Announcement Date: 2022-07-05
Announcement Type: Deposit Estimation
Announcement Code: NI43-101
Company name: Superior Gold Inc.
Project name: Plutonic
Location: Australia
Commodities: Gold
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Billabong, a wholly-owned subsidiary of Canadian based Superior, is an Australian corporation that acquired Plutonic from Northern Star Resources Ltd. (“Northern Star”) on October 11, 2016. The purpose of this report is to present Mineral Resources1 and Mineral Reserves2 for Plutonic for public disclosure by Superior. Data presented in this report is dated as at December 31, 2021. Plutonic consist of underground mine (the “Plutonic Underground”) and open pit operations (the “Plutonic Open Pit”, and collectively, the “Plutonic Gold Mine” or the “Project”) at Plutonic, open pits at the Hermes project area (the “Hermes Gold Mine”), an interest in the Bryah Basin Joint Venture (“BBJV”) and a milling operation located at the Plutonic Gold Mine. Plutonic currently produces gold from a large underground operation and open pit operations, which re-started in 2021, through a traditional crushing, grinding and carbon-in-leach (“CIL”) circuit. Historically, numerous open pits were mined at the Plutonic Gold Mine area between 1990 and 2005 while underground mining commenced in 1995. Underground mining is currently conducted from eight underground geological ‘Fault Block’ domain zones at an average rate of approximately 0.8 -1.0 Mtpa. The Hermes Gold Mine, which lies approximately 60 km southwest of the Plutonic Gold Mine, operated from 2017 to 2019. The Wilgeena deposit prospect project area (“Hermes South”), lies approximately 25 km south of the Hermes Gold Mine and is part of the BBJV.
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