Final batch 2024 assays reveal high grade gold lode at Windmill East
SUMMARY
• Maiden drilling at Steam Engine Project new prospect, Windmill East, has confirmed high grade gold mineralisation:
o 8m @ 3.01 g/t Au from 12m depth
– including 3m @ 7.51 g/t Au (and 1.31% Zn) from 15m
– including 1m @ 16.62 g/t Au from 17m
• Assays also confirm:
o Steam Engine Lode – strong strike extension of multiple stacked gold lodes at northern end
o Eastern Ridge Lode – strong mineralisation extends lode zone by 100m to the south
• Updating of Mineral Resource has commenced whilst Feasibility Study continues to progress
• 2024 program assays expected to result in Mineral Resource upgrade and larger mining proposal than contemplated in 2024 Scoping Study
• Scoping Study Financial Model being revised using a significantly higher gold price assumption (2024 Scoping Study assumed $3,250/oz Au).
• Planning underway for drilling of several highly significant intense SAM anomalies potentially representing repeats of the best part of the Steam Engine Lode
Superior’s Managing Director, Peter Hwang commented:
“It’s pleasing to see the latest batch of assays delivering yet another highly positive uplift for the project with the identification of a new strongly mineralised gold lode with up to 16 g/t Au at the Windmill East Prospect. Like most of the project area where we know there’s mineralisation, we are pleasantly surprised when we test-drill the areas for the first time. As we have only tested about 10% of the known prospective areas of mineralisation, we hold strong conviction about the potential of the project.
“However, our immediate focus is to ensure the continued progression of the Feasibility Study and establishing all other aspects of the project in readiness for the commencement of early-stage mining and processing.
“With the consistently positive results from the 2024 drilling program we are expecting to see uplifts in both the Mineral Resource and overall project metrics. Overall project uplifts are expected to be dramatic once we conservatively factor-in the current gold price environment, which has risen about A$1,800 per ounce higher than the price assumption in the 2024 Scoping Study.
“With the completion of our recent capital raise, we can accelerate the upcoming catalysts, which include updating the financial model established in the Scoping Study, revising the Mineral Resource Estimate, declaring a maiden Ore Reserve, completing milestones in the Feasibility Study and pathway to production.
“Of course, those catalysts will be interspersed with exploration updates and material achievements on the copper projects.”
Read the announcement via this link