Superior Resources (ASX:SPQ) - Managing Director, Peter Hwang (right)
Managing Director, Peter Hwang (right)
Source: Sydney Mining Club
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Superior Resources (SPQ) is set to begin a second drilling program at the Steam Engine Gold Deposit in Queensland next month
  • This program follows on from the recently completed reverse circulation (RC) drilling program which returned up to 12.7g/t gold
  • This second program will consist of 3000 metres of RC drilling with aims to increase the current mineral resource
  • The company will be drilling the high-grade extension zones identified in previous drilling as well as infill drilling in key areas
  • Superior is up a healthy 22.7 per cent with shares currently trading for 1.4 cents each

Superior Resources (SPQ) is set to begin a second drilling program at the Steam Engine Gold Deposit in Queensland next month.

This program follows on from the recently completed 3756 metre reverse circulation (RC) drilling program which returned strong gold intersections.

Best results from the program include five metres at 4.1g/t gold from 35 metres including one metre at 12.7g/t gold, and six metres at 2.7g/t gold from 71 metres including two metres at 5.7g/t gold from 73 metres.

This second program will consist of 3000 metres of RC drilling and aims to increase the current mineral resource of 1.27 million tonnes at 2.3g/t gold for 94,000 ounces.

Superior Resources will be drilling at the high-grade extension zones identified in previous drilling as well as infill drilling in key areas.

The company will aim to identify new high-grade extensions at the Steam Engine and Eastern Ridge lodes.

“Following the better than expected performance of the first program, we are eager to continue drilling at Steam Engine,” Managing Director Peter Hwang said.

“Whilst the results received to date are more than sufficient to enable completion of our scoping study, launching the second drill program brings forward our focus on expanding the current mineral resources, which potentially increases the scale of any early mining operation,” he said.

“This is an exciting period for the company as we approach a series of milestones that have the potential to underpin our ambition of realising substantial value for the company and its shareholders,” he added.

Superior is up a healthy 22.7 per cent with shares trading for 1.4 cents each at 1:19 pm AEDT.

SPQ by the numbers
More From The Market Herald
The Market Herald Video

" Caprice Resources (ASX:CRS) intersects shallow gold at Island Gold Project

Caprice Resources (ASX:CRS) intersects shallow gold mineralisation at its first reverse circulation drilling program at the…

" Future Metals (ASX:FME) to raise $5.5m for Panton

Future Metals (ASX:FME) has received firm commitments for a heavily oversubscribed $5 million placement.

" Firebird Metals (ASX:FRB) raises $3.5m to accelerate Oakover development

Firebird Metals (ASX:FRB) has received firm commitments to raise $3.5 million via a placement from sophisticated…

" Construction at Tietto Minerals’ (ASX:TIE) Abujar Gold Project remains on schedule & budget

Construction at Tietto Minerals' (ASX:TIE) Abujar Gold Project in Côte d'Ivoire, West Africa remains on schedule…