- Brisbane-based explorer Superior Resources (SPQ) has entered a trading halt ahead of a proposed capital raise
- The company is yet to disclose how much it hopes to raise or how it will spend the money, but these details are expected by Monday, January 31
- Earlier this week, Superior received drill results from the Bottletree prospect within its Greenvale project, which increased its confidence in a porphyry system
- Superior says Bottletree marks the first of several opportunities to discover and develop deposits and plans to build value across its asset portfolio throughout the year
- SPQ shares last traded at 4.5 cents on Tuesday, January 25
Superior Resources (SPQ) has entered a trading halt ahead of a proposed capital raise.
The materials stock is yet to disclose how much it will raise or how it plans to spend the money. The company expects to release the details by Monday, January 31.
Based in Brisbane, Superior Resources is an exploration company focused on large lead-zinc-silver, copper-gold, magmatic nickel-copper-platinum group element (PGE) and gold deposits in Australia’s world-class mineral provinces.
Superior’s project portfolio includes the Greenvale project in New South Wales and the Nicholson and Victor projects in northwest Queensland.
Earlier this week, the company received first results from a 2300-metre diamond drilling program at the Bottletree prospect which is part of the Greenvale project.
The hole was drilled to a depth of over 684 metres and was one of two deep holes that aimed to test a large induced polarisation (IP) anomaly located on the outer edge of a 1.5-kilometre by one-kilometre soil copper anomaly that defines the Bottletree prospect.
Drilling reportedly confirmed the extensive copper mineralisation highlighted by the chargeability anomaly doesn’t represent part of the main mineralised porphyry stock, but late-stage mineralisation sourced from a large copper-gold porphyry system located nearby and to the west of the anomaly.
Managing Director Peter Hwang said that while the initial focus was the IP anomaly, “the turn of events that directed us westwards to a much larger and higher potential target was exciting to see”.
“Although the mineralisation associated with the IP anomaly is not the targeted porphyry deposit, the amount of copper being identified there is significant, starts from surface and there is good potential to define a sizeable deposit,” he said.
The company said Bottletree marks the first of several opportunities to discover and develop deposits and plans to build value across its asset portfolio throughout the year.
SPQ shares last traded at 4.5 cents on Tuesday, January 25.