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Capital raise to fund ongoing drilling at Steam Engine Gold Project

  • August 1, 2024

Superior Resources Limited (ASX:SPQ) (Superior, the Company) announces the launch of a capital raise to shareholders to continue ongoing drilling at the Company’s wholly owned Steam Engine Gold Project (Steam Engine) and further drilling at the Greenvale Project (Greenvale).

HIGHLIGHTS

• Superior is undertaking a 1 for 14 non-renounceable entitlement offer to shareholders. The issue is priced at 0.7c with an attaching unlisted 1 for 2 option, exercisable at 1.5c with a 2 year expiry from the date of issue.

• Drilling remains ongoing at Steam Engine with a 7,000m reverse-circulation and diamond drilling program with 2,614m completed to date. Superior will release assays as they are received with the first announcement of results expected in the coming weeks.

• The exploration program at Steam Engine aims to:
o build upon the current 196,000oz Au Mineral Resource;
o generate a maiden Ore Reserve;
o test multiple newly identified potentially high grade lode targets highlighted by SAM geophysical survey data

• Revision of the 2021 Scoping Study is nearing completion.

 

Superior’s Managing Director, Peter Hwang commented:

“This offer to shareholders comes at pivotal time in Superior’s journey as we look to build upon the current 196,000oz Au Resource at Steam Engine with extensional and step-out drilling to test prospective new lodes. The funds raised will be used to continue drilling at Steam Engine, re- calibrate the 2021 Scoping Study and drilling of CEI-funded holes at the Bottletree Copper Prospect.

“We look forward to updating shareholders with the first pass of assays from Steam Engine as they are received. With significant news flow ahead of us this is an exciting time to be a Superior shareholder.”

Read the announcement via this link

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