Superior Resources Ltd (SPQ)

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Superior awarded CEI grant for Bottletree drilling

8 April 2024 8:38 AM. Original PDF: Open PDF | 9 Pages

Queensland Government backs Bottletree drilling with a $300,000 CEI grant for critical diamond holes targeting the core of a porphyry Cu-Au-Mo system.

Summary

• The Queensland Government awarded Superior a $300,000 grant for drilling at Bottletree.
• The grant is part of the Collaborative Exploration Initiative under the QLD Resources Industry Development Plan.
• Two deep holes totaling 1,700m will target the core of the Bottletree porphyry Cu-Au-Mo system.
• The area has shown promising anomalies suggesting significant mineralization.
• Superior has confirmed two large porphyry systems and several potential porphyries in three years.
• Drilling is set to commence as soon as weather and ground conditions permit.

Highlights

• $300,000 CEI grant awarded.
• 1,700m of drilling planned for two critical holes.
• Anomalies include a broad magnetic low, a 2.0km x 2.5km Cu soil anomaly, and a gravity high anomaly.
• Previous drilling intersected 632m @ 0.21% Cu, including high-grade sections.
• Exploration has identified two large porphyry systems.

Positives

• Significant government support with a $300,000 grant.
• Extensive drilling planned to target the core of a promising porphyry system.
• Multiple coinciding anomalies supporting the presence of significant mineralization.
• Previous drilling results suggest extensive copper-gold mineralization with substantial molybdenum.
• Superior's exploration contributes directly to the critical minerals future.

Negatives

• The area remains largely untested, indicating uncertainties in exploration outcomes.
• Weather and ground conditions could potentially delay the commencement of drilling.

Key Dates

• 8 April 2024: Date of the ASX announcement regarding the CEI grant.

Alerts

• Contains better than expected results: no
• Contains worse than expected results: no
• Contains expected results: no
• Sentiment: positive