RC drilling at the Steam Engine Lode. Source: Superior Resources
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  • Superior Resources (SPQ) unveils a “material” upgrade in the mineral resource estimate (MRE) for its Steam Engine gold project about 210 kilometres west of Townsville in Queensland
  • The MRE now stands at 4.18 million tonnes grading 1.5 grams per tonne gold for 196,000 ounces of contained gold, representing a 60.7 per cent increase in total resources and an 80.6 per cent increase in the measured and indicated categories
  • Superior says the revised MRE is the result of its 2021 infill and expansion drilling programs mainly focused on the Steam Engine Lode
  • The updated resource relates to 1.3km of lode strike and the company says recent mapping, soil geochemistry and ground magnetics have identified at least another 14km of additional strike potential
  • SPQ shares steady at 4.7 cents

Superior Resources (SPQ) has unveiled a “material” upgrade in the mineral resource estimate (MRE) for its Steam Engine gold project about 210 kilometres west of Townsville in Queensland.

The MRE now stands at 4.18 million tonnes grading 1.5 grams per tonne gold for 196,000 ounces of contained gold, representing a 60.7 per cent increase in total resources and an 80.6 per cent increase in the measured and indicated categories.

The revised MRE was the result of Superior’s infill and expansion drilling programs undertaken last year that were mainly focused on the Steam Engine Lode.

Managing Director Peter Hwang said “this latest upgrade is a significant outcome”.

“The resource has more than doubled since we started resource definition drilling in mid-2020, when it stood at 94,000 ounces,” he said.

Mr Hwang said the growth of the Steam Engine resource prompted the company to launch conceptual mining studies as part of a pre-feasibility and strategy development process.

“The updated resource relates to 1.3km of lode strike. Recent mapping, soil geochemistry and ground magnetics have identified at least another 14km of additional strike potential with mineralised lode cropping out at surface in several places.

“Together with the continued resource expansion at the Steam Engine and Eastern Ridge lodes, we will shortly commence an aggressive program to drill out potential lode extensions in the newly identified areas.”

SPQ shares were steady at 4.7 cents at 11:31 am AEST.

SPQ by the numbers
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