HIGHLIGHTS
- Phase 2 RC drilling program successfully completed at Steam Engine with a total of 37 holes for approximately 2,700m (Total Phase 1 & Phase 2: 69 holes for 5,282m)
- Extension of one hole beyond planned end-of-hole depth resulted in the discovery of a new footwall alteration zone at northern end of Steam Engine Lode:
o at a previously untested position located 50m east of the main Steam Engine Lode
o showing same characteristics as the main Steam Engine Lode with strongly mineralised quartz-sericite-pyrite schist and potentially represents a previously unknown gold lode to the east of Steam Engine - Drilling at each target area intersected multiple stacked alteration zones, further reinforcing and extending the northern stacked lodes discovered during Phase 1
- Phase 2 program focussed on expanding open-pittable Resources by:o following up new gold shoot discoveries from Phase 1 program at northern ends of Steam Engine and Eastern Ridge lodes
o testing SAM geophysical targets at southern end of Eastern Ridge Lode
o conducting maiden drilling of Windmill East Lode - Recently completed Scoping Study indicates substantial financial upsides with from modest increases in gold Resources: revision of Mineral Resource Estimate and financial model after receipt of all assays
- Feasibility Study work progressing, including ore beneficiation testing program, waste rock geochemical assessments and environmental studies
- Compelling Resource upside potential: current Mineral Resource calculated only to shallow vertical depths averaging 90m at Steam Engine Lode and 35m at Eastern Ridge Lode. Resource calculated along 1.2 kms of lode strike – at least 10 kms of additional untested lode potential identified by anomalous soil geochemistry and outcropping lode
Superior Resources Limited (ASX:SPQ) (Superior, the Company) announces the completion of a Phase 2 drilling program at its 100% owned Steam Engine Gold Project (Project), where the Company is expediting the Project towards development.Superior’s Managing Director, Peter Hwang commented: “Although this year’s drilling programs were aimed at achieving immediate upgrades to the recent Scoping Study financial outputs, the drilling has also resulted in significant Resource and geological developments.
“Prior to this year, the Project was always considered to be a simple lode deposit system comprising two discrete lodes and maybe a third at the Southern Zone Lodes. However, the discovery of multiple stacked lodes and completely new lode zones away from the main lodes shines a new light on the potential that we are beginning to see at Steam Engine.
“There appears to be gold lodes that may not extend to surface and the possibility of an en echelon system extending over the entire Project area is being considered. We are potentially seeing the start of some breakthroughs that could transform the scale of the Project.
“Nevertheless, at the same time we are expediting the development of the Project as an initial mining and toll treatment operation, with work on many of the key regulatory and operational components having commenced.
“Steam Engine is a fantastic gold project and being located amongst several porphyry copper-gold systems and within metres of highway and renewable energy infrastructure, the company and its shareholders are in an enviable position to realise substantial value potential going forward.
“We look forward to updating the market with results from numerous batches of drill samples and with progress on the Feasibility Study work units.”
Read the announcement via this link