Exciting Results From First Batch Of Stage 2 Assays
Superior Resources Limited (ASX:SPQ)has reported spectacular results from the first batch of assays from the recently completed Stage 2 drilling programme at the company’s Steam Engine Gold Deposit, located 210 km west of Townsville, Queensland.
The results are from the first 15 of 40 reverse circulation (RC) drill holes drilled in the Stage 2 programme representing approximately 30% of the samples submitted.
Each of the 15 drill holes targeted a large modelled low-grade zone of the Revised Mineral Resource and were designed to upgrade the zone.
The remaining 25 holes are designed to extend the mineralisation envelope at the Steam Engine and Eastern Ridge Lodes and identify additional high grade ore shoots. Results for these holes are yet to be received.
Managing Director, Peter Hwang, said the Stage 2 drilling results will be incorporated into a planned Pre-Feasibility Study, which will commence immediately after the delivery of the Steam Engine Project Scoping Study, expected in early February 2021.
“We are very pleased to have met one of the objectives of the Stage 2 programme in the first batch of Stage 2 assays, which was to identify new high-grade ore shoots in the Steam Engine Lode,” Mr Hwang said.
“Infill drilling from the Stage 1 programme showed potential to convert a large low-grade zone to high-grade. This has clearly been achieved with the results delivering the two best holes drilled to date at the Project.
“The spectacular grade intercepts reported from these two holes together with an ounce and a half-grade intercept reported in September 2020, confirm the presence of a very high-grade ore shoot. This latest development together with the recent realisation of the size magnitude of the new Dinner Creek Lode, demonstrate that we are only just beginning to uncover the Project’s potential.
“With the resources outlook extremely bright, 2021 promises to be an eventful year for Superior. Activities at Steam Engine will be ramping up with an accelerated resource and mining assessment program in conjunction with further resource expansion drilling programs and drilling to test the recently identified Dinner Creek Lode.
“We will also be developing a maiden Mineral Resource Estimate at the Wyandotte Copper Deposit and targeting other copper prospects at the Greenvale Project. With copper and nickel being the predominant mineral endowment at Greenvale, the large Big Mag prospect will also be in our sights.”
The 2020 Stage 2 drilling program at the Steam Engine Gold Deposit commenced in November 202- and concluded in mid-December 2020. The programme was a combination of exploration aimed at increasing the Mineral Resource and additional infill drilling aimed at increasing the Measured and Indicated Resource categories. The programme comprised a total of 40 RC drill holes for a total of 3,055 metres. Drill hole depths ranged from 48 to 120 metres.
The objectives of the Stage 2 drill holes were:
- To extend high-grade zones identified during the first campaign beyond the current Mineral Resource;
- To identify new high-grade extensions at both the Steam Engine and Eastern Ridge lodes; and
- To upgrade low-grade zones within the current Resource envelope.
