- Superior Resources (SPQ) has received positive results in the second batch of assays from its drilling program at its Steam Engine Project in Queensland
- The company has received 18 reverse circulation drill holes, which have confirmed the potential for high grade ore shoots
- The results will be included in the planned pre-feasibility study, which will commence once a scoping study is finalised
- Over the next year, Superior will be conducting a series of mining studies and resource expansions, with a main focus on the new Dinner Creek Lode
- On the market this morning, Superior is down 11.8 per cent and is trading at 1.5 cents per share
Superior Resources (SPQ) has received positive results in the second batch of assays from its drilling program at its Steam Engine Project.
Last November, the company began its phase two drilling program for the Queensland project. Under the program, 40 holes will be drilled to expand the current mineral resource.
The company has now received results from 18 reverse circulation drill holes.
The drilling aimed to extend high-grade zones and the mineralisation down-dip at the recently confirmed Steam Engine Lode Northern Extension Zone.
Significant results from the assays include 12 metres at 5.1g/t of gold from 60 metres and 11 metres at 2.3 g/t of gold from 64 metres.
Superior believes the assays indicated the potential for high grade ore shoots.
The results follow the recent find of a high-grade ore shoot containing bonanza-grade intersections of up to 184 g/t of gold.
“We have been very pleased with the consistent return of solid results over the course of the two drill programs executed during the latter five months of 2020. This has provided us with further confidence for an expedited pathway to early production,” Managing Director Peter Hwang said.
“These latest results are significant as they confirm the down-dip continuation of high grade ore zones that are additional to the recently reported bonanza-grade shoot and also the down-dip expansion of the Northern Extension Zone,” he explained.
Notably, the results from the stage two drilling are not factored into the December 2020 Revised Mineral Resource Estimate of 1. 6 million tonnes at 2.2 g/t of gold for 112,000 ounces and have not been considered under the current scoping study.
However, the results will be included in the planned pre-feasibility study, which will commence once the scoping study is finalised.
Over the next year, Superior will be conducting a series of mining studies and resource expansions, with a main focus on the new Dinner Creek Lode.
On the market this morning, Superior is down 11.8 per cent and is trading at 1.5 cents per share at 10:47 am AEDT.