- 2021 resource drilling program results in a material upgrade to the Steam Engine Mineral Resource (JORC, 2012):
Lower Grade Owner Operated Processing Plant Model (lower cut-off grade of 0.25 g/t Au)
- 60.7% increase in total Measured, Indicated and Inferred Resource to: 4.18 Mt @ 1.5 g/t Au for 196,000 oz Au
- 80.6% increase in total Measured and Indicated Resource to: 2.22 Mt @ 1.7 g/t Au for 121,000 oz Au
High Grade Toll Treatment Model (higher cut-off grade of 1.0 g/t Au)2
- 40.2% increase in the total Measured, Indicated and Inferred Resource to: 2.72 Mt @ 2.0 g/t Au for 171,000 oz Au
- 65.7% increase in total Measured and Indicated Resources to: 1.61 Mt @ 2.2 g/t Au for 111,000 oz Au
- Resource envelope developed to shallow depths along 1.3 kms of lode strike: at least 14 kms of additional lode potential identified by recent studies
- 2022 drilling programs to target Resource expansion
Superior Resources Limited (ASX:SPQ) (Superior, the Company) announced today a substantial Mineral Resource upgrade for its 100%-owned Steam Engine Gold Project, located 210kms west of Townsville, Queensland. On an owner-operated processing plant basis, incorporating lower grade ore than considered under a toll treatment model, the Mineral Resource stands at 4.18 million tonnes @ 1.5 g/t Au for a total of 196,000 ounces Au, representing a 60.7% increase in total Resources and an 80.6% increase in the total Measured and Indicated categories (JORC, 2012).
The revised Mineral Resource reflects the highly positive effect of infill and expansion drilling completed during 2021, focussed mainly on the Steam Engine Lode. Conversion of lower confidence Resources to Indicated and Measured was the primary objective of the 2021 program.
The Company recently reported3 significant upside potential for the project, expanding the total additional lode potential to over 14 kilometres in areas surrounding the known lodes and within a 6 km corridor between Steam Engine and the Bottletree Prospect. Considering that the upgraded Resource has been developed over only 1.3 kilometres of lode strike, the Company will focus on aggressively drilling the lode extension zones during 2022.
Superior’s Managing Director, Peter Hwang, said:
“This latest upgrade is a significant outcome, considering that the 2021 drilling comprised predominantly infill holes. The Resource has more than doubled since we started resource definition drilling in mid-2020, when it stood at 94,000 ounces. The robust and continual growth of the Resource has prompted us to undertake high- level conceptual mining studies as part of a pre-feasibility and strategy development process.
“The updated Resource relates to 1.3 kilometres of lode strike. Recent mapping, soil geochemistry and ground magnetics have identified at least another 14 kilometres of additional strike potential with mineralised lode cropping out at surface in several places.
“Together with the continued Resource expansion at the Steam Engine and Eastern Ridge lodes, we will shortly commence an aggressive program to drill out potential lode extensions in the newly identified areas.
“As demonstrated over the course of 2021, Steam Engine shows significant deposit potential and the options that are opening up for us in terms of its development sit well in supporting the advancement of several additional porphyry copper and nickel-copper-PGE prospects that we aim to bring on-line this year. In addition to technical and planning work on Bottletree, a substantial amount of geological and preparatory work is being undertaken to establish drill programs on three other porphyry prospects that are showing enormous potential. These are Cockie Creek, Galah Dam and Wyandotte.
“We are fully funded to make significant advances this year on several high potential prospects across our expanded Greenvale Project. We look forward to releasing full details of the programs in due course.”