HIGHLIGHTS
- Discovery of a new, multiple-lode gold shoot zone at the northern end of the Steam Engine Lode is a significant development that reinforces the persistent strength of the system and paves the way for accelerated uplifts in project development economics
- Systematic Resource drilling at the Steam Engine Lode has shown good continuity of mineralisation over a strike length of 750m to date, and this new stacked-lode gold shoot discovery may indicate the start of another major zone of mineralisation
- Significant intersections include:
o 8m @ 1.73 g/t Au from 79m (SRC220)
incl 4m @ 2.82g/t Au from 80m
incl 1m @ 5.62g/t Au from 83mo 7m @ 1.38 g/t Au from 16m (SRC206)
incl 4m @ 2.11g/t Au from 19m
incl 1m @ 4.67g/t Au from 22mo 12m @ 1.03 g/t Au from 10m (SRC215)
incl 4m @ 2.00g/t Au from 11mo 10m @ 0.96 g/t Au from 94m (SRC217)
incl 5m @ 1.41g/t Au from 99m
incl 2m @ 2.26g/t Au from 102m - Personnel being mobilised for commencement of Phase 2 drill program, which will focus on expanding Resources amenable to open pit mining by following up the new gold shoot zone discoveries. Phase 2 will also drill test SAM geophysical targets and include maiden drilling of Windmill East Prospect
Superior’s Managing Director, Peter Hwang commented:
“Steam Engine has hasn’t wavered in continuing to deliver great results and the old geologists’ adage ‘the more we drill, the bigger it gets’ certainly has been true so far.
“It is becoming clear that high grade gold shoots, such as the largest zone that dominates the southern half of the Steam Engine Lode, are repeated in a regular pattern along the multi-kilometre-long strikes of the Steam Engine and Eastern Ridge structures. As indicated by the recent Scoping Study, each of these mineralised shoot zones are expected to significantly boost the overall project economics and further upgrade the Mineral Resource.
“Our objective at Steam Engine is to maintain the shortest possible pathway to project development and to ensure that in the meantime, the project remains robust against the general market and cost environment risks. Of course, capitalising on any readily accessible opportunities to grow the size of the project is a fortunate and important bonus that serves to minimise those development risks.
“The upcoming Phase 2 program promises to be an exciting one. In addition to targeting extensions to the newly discovered northern shoot zone and the recently reported high grade shoot zone at the northern end of the Eastern Ridge Lode, we will be testing new targets at Windmill East and strong SAM geophysical targets at the southern end of Eastern Ridge.
“Updates on the Phase 2 program and progress of mining studies will be provided in due course.”
Read the announcement via this link