• First two deep diamond drill holes at Superior’s Bottletree Copper Prospect targeting large high order MIMDAS IP chargeability anomaly, intersect disseminated and vein sulphide mineralisation, including chalcopyrite (copper sulphide) over broad intervals; awaiting assays
• Disseminated and vein sulphide mineralisation significantly more extensive than indicated by chargeability anomaly
• First hole drilled to 684.6m from northeast to southwest, penetrates entirely through chargeability anomaly; extensive high grade copper mineralisation intersected at bottom 20m of hole, west of anomaly
• Newly planned third diamond hole currently at 260m (down-hole) drilling eastwards from western side of chargeability anomaly intersects veins of quartz-chalcopyrite-molybdenite, indicating source of copper mineralisation likely to be nearby undiscovered Cu-Au-Mo porphyry system
• Potential porphyry system located west of chargeability anomaly, as indicated by 1.5km x 1km intense Cu and Au soil anomaly coincident with large oval magnetic and satellite topographic features and supported by observations from first two holes
• Third diamond hole testing for porphyry-related mineralisation and alteration west of chargeability anomaly and to more effectively target high grade copper veins similar to those observed in first two holes
• Chargeability anomaly likely to represent localised structurally-controlled mineralisation within an outer “shell” surrounding one or more large Cu-Au mineralised porphyry systems
• Exploration at Bottletree now focussed on one or more large Cu-Au mineralised porphyry intrusion systems west of chargeability anomaly; evaluation of copper mineralisation at chargeability anomaly and other outcropping areas will continue to define a Mineral Resource
Superior Resources Limited (ASX:SPQ) (Superior, the Company) announced today significant findings from a 2,300m diamond drilling program currently underway at its Bottletree Copper Prospect. The program is part of the Company’s 13,000m drilling campaign at its 100%-owned Greenvale Project, located approximately 210kms west of Townsville, Queensland.
Drilling to date has confirmed that extensive disseminated and vein copper mineralisation highlighted by a large MIMDAS IP chargeability anomaly is likely to be sourced from a large copper-gold porphyry system, located nearby and to the west of the chargeability anomaly. Furthermore, the mineralisation is more extensive than indicated by the chargeability anomaly and crops out at surface. In particular, the mineralisation appears to be structurally localised within an outer zone or “shell” to one or more much larger copper-gold (potentially) porphyry systems.
As a result of observations from the first two diamond drill holes, the Company revised its drilling program and is currently drilling a third “scissor” hole, drilling from southwest to northeast in the opposite direction of the first two holes. Although targeting of the potential porphyry intrusions is yet to be undertaken, the third hole is testing areas to the west of the chargeability anomaly for porphyry-related mineralisation, alteration and porphyry vectors.
The hole is also designed to more effectively target high grade copper-mineralised veins that are predominantly aligned sub-parallel to the first two holes, including a hole drilled during 2018, which returned 292m of 0.22% Cu, including 18.7m @ 1.12% Cu (SBTRD006). The third hole is currently at 260m (down-hole).
Core recovered from the third hole exhibits significantly more intense alteration, veining and mineralisation than observed over the upper sections of the first two holes. Notably, veins of quartz-chalcopyrite-molybdenite which resemble Type-B porphyry veins have been intersected. Porphyry Type-B veins are indicative of a nearby porphyry system.
A porphyry system at Bottletree would likely be located at deeper levels and to the west of the chargeability anomaly. This location is also coincident with the large and intense 1.5km x 1km copper and gold soil anomaly, a large oval potential intrusion centre interpreted from airborne magnetic survey data and a partly coincident oval feature on satellite imagery.
Assay results are yet to be received from the three holes.
Superior’s Managing Director, Peter Hwang commented: “We are very excited with the developments unfolding at Bottletree, which are particularly significant as no more than three meaningful holes have previously been drilled at the prospect.
“The IP chargeability anomaly is no longer the “main event”, but rather just an outer zone of mineralisation related to a much larger potential porphyry copper-gold system. Although the presence of a large porphyry system has long been suspected to be the cause of the enormous soil copper anomaly that defined Bottletree, we became more convinced as the shape of the program changed and as the third hole progressed.
“Bottletree is now the second prospect within the Greenvale Project to exhibit strong evidence for a large porphyry copper-gold system, the other being Cockie Creek.
“Porphyry copper deposits are typically dominated by large envelopes of low-grade disseminated sulphide mineralisation, but due to their size-potential, they are by far the largest deposits of copper, large enough to have defined the category of “Supergiant Deposits”.
“Bottletree represents the first of several opportunities to discover and develop large copper and nickel- copper-PGE deposits within the richly endowed mineralised belts secured by the Company’s Greenvale tenements.
“Consistent with our philosophy of not only discovering Tier 1 deposits, but also of retaining maximum value through to the mining stage, we are implementing a development strategy at Greenvale that will align with the evolving future commodities booms.
“We are expediting new exploration programs at Bottletree that include soil geochemistry surveys, geophysical surveys and drilling. In addition, we are also progressing our other Greenvale copper prospects, including Cockie Creek, where we are targeting a maiden JORC 2012 Mineral Resource Estimate for release by year-end.”