• Third batch of assays from 10 reverse-circulation (RC) holes drilled at Steam Engine Lode returns shallow, ounce-grade intercept:
– 8m @ 6.3 g/t Au from 19m (SRC136) incl 1m @ 38.8 g/t Au from 23m;
– 5m @ 4.7 g/t Au from 128m (SRC127) incl 3m @ 7.1 g/t Au from 129m;
– 4m @ 3.0 g/t Au from 15m (SRC135) incl 1m @ 6.7 g/t Au from 16m;
– 5m @ 2.2 g/t Au from 40m (SRC132);
– 4m @ 2.4 g/t Au from 125m (SRC129)
• Results confirm down-dip thickening and extension to the lode and additional shallow, high grade zones
• 85 RC holes have been drilled for a total of 7,744m from 13,000m Greenvale drilling program
• Feasibility Study progressing on a low capex operation generating near-term cashflow.
Superior Resources Limited (ASX:SPQ) (Superior, the Company) announced today further positive results in the third batch of assays from drilling at its Steam Engine Gold Project. The program is part of the Company’s 13,000m drilling campaign underway at its 100%-owned Greenvale Project, located approximately 210kms west of Townsville, Queensland.
Notably, this batch of assays returned another ounce-grade intercept of 38.8 g/t Au from near surface, adding to earlier high and bonanza grade 1 metre intercepts of 184 g/t Au, 135 g/t Au and 47.5 g/t Au from within broader high-grade intervals within the Steam Engine Lode (refer ASX announcements 18 January 2021 and 30 September 2020).
The drill holes reported in this third batch of results mainly targeted the down-dip extension areas at the northern end of the lode and infill of shallow parts of the Steam Engine footwall lode zone.
The latest results strengthen Steam Engine’s potential to become a low capex operation generating near-term revenue for the Company, as highlighted by a recent Scoping Study (refer ASX announcement 27 April 2021), with a Feasibility Study progressing.
Superior’s Managing Director, Peter Hwang commented: “Whilst the ounce-plus grade intercept is not unexpected from the Steam Engine deposit, it importantly indicates the real potential for the discovery of very significant gold mineralisation within this system. The program this year has demonstrated a strengthening of the system with lode widths thickening substantially with progressively deeper drilling. All indications are that Steam Engine’s potential is yet to be realised.
“We are also pleased to see greatly improved turnaround times for the reporting of assays from the labs, which will enable more regular reporting of results to the market. To date, assays from 3,134 metres of drilling have been received from a total of 7,744 metres of drilling at Steam Engine.
“Our confidence in this prospect continues to increase and we look forward to delivering the results of a Mineral Resource upgrade and Feasibility Study to further unlock value for shareholders.”