Mining

Superior Resources discovers second gold shoot at Eastern Ridge Lode

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Superior Resources (ASX:SPQ) reported results from its latest drilling program at the Steam Engine Gold Project in northeast Queensland.

The latest development highlights the discovery of a second high-grade gold shoot at the Eastern Ridge Lode.

Superior's managing director, Peter Hwang, said, "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."

"The zone of sericite alteration that carries the mineralisation has substantially thickened at the northern end, from about 5m to over 30m in intersectional thickness, indicating a potential strengthening of the mineralising system," Hwang added.

The drilling identified a critical zone 80m west of Eastern Ridge Lode, with grades reaching up to 7.18g/t Au in six holes, including intersections like 12m at 3.29g/t Au from 71m and 6m at 2.35g/t Au from 59m.

The results extend the mineralisation depth significantly, ranging from 30m to 80m from the surface, showcasing potential further north.

The company is set to commence a large Phase 2 drill program, centred on expanding the resources, which will be amenable to open-pit mining.

The program will also focus on identifying new lode zones at both Steam Engine and Eastern Ridge lodes.

Complete drill results from a total of 1,384m of reverse-circulation drilling at the Eastern Ridge Lode have been reported, with pending results from a further 16 holes drilled at the Steam Engine Lode to be announced.

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