Superior Resources poised to extend strike length at Steam Engine
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Superior Resources Limited (ASX:SPQ) has released further promising assay results from recent drilling at the Steam Engine Gold Deposit, approximately 200 kilometres west of Townsville, Queensland.
The assays are from a total of six reverse circulation (RC) drill holes that targeted an area immediately north of the current Steam Engine Lode Mineral Resource.
The six holes are testing the potential to extend the Steam Engine Lode along strike.
The impressive results included 5 metres at 4.1 g/t gold from 35 metres and 6 metres at 2.7 g/t from 71 metres.
Further assays and scoping study to drive shares higher
Commenting on the significance of these results, Superior’s managing director Peter Hwang said, “Although the latest batch of assays represent just six holes, these are the most significant results received so far from the recent drilling program as they confirm a northwards extension of the Steam Engine Lode from 400 metres to 550 metres in strike length.
‘’A series of historic drill holes that extend for about 400 metres along strike and to the north of the mapped Steam Engine Lode are known to have intersected low levels of very shallow gold mineralisation.
‘’Our recent holes were drilled at slightly deeper levels beneath the historic holes and demonstrate that the northwards continuation of the high-grade Steam Engine Lode was clearly missed by previous explorers.
‘’The growth-potential presented by the Steam Engine Lode together with the Eastern Ridge Lode is significant.’’
Scoping study a key share price catalyst
As the Steam Engine Lode accounts for 75 percent of the currently modelled Mineral Resource, management will continue exploratory drilling to expand the mineralisation down-dip and further along strike.
With the Mineral Resource at the Eastern Ridge Lode only at an early stage of development, the company will also be focusing on a rapid expansion of this lode.
The strike length has already been increased by 150 metres as a result of drilling undertaken by Superior, and these results along with upcoming assays should add further metres.
Further assays and the results of the soon-to-be-released scoping study are potential near-term share price catalysts, suggesting the company could continue the strong momentum that has seen its share price increase five-fold in the last 6 months.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
