Fresh prospect delivers for Superior Resources

Maiden drilling at the new Windmill East prospect in North Queensland has confirmed high-grade gold mineralisation, according to Superior Resources. The company highlighted a result of 8m at 3.01g/t gold from 12m depth at the prospect, which sits within its Steam Engine project in the Greenvale district. This intercept included 3m at 7.51g/t gold (and 1.31 per cent zinc) from 15m, including 1m at 16.62g/t gold from 17m. Related: New figures feed into Steam Engine feasibility study “It’s pleasing to see the latest batch of assays delivering yet another highly positive uplift for the project with the identification of a new strongly mineralised gold lode with up to 16g/t gold at the Windmill East prospect," Superior managing director Peter Hwang said. "Like most of the project area where we know there’s mineralisation, we are pleasantly surprised when we test-drill the areas for the first time. "As we have only tested about 10 per cent of the known prospective areas of mineralisation, we hold strong conviction about the potential of the project." Superior said the final batch of assays from 2024 also confirmed strong strike extension of multiple stacked gold lodes at the northern end of the Steam Engine lode and strong mineralisation extending the Eastern Ridge lode zone by 100m to the south. Mr Hwang said the company's immediate focus was the Steam Engine feasibility study and progressing other aspects of the project in readiness for mining and processing. “With the consistently positive results from the 2024 drilling program we are expecting to see uplifts in both the mineral resource and overall project metrics," he said. "Overall project uplifts are expected to be dramatic once we conservatively factor-in the current gold price environment, which has risen about $1800 per ounce higher than the price assumption in the 2024 scoping study. "With the completion of our recent capital raise, we can accelerate the upcoming catalysts, which include updating the financial model established in the scoping study, revising the mineral resource estimate, declaring a maiden ore reserve, completing milestones in the feasibility study, and pathway to production. “Of course, those catalysts will be interspersed with exploration updates and material achievements on the copper projects.” The company added $950,000 to its coffers in a recent capital raise, with the funds to be directed to progressing Steam Engine as well as exploration drilling at the Bottletree copper project. You may also like: https://industryqld.com.au/sunshine-puts-pedal-to-the-metal-on-gold-assets/

Fresh prospect delivers for Superior Resources

Industry Queensland

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