Northern Superior Announces Airborne Survey Completed Over North Thelon Joint Venture's Tanqueray Option Property
Market Wire, May, 2008
Northern Superior Resources Inc. (TSX VENTURE: SUP) (Northern Superior) is pleased to announce that it's 50% Joint Venture Partner, Forum Uranium Corp. (TSX VENTURE: FDC) ("Forum"), operator of the North Thelon Joint Venture ("NTJV") has completed a 1,280 line kilometres (km) RESOLVE airborne survey over the Tanqueray Option property (the "Property"). The Property is located along prospective ground for similar style uranium deposits such as AREVA's 148 million pound Kiggavik uranium deposit. Forum is also conducting this survey over the NTJV's 100%-owned ground and on property optioned from Agnico-Eagle Mines Ltd.
Related Results
This FUGRO-operated airborne system is being flown on 150 metre line spacings. The importance of this survey is that the frequency domain electromagnetic data can be processed to represent apparent resistivity, and therefore delineate faults and areas of alteration (low resistivity). During the 2007 field season, structurally-controlled uranium mineralization grading up to 1.07% was identified during a prospecting and mapping program on the property. Early interpretations of the survey show east-northeast and north-northeast trending lineaments, the two main directions controlling AREVA's Kiggavik deposits.
Follow-up ground gravity surveys will be completed on selected targets from the resistivity survey to identify areas of coincident low density and resistivity (alteration) that may be associated with a uranium deposit. This method has been proven successful on the Kiggavik deposits, and is being applied to all of the Joint Venture's holdings in the Kiggavik area. A 3,000 metre drilling campaign is set to commence in July to test the most promising targets.
The Kiggavik Uranium Deposit
Exploration for uranium in the northern Thelon Basin was conducted primarily from the mid-1970's to the mid-1980's culminating in the discovery of the Kiggavik deposits located 80 kilometres west of Baker Lake, Nunavut by Urangesellschaft Canada Ltd. AREVA acquired the project in 1993. Forum and Northern Superior staked ground adjacent to AREVA's Kiggavik property in 2006 and optioned the Tanqueray property and the Agnico-Eagle property in 2007 and 2008 respectively.
Tanqueray Option Agreement
Forum and Northern Superior have signed an option agreement on behalf of the North Thelon Joint Venture to earn a 60% interest in uranium and diamonds on the Property by issuing 300,000 shares of Forum, 300,000 shares of Northern Superior and conducting $4 million in exploration over 5 years. The North Thelon Joint Venture also has the option to earn a further 10% interest in the property by committing to the completion of a bankable feasibility study.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits nearby existing infrastructure by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
About Northern Superior
Northern Superior Resources Inc. is a junior exploration company whose focus is exploring for diamonds and gold on the Canadian Shield and for Uranium on the Thelon Basin, Nunavut. Northern Superior is also advancing gold and base metal properties as a by-product from its diamond exploration programs. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
ON BEHALF OF THE BOARD
Thomas F. Morris, PhD., FGAC, P.Geo., President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Northern Superior Resources Inc. Thomas F. Morris President and CEO (416) 703-4830 (416) 703-5391 (FAX) Northern Superior Resources Inc. Timea Carlsen Corporate Relations (604) 630-8264 (604) 630-8266 (FAX) Email: info@nsuperior.ca Website: www.nsuperior.ca
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