HIGHLIGHTS
• A new, potentially significant lode zone located 80m west of Eastern Ridge Lode has been identified in 6 holes with grades up to 7.18g/t Au
• Resource definition drilling at the Eastern Ridge Lode highlight a potential second high-grade mineralisation shoot that shows significant thickening with depth and impressive grades:
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
• The high-grade Au shoot is highly significant as it:
o extends mineralisation from 30m to 80m down-dip, from surface
o is located at the northern margin of the Mineral Resource and shows a northerly plunge of the shoot, indicating significant lode extension potential northwards
• Upcoming large Phase 2 drill program will focus on expanding Resources amenable to open pit mining and identifying new lode zones at Steam Engine and Eastern Ridge lodes, including SAM geophysical and soil geochemical targets
Superior’s Managing Director, Peter Hwang commented:
“The high-grade gold mineralisation in holes SRC202 and SRC203 coupled with the significant thickening of the Eastern Ridge Lode at its northern end demonstrates the expansion potential that continues to be presented across the Steam Engine Project. Importantly, the zone of sericite alteration that carries the mineralisation has substantially thickened at the northern end, from about five metres to over 30 metres in intersectional thickness, indicating a potential strengthening of the mineralising system.
“The mineralisation at the northern end of Eastern Ridge lies outside the optimised pits that were used in the recently announced Revised Scoping Study. This result contributes solidly to our objective of expanding extractable Resources
and ultimately, project economics.
“We are also excited to have identified a new, parallel zone of mineralisation about 80 metres to the west of Eastern Ridge. The presence of this zone was unexpected, and we only identified it as we stepped out a line of holes to the west to target deeper parts of the Eastern Ridge Lode.
“Drilling at Eastern Ridge has been very limited, especially compared to the Steam Engine Lode. The Mineral Resource is developed along only 500 metres of a 4-kilometre-long mineralised structure and associated SAM geophysical targets lie to the south and west of the Resource envelope.
“We eagerly look forward to the upcoming and substantial Phase 2 of the 2024 Greenvale drilling program.”
Read the announcement via this link