Basic Materials

Hole 3 signals larger porphyry copper-gold system: Superior Resources

Tue 21 Dec 21, 1:39pm (AEST)
strong copper mineralisation extends a long way further west than indicated and remains open to the west, at depth and along strike

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Key Points

  • Further drilling planned for the end of 1Q 2022
  • 1440 samples to be submitted to the assay laboratory shortly
  • Extensive vein & disseminated copper sulphide mineralisation intersected in the company’s 3rd hole

Shares in junior explorer Superior Resources (ASX: SPQ) were up 2.38% in this morning’s trade after announcing an extensive vein and disseminated copper sulphide mineralisation was intersected in the company’s third hole (BTDD004) drilled at its Bottletree Copper Prospect within the Greenvale Project Townsville, Qld.

Today’s announcement follow Superior’s 30 November 2021 results from the first two deep diamond drill holes, which intersected extensive disseminated and vein copper mineralisation coincident with the large MIMDAS IP chargeability anomaly.

Planned as a scissor hole to the first two holes completed, the company’s third hole was drilled to test a large soil copper anomaly, and mapped zones of silica-magnetite alteration.

Assays pending

The company believes mineralisation at the third hole could relate to a much larger porphyry copper-gold system. While assays are pending for all three holes, visual observations have noted copper-mineralised vein sets and disseminated copper over the majority of the 659-metre hole.

Based on initial drilling, the company noted, results confirm areas lying to the west of a large, induced polarisation chargeability anomaly, and towards a large, interpreted copper-gold porphyry system target are mineralised, with extensive, strong copper sulphide mineralisation.

Commenting in the result, Superior’s Managing Director, Peter Hwang noted that strong copper mineralisation extends a long way further west than indicated by the IP modelling and remains open to the west, at depth and along strike.

Given the likelihood of several other similar copper-mineralised zones existing within and surrounding the porphyry target area, further drilling is planned for the end of first quarter 2022 at the copper zone associated with the chargeability anomaly.

A soil sampling survey has been completed at the prospect, with 1440 samples to be submitted to the assay laboratory shortly.

 

Written By

Mark Story

Editor

Mark is an award-winning investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics, a diploma in journalism and has completed the Institute of Directors course. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content.

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