Superior Resources reports significant high-grade gold mineralisation at Steam Engine Project

Superior Resources Limited (ASX:SPQ) has reported the identification of a new, potentially significant lode zone located 80m west of Eastern Ridge Lode, with grades up to 7.18g/t Au. The resource definition drilling at the Eastern Ridge Lode has highlighted a potential second high-grade mineralisation shoot that shows significant thickening with depth and impressive grades. The upcoming large Phase 2 drill program will focus on expanding resources amenable to open pit mining and identifying new lode zones at Steam Engine and Eastern Ridge lodes.

Superior's Managing Director, Peter Hwang, comments on the recent findings

The high-grade gold mineralisation in holes SRC202 and SRC203 coupled with the significant thickening of the Eastern Ridge Lode at its northern end demonstrates the expansion potential that continues to be presented across the Steam Engine Project. Importantly, the zone of sericite alteration that carries the mineralisation has substantially thickened at the northern end, from about five meters to over 30 metres in intersectional thickness, indicating a potential strengthening of the mineralising system. This result contributes solidly to our objective of expanding extractable resources and ultimately, project economics. We are also excited to have identified a new, parallel zone of mineralisation about 80 metres to the west of Eastern Ridge. The presence of this zone was unexpected, and we only identified it as we stepped out a line of holes to the west to target deeper parts of the Eastern Ridge Lode. Drilling at Eastern Ridge has been very limited, especially compared to the Steam Engine Lode. The mineral resource is developed along only 500 metres of a 4-kilometre-long mineralised structure and associated SAM geophysical targets lie to the south and west of the resource envelope. We eagerly look forward to the upcoming and substantial Phase 2 of the 2024 Greenvale drilling program.

Summary of Superior Resources' recent findings and future plans

Superior Resources has revealed the identification of a new, potentially significant lode zone located 80m west of Eastern Ridge Lode, with grades up to 7.18g/t Au. The resource definition drilling at the Eastern Ridge Lode has highlighted a potential second high-grade mineralisation shoot that shows significant thickening with depth and impressive grades. The upcoming large Phase 2 drill program will focus on expanding resources amenable to open pit mining and identifying new lode zones at Steam Engine and Eastern Ridge lodes, including SAM geophysical and soil geochemical targets. The company aims to expedite mining studies and regulatory processes towards initial development whilst also growing the total resource base by along strike extensional drilling and exploration drilling targeting new gold lodes. Superior Resources is also planning to conduct soil geochemistry sampling programs and follow-up slimline RC drilling programs for the exploration aspects of the forward program. The company is taking the lead with Tier-1 potential copper-gold porphyry exploration in this part of Australia and enjoys a first mover advantage over the entire province, which presents as one of the best sulphide Ni-Cu-PGE propositions in Australia.