Exploration Update on Bottletree Project

Superior Resources Limited (ASX: $SPQ) has announced the results from 3D geophysical modelling of high resolution gravity survey data over the Bottletree Project area. The survey has highlighted a significant gravity anomaly approximately 400 metres south of previous drill programs, potentially representing the core of the Bottletree porphyry Cu-Au system. Additionally, a second, larger gravity anomaly to the northeast of the 2022-2023 drill program has been identified. The company is set to commence a government-backed CEI drill program during September 2024 to further investigate these anomalies.

Executive Commentary

The results of the gravity inversion modelling are quite remarkable. This is the first dataset to provide direct detection of a significant body at the location of our 2023-predicted porphyry core target. That target was based on modelling in 2023 of porphyry indicators identified from drill core, that enabled us to vector towards a potential porphyry core located about 400 metres to the south of the current line of drill holes. In the context of the collective geological information at Bottletree, the very precise relationships between the gravity anomalies and magnetically anomalous features within the existing magnetic model, are all features that are consistent with a porphyry potassic core being the cause of the gravity anomaly. The two CEI holes are perfectly designed to target this gravity anomaly and do not require any adjustments from the original designs as submitted in our CEI application last year. These CEI-funded holes are the most critical holes to be drilled at Bottletree. However, the gravity modelling also revealed a second large and higher amplitude, or higher density, gravity anomaly to the northeast of our 2022 and 2023 drilling. This anomaly was a complete surprise and we are very intrigued about it as the surface geology, mapped as dolerite, is at odds with the only hole that tested the mapped geology. The magnetic model does not support the feature as being a dolerite. The second anomaly remains unexplained and we are treating the feature as significant and must be followed up with drilling. We are naturally very excited and look forward to drilling these targets in a couple of months' time after some key holes are completed at the Steam Engine Gold Project.

Exploration Summary

The gravity survey over the Bottletree Project area has revealed a significant gravity anomaly, potentially representing the core of the Bottletree porphyry Cu-Au system, and a second unexpected gravity anomaly to the northeast of the 2022-2023 drill program. The company is scheduled to commence a government-backed CEI drill program during September 2024 to further investigate these anomalies. The results of the gravity inversion modelling have provided direct detection of a significant body at the location of the 2023-predicted porphyry core target. The two CEI-funded holes are perfectly designed to target the gravity anomaly and do not require any adjustments from the original designs. Additionally, the company is intrigued by the unexpected second anomaly and plans to follow up with drilling. Superior Resources is looking forward to drilling these targets in a couple of months' time after completing key holes at the Steam Engine Gold Project.