Superior Resources has launched a $1.18 million capital raising to back a scoping study for its Steam Engine gold deposit in North Queensland.
It comes after an announcement early this month that it had upgraded the mineral resource estimate by about 11 per cent for deposit, which lies within its Greenvale project.
The two-tranche placement and non-renounceable rights issue will also support further exploration of the Big Mag and Wyandotte targets at that project.
“Given the forecasts for sustained high gold prices, a near-term development focus at Steam Engine, potentially supplemented by Wyandotte, is an ideal strategy to realise and retain the substantial value potential presented by our Tier-1 projects,” managing director Peter Hwang said.
“In addition to Steam Engine and Wyandotte, we are planning a low-cost maiden exploration program at the high-impact Big Mag sulphide nickel copper target, which at about 80 sq km in size represents enormous potentila.”
The in-situ resource for Steam Engine stands at 1.27 million tonnes at 2.3g/tonne gold, or about 94,000oz.
This includes indicated resources of 370,000 tonnes at 2.5g/tonne gold and inferred resources of 900,000 tonnes at 2.2g/tonne gold.