33% Leap For Total Measured And Indicated Gold Numbers
Superior Resources Limited (ASX:SPQ) has revealed a significantly upgraded Mineral Resource estimate (MRE) for its Steam Engine Gold Deposit located 210 kilometres west of Townsville, Queensland, Australia.
The Mineral Resource was revised from the previous estimate of December 2020 to incorporate results from the 2020 Stage 2 drilling programme. The Stage 2 programme comprised infill drilling to delineate high grade ore shoots as well as Resource extension drilling at the northern end of the Steam Engine Lode and southern end of the Eastern Ridge Lode.
Managing Director, Peter Hwang, said the scope of the latest Resource estimation was expanded to include modelling of various high grade mining scenarios, which will be considered in the Scoping and Pre-Feasibility studies.
The revised JORC (2012) Mineral Resource estimate has been significantly upgraded by delivering a 31% increase in total Measured and Indicated Resources (since December 2020 estimate) and a 123% increase since commencement of drilling in July 2020, together with a 9% increase in total in-situ gold ounces (30% increase since July 2020), as 1.73 million tonnes at 2.2 g/t Au (122,000 ounces), including: 240,000 tonnes @ 2.6 g/t Au for 20,000 ounces – Measured, 610,000 tonnes @ 2.4 g/t Au for 47,000 ounces- Indicated, and 880,000 tonnes @ 1.9 g/t Au for 55,000 ounces – Inferred
“We are pleased that the 2020 Resource upgrade programmes have been successful in reinforcing the quality and robustness of the Steam Engine Gold Deposit,” Mr Hwang said.
“The programmes have delivered on our primary objective of upgrading the geological confidence of the Mineral Resource, resulting in an overall 123% increase in the total Measured and Indicated ounces since commencement of drilling in July last year.
“In addition, our expectations of identifying high grade ore shoots were greatly exceeded by the delineation of at least two high grade shoots, including a multiple-ounce grade shoot carrying values of up to 184 grams per tonne.
“The high-grade shoots and the consistency of the lodes is a developing characteristic of the Steam Engine deposit, which elevates the potential for identifying larger zones of mineralisation within the system.
“The completion of the Resource upgrade programs now enables the finalisation of the Scoping Study and subject to its results, the commencement of accelerated mining studies.
“In parallel with the mining studies, we are preparing significant drilling programs for the coming field season targeting the high-grade ore shoots, expansion of the current mineralisation envelope and a maiden drilling program on the new Dinner Creek Lode Zone.”
