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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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  • Superior Resources (SPQ) has upgraded the Steam Engine gold deposit’s mineral resource estimate by 31 per cent
  • The Queensland-based deposit now contains 1.73 million tonnes at 2.2g/t gold for 122,000 ounces
  • The previous estimate was released in December, however, the company wanted to upgrade it by including results from a recent stage two drilling program
  • Superior will now finalise a scoping study and depending on the results, it will begin mining studies
  • The company also plans to conduct further extensive drilling at Steam Engine
  • Superior is down 7.14 per cent and shares are trading at 1.3 cents

Superior Resources (SPQ) has revised the mineral resource estimate for the Steam Engine gold deposit in Queensland.

Steam Engine’s total mineral resource estimate now stands at 1.73 million tonnes at 2.2g/t gold for 122,000 ounces. This comprises measured, indicated and inferred resources.

The updated mineral resource marks a 31 per cent increase in total measured and indicated resources since the December 2020 estimate and a significant 123 per cent increase since drilling began in July last year.

Additionally, it marks a 9 per cent increase in total in-situ gold ounces since December and a 30 per cent increase since July.

The deposit’s previous estimate was released in mid-December 2020. However, Superior wanted to upgrade the mineral resource so it included results from the recent stage two drilling program at Steam Engine.

This program returned impressive results including five metres at 38g/t gold from 49 metres including one metre at 184g/t gold from 51 metres, and seven metres at 20.6g/t gold from 54 metres including one metre at 135g/t gold from 55 metres.

“We are pleased that the 2020 resource upgrade programs have been successful in reinforcing the quality and robustness of the Steam Engine gold deposit,” Managing Director Peter Hwang said.

“The programs have delivered our primary objective of upgrading the geological confidence of the mineral resource, resulting in an overall 123 per cent increase in the total measured and indicated ounces since the commencement of drilling in July last year,” Peter added.

Now that the mineral resource has been updated, Superior will finalise a scoping study and depending on the results, it will begin mining studies. The company also plans to conduct further extensive drilling.

Company shares are down 7.14 per cent and trading at 1.3 cents at 11:10 am AEDT.

SPQ by the numbers
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