Announcement Date: 2022-04-11
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Superior Resources Ltd.
Project name: Greenvale
Location: Australia
Commodities: Gold
Highlight: Updated Resource Estimate for Steam Engine Deposit
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Superior Resources Limited (ASX:SPQ) (Superior, the Company) is pleased to announce a substantial Mineral Resource upgrade for its 100%-owned Steam Engine Gold Project, located 210kms west of Townsville, Queensland (Figure 1). On an owner-operated processing plant basis, incorporating lower grade ore than considered under a toll treatment model, the Mineral Resource stands at 4.18 million tonnes @ 1.5 g/t Au for a total of 196,000 ounces Au, representing a 60.7% increase in total Resources and an 80.6% increase in the total Measured and Indicated categories (JORC, 2012). The revised Mineral Resource reflects the highly positive effect of infill and expansion drilling completed during 2021, focussed mainly on the Steam Engine Lode. Conversion of lower confidence Resources to Indicated and Measured was the primary objective of the 2021 program. The Company recently reported3 significant upside potential for the project, expanding the total additional lode potential to over 14 kilometres in areas surrounding the known lodes and within a 6 km corridor between Steam Engine and the Bottletree Prospect. Considering that the upgraded Resource has been developed over only 1.3 kilometres of lode strike, the Company will focus on aggressively drilling the lode extension zones during 2022.
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