Sep 30, 2020

More high-grade intercepts at Steam Engine

More high-grade intercepts at Steam Engine

Superior Resources has released the latest assays from drilling at its Steam Engine project near Greenvale, including a one-metre intercept of 47.5 g/t gold at shallow depth.

The company said the results further boosted the consistently strong intersections returned from the first batch of results from the Steam Engine and Eastern Ridge lodes.

“We are pleased but not surprised with the ounce-plus grade result in (drillhole) SRC034,” managing director Peter Hwang said.

“Steam Engine is of a similar deposit style to the large Charters Towers goldfield, which produced 6.6 million ounces of gold with an average grade of 34 ounces per tonne.

“We are, however, a little surprised that the high-grade result in SRC034 came from the southern part of the Steam Engine lode, as resource modelling had drawn our attention to the start of a very interesting broad high-grade zone at the northern end of the lode.

“Assays from this northern high-grade zone are yet to be received.”

The company is planning to restart drilling, focusing on expanding the mineral resource along strike and down dip on the Steam Engine and Eastern Ridge lodes.

The latest batch of assay results are from a total of 16 reverse circulation (RC) drill holes from the Steam Engine and Eastern Ridge lodes for a total of 568m.

Drilling has focused on just 30 per cent of the known 2.5km outcropping lode strike and only to shallow depths.

Location of the Steam Engine gold deposit and other prospects within Superior Resources’​ Greenvale project in North Queensland.