The gold property consists of 316 mineral claims; the transaction is conditional upon TSX Venture Exchange approval.
Under the terms of the agreement, Northern Superior spending an aggregate of $1.25m on exploration on the property over three years: $300,000 in first year; $350,000 in second year ; and $600,00 in third year.
Northern Superior Resources president and chief executive officer T F Morris said the strategic acquisition adjoins the northern boundary of Northern Superior’s Croteau Est gold property.
"Several important exploration targets have already been identified through the discovery of five gold grain dispersal trains, several gold showings (reported values of up to 6.5 g/t gold) and a gold bearing boulder (reported assay of 2,052 g/ t gold or 60 oz/ t gold)," said Morris.
Murgor Resources president and chief executive officer Andre Tessier said, "This option agreement conforms to Murgor’s strategy to enter into solid partnerships for certain non-core assets, in order to better focus its exploration efforts on the Golden Arrow deposit east of Timmins, Ontario, where Murgor is continuing to expand the gold resource."
