SUPERIOR RESOURCES REPORTS HIGH-GRADE GOLD AT EASTERN RIDGE LODE

New lode discovery reveals significant mineralisation at Steam Engine Project

Superior Resources Limited (ASX:SPQ) has announced promising results from its Steam Engine Project, identifying a new high-grade lode zone located 80 metres west of the Eastern Ridge Lode. The latest drill program has returned strong gold grades of up to 7.18g/t across six holes.

Key drill intercepts include:

12m @ 3.29g/t Au from 71m (SRC202), including:
- 5m @ 7.65g/t Au from 73m
- 2m @ 17.09g/t Au from 74m
6m @ 2.35g/t Au from 59m (SRC203), including:
- 3m @ 4.26g/t Au from 59m
- 1m @ 9.08g/t Au from 59m

This high-grade discovery is significant as it extends mineralisation from 30m to 80m down-dip and indicates further potential along the northern margin of the resource.

Superior’s Managing Director, Peter Hwang, commented:

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. Importantly, the zone of sericite alteration that carries the mineralisation has substantially thickened at the northern end, from about five meters to over 30 metres in intersectional thickness, indicating a potential strengthening of the mineralising system. The mineralisation at the northern end of Eastern Ridge lies outside the optimised pits that were used in the recently announced Revised Scoping Study. This result contributes solidly to our objective of expanding extractable Resources and ultimately, project economics.

We are also excited to have identified a new, parallel zone of mineralisation about 80 metres to the west of Eastern Ridge. The presence of this zone was unexpected, and we only identified it as we stepped out a line of holes to the west to target deeper parts of the Eastern Ridge Lode.

Drilling at Eastern Ridge has been very limited, especially compared to the Steam Engine Lode. The Mineral Resource is developed along only 500 metres of a 4-kilometre-long mineralised structure and associated SAM geophysical targets lie to the south and west of the Resource envelope.

We eagerly look forward to the upcoming and substantial Phase 2 of the 2024 Greenvale drilling program.