• Steam Engine Gold Project’s Eastern Ridge Lode returns impressive intersection, confirming greater than expected potential with best intersection of 5m @ 24.9 g/t Au from 27m (SRC161), incl 1m @ 115.2 g/t Au from 29m
• Other significant intersections from 38 reverse-circulation (RC) holes drilled into the Steam Engine and Eastern Ridge lodes include: 10m @ 2.2 g/t Au from 29m (SRC159), incl 1m @ 6.6 g/t Au from 32m; 9m @ 2.2 g/t Au from 9m (SRC163), incl 2m @ 7.5 g/t Au from 14m; 6m @ 3.0 g/t Au from 30m (SRC164), incl 1m @ 8.4 g/t Au from 34m; 6m @ 3.0 g/t Au from 28m (SRC165), incl 2m @ 5.8 g/t Au from 29m; 6m @ 2.5 g/t Au from 70m (SRC139), incl 1m @ 6.5 g/t Au from 73m; 5m @ 2.4 g/t Au from 17m (SRC147) incl 1m @ 5.9 g/t Au from 18m
• Results confirm substantial strengthening of Eastern Ridge Lode with higher overall grades and down-dip and along strike thickening of the lode
• Eastern Ridge Lode crops out at surface with at least 1.5kms strike length, but only 400m has been Resource drilled to shallow depths
• 85 RC holes have been drilled for total of 7,744m from the 13,000m Greenvale drilling program
• Eastern Ridge Lode will be followed up with a significant drilling program • Feasibility Study progressing on a low capex operation generating near-term cashflow.
Superior Resources Limited (ASX:SPQ) announced today further impressive results 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.
The latest results are from 19 RC holes drilled into the Steam Engine Lode and 19 RC holes drilled into the Eastern Ridge Lode. An abundance of high-grade intersections from the Eastern Ridge Lode dominated this fourth batch of assays. This includes a near-surface intersection of 1m averaging 115.2 g/t Au from within a 5m intersection averaging 24.9 g/t Au.
The results follow the Company’s reporting last month of an ounce-plus grade intercept of 38.8 g/t Au and earlier high bonanza grade one 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 29 September 2021, 18 January 2021 and 30 September 2020).
The drill holes reported in the latest results targeted shallow infill areas at the northern extension of the Steam Engine Lode and shallow infill and down dip extension areas at the Eastern Ridge Lode.
The results have identified greater than expected potential for expansion of the Eastern Ridge Lode Mineral Resource.
Superior’s Managing Director, Peter Hwang commented:
“The latest results reinforce key observations this year, which have consistently been, the deeper we drill, the better the lodes become. It’s very pleasing to see this theme repeated at the Eastern Ridge Lode where initial shallow drilling last year had returned good grades, but apparently, thinner lodes than the Steam Engine Lode. This year’s relatively sparse drilling at Eastern Ridge is starting to hint at far greater potential for the lode.
“Eastern Ridge has by far the longest surface outcrop of the currently known lodes with at least 1.5 kms of strike length. Drilling at the Steam Engine Lode indicates that the lodes can continue past the outcrop limits. With the current Eastern Ridge Mineral Resource calculated over only 400 metres of strike length, the Eastern Ridge Lode adds another avenue for significant upside potential to expand the total Project Mineral Resource.
“Planning has commenced for further Resource expansion drilling programs as well as exploration drilling for lode extensions under thin cover to the south aided by the recently completed ground magnetometer survey.
“The positive developments this year at both the Steam Engine and Eastern Ridge lodes is progressively incorporated into the Feasibility Study process. Once all outstanding assays have been received, we will revise the Mineral Resource Estimate and potentially, reassess the scope of the study.”