HIGHLIGHTS
• 2024 Steam Engine Program comprises revision of 2021 Scoping Study, Resource expansion and exploration drilling programs to accelerate Resource growth by step-out drilling along strike and down dip. New gold lode targets to be drill-tested.
• 2021 Scoping Study being revised (Base case in 2021: A$2,200 /oz Au; to be revised at A$3,250 /oz Au) along with other mining studies and metallurgical testing.
• New geophysical data provides insights to a potential southern extension of the main Steam Engine Lode and previously unknown lode zones.
• Compelling size potential: current Mineral Resource calculated only to shallow vertical depths averaging 90m at Steam Engine Lode and 35m at Eastern Ridge Lode. Resource calculated along 1.2 kms of lode strike – at least 10 kms of additional untested lode potential identified by anomalous soil geochemistry, rock chips up to 65.9g/t Au and geophysics.
• Total current Mineral Resource (JORC Measured, Indicated and Inferred) stands at (Refer ASX announcement dated 11 April 2022):
Lower Grade, Owner-Operated Processing Plant Model (lower cut-off grade of 0.25 g/t Au)
o 4.18 Mt @ 1.5 g/t Au for 196,000 oz Au
High Grade, Toll Treatment Model (higher cut-off grade of 1.0 g/t Au)
o 2.72 Mt @ 2.0 g/t Au for 171,000 oz Au
Superior’s Managing Director, Peter Hwang commented:
“Whilst we have been executing drilling campaigns on our porphyry copper prospects, we have also been busy conducting important geological and resource studies at Steam Engine.
“It is undoubtably fortunate that we have an expanding, high-potential, high-quality gold deposit sitting in the middle of several Tier 1-potential copper and nickel prospects spread across two newly recognised mineral provinces, all secured within our Greenvale Project.
“Considering that some current gold lode development projects have resource inventories calculated down to depths of over 1,000 metres and that drilling to date at Steam Engine reaches average vertical depths of only 90 metres at the Steam Engine Lode and 35 metres at the Eastern Ridge Lode, the project’s size potential is considerable.
“Its size potential is not only down-dip, but there is at least 10 kilometres of untested strike extent as identified by soil geochemistry and a recent sub-audio magnetics (SAM) survey. The SAM survey in particular, has highlighted a previously unknown potential southern extension to the main Steam Engine Lode as well as several potential new lode zones that are unrelated to the Steam Engine and Eastern Ridge Lodes. The SAM survey appears to also show depth continuation of these lode zones.
“We are putting Steam Engine to the test this year and we have high expectations, considering the incredible positive movements in the gold market and the upgraded Mineral Resource Estimate, both of which were not factored into the last Scoping Study that was completed in early 2021.
“2024 promises to be an exciting year as we prepare to commence extensive drilling programs at Steam Engine as well as the most anticipated holes to date at Bottletree, backed by the Queensland Government’s CEI Critical Minerals grant.”
Read the announcement via this link