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Superior Resources (ASX:SPQ) - Managing Director, Peter Hwang (right)
Managing Director, Peter Hwang (right)
Source: Sydney Mining Club
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  • Assays from stage two drills have fuelled a 100-metre lode extension at Superior Resources’ (SPQ) Eastern Ridge gold project in Queensland
  • Results from seven reverse circulation drill holes at the Steam Engine Gold Deposit indicated the lode continues to the south with consistent thickness
  • That being said, the explorer noted most of the intersections were lower than average grades for the project
  • Best intercepts came in at shallower depths, returning 10 metres at 2.1 g/t gold, including one metre at 7.9 g/t gold and two metres at 4.0 g/t gold
  • The results are also set to contribute to the company’s upcoming mineral resource upgrade
  • SPQ shares have dipped 7.69 per cent on the back of the announcement, trading at 1.2 cents each

Assays from stage two drills have fuelled a 100-metre lode extension at Superior Resources’ (SPQ) Eastern Ridge gold project in Queensland.

The results from seven reverse circulation (RC) drill holes mark the final instalment of stage two drilling at the company’s Steam Engine Gold Deposit, which is located 210 kilometres west of Townsville.

Drill holes totalling 456 metres were executed in a bid to identify potential lode extensions at the area between 500 and 600 metres north of the southernmost part of the Eastern Ridge Lode.

Promisingly, the finds have indicated the two-kilometre lode continues to the south with consistent thickness, however, SPQ notes most of the intersections are lower than average grades for the Eastern Ridge lode.

Best intercepts came in at shallower depths, returning 10 metres at 2.1 g/t gold, including one metre at 7.9 g/t gold and two metres at 4.0 g/t gold.

The results are set to fuel the explorer’s revised mineral resource upgrade —which is expected in roughly two weeks time — and be incorporated into the scoping study for the Steam Engine prospect.

Superior’s Managing Director Peter Hwang affirmed the outcome of the drills is likely to be beneficial for Steam Engine.

“We expect the stage two results to have a significant positive contribution to the financial analysis within the scoping study, which is scheduled to be completed within the next four weeks,” he commented.

SPQ shares have dipped 7.69 per cent on the back of the announcement, trading at 1.2 cents each at 12:39 pm AEDT.

SPQ by the numbers
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