HIGHLIGHTS
• First set of assays covering 6 RC holes (totalling 450m) from Phase 2 drill program starting to reveal an en-echelon system of high-grade gold shoots at Eastern Ridge Lode.
• The 6 drill holes were designed to define the new high-grade gold shoot identified during the Phase 1 program which intersected an impressive:
o 12m @ 3.29g/t Au from 71m (SRC202)
incl 5m @ 7.65g/t Au from 73m
incl 2m @ 17.09g/t Au from 74m
o 6m @ 2.35g/t Au from 59m (SRC203)
incl 3m @ 4.26g/t Au from 59m
incl 1m @ 9.08g/t Au from 59m
• Assays from the 6 RC holes appear to define the bottom edge of the gold shoot with:
o 6m @ 1.96g/t Au from 64m (SRC225)
incl 1m @ 3.9g/t Au from 68m
• Assays yet to be received from Phase 2 holes that were drilled in front of the apparent plunge of this high-grade gold shoot.
• Phase 1 drilling already identified 3 high grade zones from surface, each equally separated by 150m. The 6 Phase 2 holes reported herein show that the high-grade shoots have a very shallow plunge towards the north. This contrasts with the main high-grade zone at the Steam Engine Lode, which plunges more steeply down dip to the northwest.
• Potential break-through implication for Steam Engine Lode to also be controlled by an en-echelon structural regime. This would:
o explain the sharp termination of the southern end of the Steam Engine Lode; and
o further strengthen support for the very intense sub-audio magnetics (SAM) anomaly to the immediate south of the Steam Engine Lode to represent a second Steam Engine lode.
• SAM anomaly target has become highest drill-test priority. SAM drilling program to be conducted after conduct of a cultural heritage survey.
• Assays for a further 26 drill holes (2,218 samples) from the Eastern Ridge and Steam Engine lodes yet to be received.
• Feasibility Study progressing and will factor in Mineral Resource upgrades as the study process advances.
Superior’s Managing Director, Peter Hwang commented:
“We are pleased to see the development of a potentially important structural theme with the addition of the first set of Phase 2 RC program assays to the Steam Engine database.
“An en-echelon structural regime results in multiple parallel overlapping dilational structures that repeat infill mineralisation zones, often over large areas. This is becoming apparent from the 2024 Phase 1 and 2
programs at the central part of the Eastern Ridge Lode, which has defined equidistantly spaced high grade gold shoot zones, each showing a similar shallow northerly plunge.
“What is particularly exciting is that some structural observations at Eastern Ridge are also observed at the Steam Engine Lode. Although there are significant differences between the two lodes, several north-westerly plunging shoot zones and an abrupt and apparent southern mineralisation boundary lends support to an en-echelon structural regime at the Steam Engine Lode. This possibility immediately raises the significance of a repeated, second SAM anomaly just to the south of the southern end of the Steam Engine Lode, which is identical to the SAM response over Steam Engine’s largest high grade shoot zone.
“Any significant gold mineralisation at the untested SAM anomaly will further lift the project economics by an order of magnitude.
“We will drill test this and several other similar SAM anomalies as soon as we obtain cultural heritage clearance.
“In the meantime, the Feasibility Study is progressing and we will provide an update in due course. We will also be receiving over 2,200 sample assays from the Phase 2 RC program that relate to the northern and southern ends of Eastern Ridge, the northern end of Steam Engine and maiden drilling at Windmill East.”
Read the announcement via this link