Nov 06, 2020

Steam Engine scoping study expected this month

Steam Engine scoping study expected this month

Superior Resources plans to launch into its Phase 2 drilling program at Steam Engine next week and deliver an initial scoping study for the gold project later this month.

The latest batch of assays from the North Queensland project had continued to return robust high-grade intersections, Superior managing director Peter Hwang said.

“The Phase 1 drilling has clearly demonstrated the robustness of the deposit and the significant potential for resource expansion along strike as well as down dip,” he said.

Recent results included 18m at 2.4 g/t gold from 21m, including 6m at 4.6 g/t gold (and including 1m at 10.9 g/t gold from 37m).

The assays are from a total 1309m of drilling at Steam Engine that included:
• 14 RC drill holes for 612m of drilling;
• 6 diamond core drill holes for 302m of drilling; and
• 2 diamond-tailed drill holes with RC pre-collars targeting the deeper portions of the Steam Engine Lode for 395m of drilling (including 258m of RC and 137m of diamond core).

The project’s current total mineral resource of 1.27 million tonnes @ 2.3 g/t gold for 94,000 ounces of gold is based on only 30 per cent of at least 2.5km of outcropping lode strike at Steam Engine and
eastern Ridge lodes and only to shallow depths.

The upcoming revised mineral resource estimate was expected to be upgraded, Superior Resources said.

Location of the Steam Engine gold deposit and other prospects within Superior Resources’​ Greenvale project in North Queensland.