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- Superior Resources (SPQ) has begun the phase two reverse circulation (RC) drilling program at the Steam Engine Gold Deposit in Queensland
- At least 40 holes will be drilled at the Steam Engine and Eastern Ridge lodes to expand the current mineral resource
- Drilling will aim to extend the strike length of Steam Engine and extend the high-grade zone at Eastern Ridge
- According to Managing Director Peter Hwang, the program is expected to be completed before Christmas and first results are expected by the end of the month or early December
- Superior has ended the day with no change and shares trading for 1.8 cents each
Superior Resources (SPQ) has begun the phase two reverse circulation (RC) drilling program at the Steam Engine Gold Deposit in Queensland.
At least 40 RC holes will be drilled, for a minimum of 3000 metres, at the Steam Engine and Eastern Ridge lodes to expand the current mineral resource.
The mineral resource currently reads 1.27 million tonnes at 2.3g/t gold for 94,000 ounces of gold.
This will be done by drilling along strike at the north of Steam Engine to extend the current length by 400 metres.
Drilling down dip will then be completed to extend the high-grade zone at the Eastern Ridge Lode at length and depth.
Phase two follows on from the recently completed 3756-metre phase one RC and diamond drilling program which returned strong gold intersections at both Steam Engine and Eastern Ridge.
“We are very pleased to have commenced the phase two drilling program at Steam Engine, which is less than a week since reporting the final batch of results from the first program,” Managing Director Peter Hwang commented.
“With our knowledge of the ground and having the same rig and drilling crew from phase 1, we expect completion of the program before Christmas and the return of first assays by the end of this month or early December,” he said.
“In the meantime, we are well advanced with the scoping study and are on track to deliver the study within the next two weeks,” he added.
Superior has ended the day with no change and shares trading for 1.8 cents in a $21.43 million market cap.
