Cash top-up as Superior knuckles down in NQ

Superior Resources is launching a $1 million capital raise to back drilling in the Greenvale area, including at its Steam Engine gold project. Managing director Peter Hwang said the entitlement offer to shareholders came at a pivotal time in Superior’s journey. A 7000m reverse-circulation and diamond drilling program is underway, with 2614m completed to date, as Superior looks to build on Steam Engine's mineral resources of 196,000oz gold. "The funds raised will be used to continue drilling at Steam Engine, recalibrate the 2021 scoping study and (for) drilling of CEI-funded holes at the Bottletree copper prospect," Mr Hwang said. Related: Superior grant to drill Greenvale porphyry Superior Resources managing director Peter Hwang. "We look forward to updating shareholders with the first pass of assays from Steam Engine as they are received. With significant news flow ahead of us, this is an exciting time to be a Superior shareholder.” Superior today announced the results from 3D geophysical modelling of high-resolution gravity survey data generated over the Bottletree area, within its broader Greenvale project. It said the modelling highlighted a significant gravity anomaly about 400m south of previous drill programs. “The results of the gravity inversion modelling are quite remarkable," Mr Hwang said. "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 400m to the south of the current line of drill holes." A drill program backed by a $300,000 State Collaborative Exploration Initiative (CEI) grant is scheduled to commence at Bottletree next month. "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," Mr Hwang said. Perspective view (looking north-west) of Bottletree 3D inversion density model showing vertical extents of the central gravity anomaly and the second gravity anomaly. "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 north-east 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.” You may also like: https://industryqld.com.au/mca-shines-a-light-on-gold-industry/

Cash top-up as Superior knuckles down in NQ

Industry Queensland

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