Join our daily newsletter At The Bell to receive exclusive market insights
Superior Resources Ltd (ASX:SPQ) has discovered a multiple lode gold shoot system at the northern end of the Steam Engine lode in north Queensland, with drilling indicating grades of up to 5.62 grams per tonne.
The discovery was made through drilling which had already revealed continuous mineralisation across 750 metres at the site with intercepts including 8 metres at 1.73 grams per tonne (g/t) of gold (Au) from 79 metres in one hole, including 4m at 2.82g/t Au from 80m, including 1m at 5.62g/t Au from 83m.
In another hole, intercepts included 12m at 1.03g/t Au from 10m, including 4m @ 2.00g/t Au from 11m.
In addition to what is already known about Steam Engine, this discovery has suggested the beginning of a significant new zone, and the information will be followed up by a Phase 2 drilling program which aims to expand the resources amenable to open-pit mining at the site.
Managing director Peter Hwang said the new lode builds even more confidence in what has already been a strong exploration story at Steam Engine.
“Steam Engine has hasn’t wavered in continuing to deliver great results and the old geologists’ adage ‘the more we drill, the bigger it gets’ certainly has been true so far,” he said.
“It is becoming clear that high grade gold shoots, such as the largest zone that dominates the southern half of the Steam Engine Lode, are repeated in a regular pattern along the multi-kilometre-long strikes of the Steam Engine and Eastern Ridge structures.
“As indicated by the recent Scoping Study, each of these mineralised shoot zones are expected to significantly boost the overall project economics and further upgrade the Mineral Resource.”
Work at Steam Engine has been building towards completion of a feasibility study, and has revealed an expanded mineral resource estimate of 4.18 million tonnes at 1.5 grams per tonne (g/t) of gold for 196,000 ounces.
Superior has been trading at 0.8 cents.
Join the discussion: See what HotCopper users are saying about Superior Resources and be part of the conversations that move the markets.
-1200x645-380x200.jpg)