ("Optiro") to Chalice Gold Mines Limited and Northern Superior Resources Inc.

Northern Superior Resources Inc. on Behalf of the Board of Directors

Simon Marcotte, CFA, President and Chief Executive Officer

Contact Information

Simon Marcotte, CFA
President and Chief Executive Officer
Tel: (647) 801-7273
info@nsuperior.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the proposed transaction; and any other information herein that is not a historical fact may be "forward-looking information". Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward- looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Northern Superior, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of the parties to execute the proposed transaction. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

SOURCE: Northern Superior Resources Inc.

View the original press release on accesswire.com

FAQ

What is the recent announcement made by Northern Superior Resources Inc. regarding Rockland Resources Ltd.?

Northern Superior Resources Inc. announced the disposition of 7,800,000 shares of Rockland Resources Ltd. at a price of C$0.025 for gross proceeds of C$195,000.

How many common shares of Rockland Resources Ltd. does Northern Superior Resources Inc. currently own?

Northern Superior Resources Inc. currently owns 3,000,000 common shares of Rockland Resources Ltd., constituting approximately 4.3% of Rockland's total issued and outstanding shares.

Where can one find more details about the disposition of shares by Northern Superior Resources Inc.?

More details about the disposition of shares by Northern Superior Resources Inc. can be found in the Early Warning Report, which will be available on Sedar+ (www.sedarplus.ca) or by contacting the Company at 1-855-525-0992.