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- Superior Resources (SPQ) has intersected up to 184g/t gold from stage two drilling at the Steam Engine Gold Deposit in Queensland
- Drilling began in mid-November to expand the current mineral resource of 1.6 million tonnes
- Drilling also aimed to identify new high-grade extensions and upgrade the low-grade zones
- Managing Director Peter Hwang said the 184g/t gold result confirms the presence of a high-grade ore shoot
- Superior is up a healthy 28.6 per cent on the market this morning with shares trading at 1.8 cents
Superior Resources (SPQ) has intersected up to 184g/t gold during stage two drilling at the Steam Engine Gold Deposit in Queensland.
Drilling began in November in a bid to increase the project’s mineral resource, which sits at 1.6 million tonnes at 2.2g/t gold for 112,000 ounces of gold.
Drilling also aimed to identify new high-grade extensions at the Steam Engine and Eastern Ridge lodes, as well as upgrade the low-grade zones in the current resource envelope.
40 reverse circulation (RC) holes, for 3055 metres, were drilled and all samples were submitted to SGS Australia laboratories in Townsville for gold and multi-element analysis.
Best results include 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.
Together with previously reported results, these new intercepts have the potential to increase total ounces at the project.
“We are very pleased to have met one of the objectives of the stage two program in the first batch of stage two assays, which was to identify new high-grade ore shoots in the Steam Engine Lode,” Managing Director Peter Hwang commented.
“Infill drilling from the stage one program showed potential to convert a large low-grade zone to high grade. This has clearly been achieved with the results delivering the two best holes drilled to date at the project,” he said.
“The spectacular grade intercepts reported from these two holes together with an ounce and a half-grade intercept reported in September 2020, confirm the presence of a very high-grade ore shoot,” he added.
Superior is up a healthy 28.6 per cent on the market this morning, with shares trading at 1.8 cents at 11:22 am AEDT.
