Superior Resources (ASX: $SPQ) 2024 Steam Engine Gold Project Update

Superior Resources Limited (ASX: $SPQ) is pleased to provide an update on the progress at the Steam Engine Gold Project (SEGP) in northeast Queensland. The 2024 program includes the revision of the 2021 Scoping Study, resource expansion, and exploration drilling programs to accelerate resource growth by step-out drilling along strike and down dip. The new gold lode targets will be drill-tested, and mining studies and metallurgical testing are also underway. The current Mineral Resource stands at 4.18 Mt @ 1.5 g/t Au for 196,000 OZ Au in the lower grade, owner-operated processing plant model, and 2.72 Mt @ 2.0 g/t Au for 171,000 OZ Au in the high-grade, toll treatment model.

Executive Commentary on Steam Engine Gold Project

Whilst we have been executing drilling campaigns on our porphyry copper prospects, we have also been busy conducting important geological and resource studies at Steam Engine. It is undoubtably fortunate that we have an expanding, high-potential, high-quality gold deposit sitting in the middle of several Tier 1-potential copper and nickel prospects spread across two newly recognized mineral provinces, all secured within our Greenvale Project. Considering that some current gold lode development projects have resource inventories calculated down to depths of over 1,000 meters and that drilling to date at Steam Engine reaches average vertical depths of only 90 meters at the Steam Engine Lode and 35 meters at the Eastern Ridge Lode, the project's size potential is considerable. It's size potential is not only down-dip, but there is at least 10 kilometers of untested strike extent as identified by soil geochemistry and a recent sub-audio magnetics (SAM) survey. The SAM survey in particular, has highlighted a previously unknown potential southern extension to the main Steam Engine Lode as well as several potential new lode zones that are unrelated to the Steam Engine and Eastern Ridge Lodes. The SAM survey appears to also show depth continuation of these lode zones. We are putting Steam Engine to the test this year and we have high expectations, considering the incredible positive movements in the gold market and the upgraded Mineral Resource Estimate, both of which were not factored into the last Scoping Study that was completed in early 2021. 2024 promises to be an exciting year as we prepare to commence extensive drilling programs at Steam Engine as well as the most anticipated holes to date at Bottletree, backed by the Queensland Government's CEI Critical Minerals grant.

Summary of Steam Engine Gold Project Update

Superior Resources Limited (ASX: $SPQ) is making significant progress at the Steam Engine Gold Project with the 2024 resource expansion drilling and mining studies. The company is revising the 2021 Scoping Study and conducting exploration drilling programs to accelerate resource growth. The current Mineral Resource stands at 4.18 Mt @ 1.5 g/t Au for 196,000 OZ Au in the lower grade, owner-operated processing plant model, and 2.72 Mt @ 2.0 g/t Au for 171,000 OZ Au in the high-grade, toll treatment model. The project's size potential is considerable, with at least 10 kilometers of untested strike extent identified by soil geochemistry and a recent sub-audio magnetics (SAM) survey. The company has high expectations for 2024 and is preparing to commence extensive drilling programs at Steam Engine as well as the most anticipated holes at Bottletree, backed by the Queensland Government's CEI Critical Minerals grant.