Superior Resources Limited (ASX:SPQ) has confirmed the northern extension of the Steam Engine Gold Deposit located approximately 210 km west of Townsville, Queensland.
The company has received further promising assay results from a recent resource drilling programme at Steam Engine Gold Deposit.
Strong results from the latest drilling at the northern end of the Steam Engine Lode has extended gold mineralisation 150m northwards along strike and remains open along strike and down dip. Best results include:
- 5m @ 4.1 g/t gold from 35m; incl 1m @ 12.7 g/t gold from 35m
- 6m @ 2.7 g/t gold from 71m; incl 2m @ 5.7 g/t gold from 73m
- 5m @ 2.4 g/t gold from 75m; incl 2m @ 5.0 g/t gold from 77m
The assays are from a total of six reverse circulation (RC) exploratory drill holes that targeted an area immediately north of the current Steam Engine Lode Mineral Resource.
Managing Director, Peter Hwang, said the assay results have provided the company with positive momentum going forward.
Although the latest batch of assays represent just six holes, these are the most significant results received so far from the recent drilling programme as they confirm a northwards extension of the Steam Engine Lode from 400 metres to 550 metres in strike length,” Mr Hwang said.
“A series of historic drill holes that extend for about 400 metres along strike and to the north of the mapped Steam Engine Lode are known to have intersected low levels of very shallow gold mineralisation.
“Our recent holes were drilled at slightly deeper levels beneath the historic holes and demonstrate that the northwards continuation of the high-grade Steam Engine Lode was clearly missed by previous explorers.
“The growth-potential presented by the Steam Engine Lode together with the Eastern Ridge Lode is significant.
“As the Steam Engine Lode accounts for 75 percent of the currently modelled Mineral Resource, we will continue exploratory drilling to expand the mineralisation down-dip and further along strike.
“With the Mineral Resource at the Eastern Ridge Lode only at an early stage of development, we will also be focusing on a rapid expansion of this lode.
In the meantime, we look forward to receiving further assays and the results of the initial Scoping Study.”
The current drilling forms part of a resource infill and extension drilling programme for the purposes of a Scoping Study to examine the viability of mining the current Mineral Resource.
This program was completed on 18 September 2020 and included the Stage 1 infill drilling on the existing resource as well as an extended program to identify additional mineral resource.
Once all outstanding assays have been received, a revised Mineral Resource Estimate will be completed to reflect the additional data. An initial Scoping Study of the Steam Engine Gold Project to examine the viability of mining the current Mineral Resource is in progress and will be delivered shortly.