Join our daily newsletter At The Bell to receive exclusive market insights
- Superior Resources (SPQ) has announced a revised mineral resource for its Steam Engine Gold Deposit in Queensland
- The new resource for Steam Engine now sits at 1.6 million tonnes at 2.2 g/t gold for 112,000 ounces
- Comparatively the previous resource for the deposit was 1.27 million tonnes at 2.3 g/t Au for 94,000 ounces of gold
- All up, this new resource represents a 19 per cent increase in total contained gold and 26 per cent increase in total resource tonnes
- The revision to the mineral resources come after an infill drilling program was carried out at the asset
- An additional stage two program is also underway at Steam Engine, in the hopes of extending the resource further
- SPQ’s share price has dropped following the revision, trading down 11.1 per cent at 1.6 cents at market close
Superior Resources (SPQ) has announced a revised mineral resource for its Steam Engine Gold Deposit, which is located in Townsville, Queensland.
The new resource for Steam Engine now sits at 1.6 million tonnes at 2.2 g/t gold for 112,000 ounces, compared to its previous resource of 1.27 million tonnes at 2.3 g/t gold for 94,000 ounces.
The company said this new figure released to shareholders today represents a 19 per cent increase in total contained gold and 26 per cent increase in total resource tonnes.
The changes to Steam Engine’s mineral resource comes after Superior carried out a stage one drilling program at the asset consisting primarily of infill drilling.
A stage two program is already underway as well and this drilling will look to further extend the mineral resource for the gold deposit.
Commenting on the revision, Managing Director Peter Hwang said the company was pleased with the unexpected increase.
“The revised Mineral Resource has delivered on the main objective of the stage one drilling program of upgrading the geological confidence of the resource to a level that can be fed into a Pre-Feasibility Study (PFS),” he said.
“Whilst the stage one program was not focused on expanding the mineralisation envelope, we are pleased to see a 19 per cent increase in total ounces,” he added.
Along with awaiting assay result from stage two drilling, Superior is also working on finalising a scoping study for the gold deposit. Once the study is completed it advises it will begin work on a PFS.
SPQ’s share price has dropped following the revision, trading down 11.1 per cent at 1.6 cents at market close.
