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Aerial Drone of NSS @ Work

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Queensland-based explorer Superior Resources has upgraded the mineral resource estimate by about 11 per cent for the Steam Engine gold deposit within its Greenvale project.

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.