Overview of Superior Resources' scoping study for Steam Engine Gold Project

Superior Resources Limited (ASX:SPQ) has unveiled the results of a revised Scoping Study for its 100%-owned Steam Engine Gold Project in Queensland. The study affirms the financial and technical robustness of developing the project as a low CAPEX open pit mining and toll treatment operation, as well as a stand-alone on-site processing plant operation. Based on the upgraded 2022 Mineral Resource Estimate, the study indicates positive economics for both scenarios, with the potential for considerable financial upside from mineral resource extensions and new lode targets. The company plans to expedite resource expansion drilling and commence feasibility study work units based on the study's outcomes.

Executive commentary on the scoping study

The Managing Director, Peter Hwang, expressed confidence in the project's potential and highlighted the substantial value escalation that the project can deliver with increasing scale. The company aims to fast-track drilling programs to expand the existing mineral resource and maintain scenario optionality as the project progresses forward. The Scoping Study identified significant scalability upsides, highlighting substantially greater financial outcomes as additional resources are identified. The company is confident in its ability to secure necessary funding based on the project's robust financial and technical fundamentals, potential resource growth, and the board's track record of successfully raising equity funds.

Summary of the scoping study and future outlook

Superior Resources Limited (ASX:SPQ) has released the results of a revised Scoping Study for its Steam Engine Gold Project, demonstrating positive economics for both open pit mining and toll treatment operation scenarios. The study indicates potential for considerable financial upside from mineral resource extensions and new lode targets. The company plans to expedite resource expansion drilling and commence feasibility study work units. The Managing Director's confidence in the project's potential, coupled with the company's focus on multiple Tier-1 equivalent exploration targets, positions Superior Resources for potential value growth for shareholders. The company aims to continue drilling programs to expand the existing mineral resource and maintain scenario optionality as the project progresses forward. The study's identification of significant scalability upsides and the company's confidence in securing necessary funding based on the project's robust financial and technical fundamentals bode well for Superior Resources' future prospects.