KEY POINTS
• Superior receives grant of third exploration permit (EPM27932) to secure the Dido Intrusive Complex, with confirmed potential to host Voisey’s Bay / ”Julimar-Gonneville” style Nickel-Copper-PGE magmatic sulphide systems
• Resulting from an Australia-wide Ni-Cu-PGE “Voisey’s Bay-style” targeting program during 2004, Anglo American Exploration (Australia) Pty Ltd ranked the Dido Batholith in the top 10 of 100 priority target areas identified across Australia
• Limited drilling by Anglo American confirmed the presence of fertile host rocks carrying magmatic sulphide mineralisation with up to 133m @ 0.12% Ni and 105m @ 0.14% Ni (up to 0.58% Ni, 0.28% Cu, 290ppb Pd, 220ppm Pt)
• Academic consultants considered these intrusions to show “striking similarities [to] those that host the [world-class] Lac des IIes Pd-Pt deposit”
• Anglo American concluded “mafic and ultramafic intrusive complexes that were previously unknown in the area do in fact exist and have the potential to host Ni-Cu-PGE sulphide deposits similar to that at Voisey’s Bay” and their drill results “are considered to be very significant” and show that “(i) the rights rocks are present, (ii) there are multiple untested intrusions and (iii) the magmas are fertile – all of which are very encouraging for further Ni [sulphide] exploration”
• Numerous (>40) magnetic and EM conductor targets identified by Anglo American; only two targets drilled; positive drill holes received no further follow-up; numerous high-quality targets not followed up
• Superior is in a sector-leading Ni-Cu-PGE position, aided by the advantage of having enormous amounts of modern exploration data generated by Anglo American on proven Ni-Cu-PGE magmatic sulphide terrain, including large, high resolution airborne geophysical surveys totalling more than 5,070 line-kilometres and information from petrographic and academic studies on key rock types
• Forward plans include continuing geophysical interpretation of airborne electromagnetic (EM) and induced polarisation (IP) survey data to identify EM conductor and IP chargeability targets, field inspections of priority targets and preparation of drill programs
Superior Resources Limited (ASX:SPQ) (Superior, the Company) announces the grant of the last outstanding exploration permit (EPM27932) in its Dido/Big Mag Project, which covers the expansive Dido Batholith and Big Mag igneous complex. The grant effectively secures what is likely to be the only confirmed Voisey’s Bay/Julimar-style Ni-Cu-PGE magmatic sulphide mafic-ultramafic igneous complex in Queensland.
The grant of the tenement expands the Ni-Cu-PGE project to 1,158 km2 and the overall Greenvale Project to 1,749 sq km.
Prior to substantial data generation, academic research and initial follow up work by Anglo American up to 2012, the Dido Batholith and Big Mag had received little or no exploration and certainly no exploration for magmatic Ni-Cu-PGE sulphides.
Exploration work conducted by Anglo American over a five-year period has provided an enormous and valuable dataset that includes over 5,000 line-kms of high-quality airborne and ground geophysical survey data, soil geochemistry and geological mapping data, limited initial drill hole results and the results of petrographic and academic research on the prospective rock types.
Anglo American generated numerous (<40) magnetic and EM conductor targets. However, follow-up work was focussed on only two high priority targets. Despite initial diamond core drilling on these targets returning very positive results that confirmed the presence of extensive Voisey’s Bay style Ni-Cu-PGE mineralisation, no further follow up work was conducted. In their final statutory report to the government, Anglo American suggested “Despite the project revealing a number of geophysical and geochemical targets the project was recommended for surrender because [they] were unable to negotiate a reasonable access agreement with one Land Owner”.
Superior has successfully negotiated land access arrangements with the same landowner.
Superior’s Managing Director, Peter Hwang, said:
“The potential of the Dido/Big Mag project is sector-leading and the information that we have before us is incredibly enticing. Not only is the project area considered prospective for world-class Ni-Cu-PGE magmatic sulphide deposits, the considerable work conducted by Anglo American has proven the existence of mineralised Voisey’s Bay-style systems hosted within the Dido Batholith complex.
“The project area is huge and already, we have identified more than 40 high priority mafic-ultramafic magma conduit or chonolith targets, some of which are recognised as being the first discoveries of Voisey’s Bay style Ni-Cu-PGE systems in Queensland. Why Anglo American only tested a couple of targets and did not pursue their project further, we can only guess was due to a significant withdrawal from exploration at the start of a deep downturn in 2013.
“We are streets ahead at Dido/Big Mag. Most of the data acquisition work has been completed by Anglo over several years and at high cost on what was at the time, a very greenfields project.
“With the ground secured, Superior’s shareholders now have an outstanding opportunity to be part of our quest to discover a world-class nickel-copper-PGE deposit.”