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Workers at the Greenvale Project. Source: Superior Resources
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  • Superior Resources (SPQ) reports further encouraging gold results from its wholly owned Greenvale Project in North Queensland
  • SPQ says the second batch of assays from eight drill holes at the Steam Engine Lode confirm a down-dip extension to gold mineralisation
  • So far, the company has completed 77 reverse circulation holes for 6248 metres as part of a total 13,000-metre drilling program
  • A detailed ground magnetometer survey has been completed over the Steam Engine area with survey data modelling underway
  • Shares are trading in the grey at 1.3 cents at 3:34 pm AEST

Superior Resources (SPQ) has reported further encouraging gold results from its wholly owned Greenvale Project in North Queensland.

According to SPQ, the second batch of assays from eight drill holes at the Steam Engine Lode confirm a significant down-dip extension to gold mineralisation that was previously identified in 2020.

These reverse circulation holes were drilled over 1069 metres as part of the company’s current 13,000-metre campaign.

So far, drilling has seen 77 holes completed over 6248 metres.

Notably, the latest assays returned an intercept of seven metres at 3.7 grams of gold per tonne (g/t) from 94 metres, including four metres at 5g/t gold from 94 metres.

SPQ’s managing director, Peter Hwang, said the results further confirmed the company’s expectations of a continued down-dip extension.

“Significantly, mineralisation thicknesses has increased in several parts of the lode, indicating greater potential for the existence of large, gold-mineralised zones at depth,” he said.

He added the company was anticipating a significant update to the project’s overall mineral resource estimate, following the drilling program.

“Due to the substantially high number of assays that remain outstanding from the labs, we will shortly be moving the rig to commence our copper strategy, starting with the first-stage diamond core holes at the Bottletree Copper Prospect,” Mr Hwang said.

“This is a welcome development as we have high expectations for intersecting substantial copper mineralisation, based on the results of our last drilling program in 2018.”

Meanwhile, a detailed ground magnetometer survey has also been completed over the Steam Engine area, including anomalous gold-in-soil zones to the west of the lode, with modelling of the survey data underway.

Shares were trading in the grey at 1.3 cents at 3:34 pm AEST.

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