High impact copper exploration at Greenvale ramping up with drilling poised to commence at two Cu-Au-Mo porphyry prospects

HIGHLIGHTS

• First drill rig mobilising this week to Cocky Creek Porphyry Prospect to commence maiden modern diamond drilling program to produce 4,500m of drill core
• Second rig planned to commence Phase 2 Bottletree drilling program, targeting an interpreted intrusion centre of the large-scale Cu-Au-Mo porphyry alteration system discovered during the 2022 program
• Third porphyry prospect, Wyandotte, progressing with initial geological and survey work ahead of a first program of drilling since 1975, scheduled for late 2023 – early 2024
• Commencement of this year’s drilling marks the roll-out of Superior’s copper strategy of expediting systematic drilling over multiple porphyry prospects distributed across the Greenvale porphyry province
• Drill program objectives: Cockie Creek
  • Targeting two significant, induced polarisation (IP) chargeability anomalies directly below the shallow Cu-Au deposit. The chargeability anomalies are interpreted to potentially represent upper parts of a porphyry intrusive system
  • Resource definition drilling of shallow Cu-Au deposit to establish a JORC (2012)- compliant Mineral Resource Estimate and to expand the size of the resource

    Bottletree

  • Vector towards a porphyry core by targeting an interpreted intrusion centre 400 metres south of 2022 line of drilling, considered likely to be a source of copper and molybdenite mineralisation
  • Test for wallrock porphyry deposit potential by investigating the extent of wall rock Cu- Au-Mo mineralisation extending from surface and remaining open at 850m depth as identified during 2022 drilling and a second untested zone to the southwest
• Additional work includes soil surveys across the province including soil extension and ground gravity surveys at Bottletree

“The 2022 deep diamond drilling program at Bottletree paid off tremendously with the realisation that the Greenvale corridor of multiple copper prospects stretching about 50 kilometres represents a previously unrecognised copper-gold porphyry province.

“This has given us a new level of excitement and confidence for the prosecution of our copper strategy. Consequently, we have embarked on a rapid acceleration of systematic exploration across the province with the aim of drilling each of the many known or suspected porphyry prospects, including characterising numerous other unnamed copper occurrences.

“As we bring on each of these prospects, the Company and its shareholders will benefit from an incrementally greater exposure to multiple Tier-1 potential copper programs.

“We believe there is no better way to start the program off with Cockie Creek, which historically hasn’t seen any comprehensive drill targeting of the large-system potential that is clearly evident at the prospect. Consistent with our overall focus, our primary objective at Cockie is to discover a large, mineralised porphyry system directly beneath the copper-gold mineralisation that has been partially identified at surface. Historic drill intersections of up to 95 metres @ 0.5% copper and 3 metres @ 9.0 g/t gold exist within the near-surface mineralisation, including an inferred Resource estimate of 13Mt @ 0.42% copper under the 2004 JORC Code. In particular, the drill results indicate that copper grades are improving at depth. However, the most striking observation is that an intense IP chargeability anomaly lies below the known mineralisation, including a second parallel chargeability anomaly that wasn’t recognised by previous explorers and remains untested.