Full steam ahead for Superior Resources
And with rocketing gold prices it is keen to advance the project with a scoping study to determine the viability of toll treatment of the resource.
The in-situ resource for the North Queensland project now stands at 1.27 million tonnes at 2.3g/tonne gold, or about 94,000oz.
This includes indicated resources of 370,000 tonnes at 2.5g/tonne gold and inferred resources of 900,000 tonnes at 2.2g/tonne gold.
“We have long considered Steam Engine to have excellent near-term development potential given its location and the nature of the resource,” managing director Peter Hwang said.
“Now with the current record high Australian dollar gold prices and positive long-term forecasts for the safe-haven metal, this strategy for early development has become compelling.
“In response we are accelerating scoping level studies based on an open-pit and toll treatment operation as well as a drilling program to further upgrade and expand this resource.
“The results from the work completed so far are very promising.”
He said Steam Engine showed every signs of being a quality and potentially sizeable gold deposit whose development may also be the key to unlocking the potential within Superior’s broader Greenvale and Nicholson projects.