- Superior Resources (SPQ) receives the third batch of results from drilling at the Steam Engine prospect in Queensland
- The company is progressing a 13,000-metre drilling program at multiple areas of the Greenvale project
- Latest results include 38.8 grams of gold per tonne (g/t)which SPQ describes as an ounce-grade intercept, indicating potential for significant gold mineralisation
- Out of the 7744 metres drilled so far, assays have been received for 3134 metres and the program is ongoing
- SPQ shares are trading steady at 1.2 cents at 1:17 pm AEST
Superior Resources (SPQ) has received the third batch of results from drilling at the Steam Engine prospect in Queensland.
The company is undertaking an ongoing 13,000-metre drilling program at its wholly owned Greenvale Project.
The drill holes reported in this third batch of results mainly targeted the down-dip extensions areas at the northern end of the Steam Engine lode and aimed to infill shallow parts of the footwall zone.
Best results include eight metres at 6.3 grams of gold per tonne (g/t) from 19 metres including one metre at 38.8g/t gold from 23 metres, and five metres at 4.7g/t gold from 128 metres including three metres at 7.1g/t gold from 129 metres.
Managing Director Peter Hwang said the results indicated further potential for significant gold mineralisation.
“Whilst the ounce-plus grade intercept is not unexpected from the Steam Engine deposit, it importantly indicates the real potential for the discovery of very significant gold mineralisation within this system,” he said.
“The program this year has demonstrated a strengthening of the system with lode widths thickening substantially, with progressively deeper drilling. All indications are that Steam Engine’s potential is yet to be realised.”
Superior Resources began the 13,000-metre program in mid-June and since then it has drilled 85 holes for 7744 metres. Of this, the company has received assays for 3134 metres.
Earlier this month, SPQ began drilling at the Bottletree copper prospect which also forms part of the Greenvale drilling program.
The company is progressing a feasibility study for the project and plans to upgrade the current mineral resource.
SPQ shares are trading steady at 1.2 cents at 1:17 pm AEST.