- Superior Resources (SPQ) receives further results from the Steam Engine gold lode, located within the Greenvale Project in Queensland
- The company is currently undertaking a 13,000-metre drilling campaign at Greenvale, with these latest results from 15 reverse circulation holes
- These results are consistent with the overall indications from the 2021 drill program, supporting significant resource growth potential in the near term
- Superior is targeting a mineral resource estimate upgrade and maiden ore reserve targeted for December 2021
- On the market this morning, Superior is down 10 per cent and trading at 1.8 cents per share
Superior Resources (SPQ) has announced a further boost for its emerging Steam Engine gold lode after receiving the latest bunch of assay results.
The company is currently undertaking a 13,000-metre drilling campaign at its Greenvale Project, located near Townsville, Queensland.
These latest results are from 15 reverse circulation (RC) holes drilled into Steam Engine confirming the down-dip strengthening of the lode.
Significant intercepts include 21 metres at 2.2 grams per tonne (g/t) of gold from 160 metres, including 5 metres at 5.1 g/t and 8 metres at 2.8g/t gold.
These results are consistent with the overall indications from the 2021 drill program, supporting significant resource growth potential in the near term.
So far, 85 RC and diamond drill holes have been drilled at Steam Engine for a total of 7916 metres from the 13,000 metre program.
The latest results follow the intersection grading 115.2 g/t gold from its Eastern Ridge lode.
Managing Director Peter Hwang said the results continue the project’s potential at depth and along strike.
“The confidence provided by this year’s drilling program has enabled us to commit to an even larger follow-up program aimed at aggressively expanding the mineralisation envelope,” he said.
“We will now focus on expanding the mineralisation envelope to realise the potential of the Steam Engine and Eastern Ridge lode.”
Superior is targeting a mineral resource estimate upgrade and maiden ore reserve targeted for December 2021.
On the market this morning, Superior was down 10 per cent and is trading at 1.8 cents per share at 11:51 am AEDT.