Superior Mining International Corp. Acquires the High-Grade Monexco Group Gold Property, Chibougamau, North Québec
VANCOUVER, BC, Nov. 30, 2021 /CNW/ - Superior Mining International Corp. ("Superior Mining" or the "Company") (TSXV: SUI) (OTC: SUIFF) is pleased to announce it has reached an agreement with a private firm for the acquisition of the Monexco Group Property located about 10km north of the town of Chibougamau, Northern Quebec region. The Property, extending for 30km on its longest axis, is comprised of 204 claims totalling more than 11,000 hectares.
Highlights:
- Superior Mining International Corp. will obtain 100% of Monexco Group Property, north of Chibougamau, Québec
- The property includes known high-grade gold surface occurrences distributed over about 400 metres of strike length
- Property straddling a newly defined regional structure with proven fertility for gold
- Close to infrastructures and all year long accessibility
The Monexco gold trend has several historical gold grades in the 10 g/t to up to 126.8 g/t* range from various stripped areas distributed over 400 metres of strike length. The whole land package is centered on the Faribeault Fault Zone and associated cross cutting structures identified for its gold potential by the province of Québec MERN (Ministère Énergie et Ressources Natuelles).
* Technical Report on the Monexco Property, McCorkill Township, Chibougamau, Québec, Vol 1. Prepared for Typhoon Exploration Inc. Martin Demers P.Geo., March 6th 2018.
Chibougamau Area
The Chibougamau segment corresponds to the northeastern portion of the Abitibi greenstone Belt. The area can be represented as a folded sequence of mafic to felsic volcanic sequences interlayered with sediments. An allmark of the area is the extensive layered mafic and ultramafic intrusions interposed in the stratigraphic sequence. The Doré Lake complex is the main host of the Chibougamau Central Camp and had historical production of 74Mt for a metal production of 4.3 Moz and 1.3Mt of copper extracted from polymetallics veins and shears zones.
Source: Mineral Potential of the Chibougamau Mining District, PRO 99-05, MERN
The regional geology was well documented over decades of mapping and drilling works, mainly through favorable outcropping conditions when compared to the remainder of the Abitibi Belt. Unlike the copper bearing veins exploration, little attention was devoted to gold systems. Monexco gold showings (see map) follow a North-East inferred strike slip fault intersecting the East-West Faribeault shear and fault zone.
Monexco Gold Trend and Showings
The Monexco cluster of high-grade gold showings covers an area making approximately 400 metres along strike and 400 metres across the main structure. The quartz-tourmaline veins and quartz-carbonate-pyrite veins sets follow East-West and North-East orientations, hosted in strong iron carbonate alteration affecting both mafic volcanic, gabbros and quartzo-feldspathic dykes. A dozen or so stripped and sampled areas were recorded accurately by a previous operator. Following table summarised compiled historical results and observations from four main areas. Displayed coordinates are centered on each stripped area and represent a distance of about 100 to 150 metres between each location.
Gold showing |
Mineralization |
Geological control |
Sampling |
Monexco #1 572250E/5538900N |
North-south to north-east quartz-tourmaline veins cross cutting quartz-feldspathic dykes and gabbro sill. |
Strike slip shearing and iron carbonatization along quartzo-feldsapthic dykes contacts. |
1 g/t to 42.8 g/t from 18 over 51 chip samples. |
Rivière Nord 572100E/55388855N |
East-west, north-east, south-west veins and veinlets network. |
Gabbro-basalt sheared contact with strong iron carbonatization. |
3.1 g/t to 22.7 g/t from 4 over 32 channel samples. |
Monexco #3 572425E/5538875N |
North-south to north-east quartz-tourmaline veins cross cutting quartz-feldspathic dykes and gabbro sill. |
Strike slip shearing and iron carbonatization along quartzo-feldsapthic dykes contacts. |
1 g/t to 9 g/t from 6 over 23 channel samples. |
"VG" 572255E/5538475N |
North-east, and north-west moderately dipping, conjugated tensional veins sets. Finely disseminated pyrite in veins and host rocks with sporadic visible gold. |
3 to 7 metres wide cross cutting north-east fracture zones followed over 30m. |
1 g/t to 16 g/t from 9 over 124 channel samples. |
Caurionary Note: these historical results are played as examples of the grade distribution over particular areas. Their local provenance avoid to trace no assumption about the average grade or continuity of a mineralized structure.
Ref: Technical Report on the Monexco Property, McCorkill Township, Chibougamau, Québec, Vol 1. Prepared for Typhoon Exploration Inc. Martin Demers P.Geo., March 6th 2018.
Faribeault Fault Potential
The Province, through the MERN (Ministère Energie Ressources Naturelle), has highlighted an area south of the Faribeault Fault Zone extending along the property for about 5km of strike length as a favorability zone for orogenic gold deposits. The structure shows similarities with other regional gold bearing structures of the Abitibi Belt such as the proximity of discordant lithological contacts, strong iron carbonate alteration, a high density of dykes and cross cutting north-east strike slip faults.
The Monexco Group Property covers about 30km of this main structure, it also extending over north-east trending lineament which were recognized using magnetic data enhancement and filtering.
Terms of the Agreement
Superior Mining International Corp. will pay an aggregate amount of $100,000 and issue 3.3 million shares in exchange for 100% interest in the Property. The Sellers retain a Net Smelter Return (NSR) royalty of 3%. The level of the Royalty may be reduced at any time from 3% to 2% subject to certain payments.
Qualified Person
This press release was prepared by Martin Demers P.Geo,OGQ (#770), who is a qualified person as defined under National Instrument 43-101, and who has reviewed and approved the geological information provided in this news release.
ON BEHALF OF THE BOARD
"Brent Butler"
_________________________
Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Superior assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
SOURCE Superior Mining International Corporation
Superior Mining International Corp., 646-661-0409
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