Superior Gold Inc. announces underground drilling delivers highest grade intersection to date

2018-01-17 / @newswire

 

INTERSECTIONS INCLUDE 4480.00 G AU/T OVER 0.30 METRES, 72.40 G AU/T OVER 2.70 METRES, 30.00 G AU/T OVER 6.00 METRES AND 502.00 G AU/T OVER 0.35 METRES, AND

10 INTERSECTIONS GREATER THAN 50 G AU/T

TORONTO, Jan. 17, 2018 /PRNewswire/ - Superior Gold Inc. ("Superior Gold" or the "Company") (TSX.V:SGI) is pleased to announce additional results from the ongoing underground diamond drill program at its 100%-owned Plutonic Gold Mine in Western Australia. The drilling was conducted from late September to the end of November 2017 and is part of the year-round ongoing program of underground drilling.

Results are provided for 129 drill holes for a total of more than 11,000 metres. The drill holes were completed for resource definition and grade control purposes. Resource definition was designed to increase the confidence level of the resource in areas where drilling was limited as part of the ongoing work to upgrade resources to reserves. Grade control drilling was completed to provide additional information for stope design ahead of mining.

The drilling focussed on seven zones – Area 134; Caribbean; Caspian; Cortez; Indian; Pacific; and Timor. A number of significant intersections were encountered.

KEY FINDINGS

  • 236 intersections encountered more than 5g Au/t

  • 114 intersections encountered more than 10g Au/t

  • 44 intersections encountered more than 20g Au/t

  • 10 intersections encountered more than 50g Au/t

  • The intersection of 4480.00g Au/t over 0.30 metres is the highest grade intersections encountered since the Company acquired the Plutonic Gold Mine in October 2016

The location of the most significant intersections are shown in Figure 1 and the details of all holes are summarized by zone in Table 2.

Chris Bradbrook, President and CEO of Superior Gold stated: "As with our previously released 2017 drill results, these latest results continue to demonstrate the strength of the mineralized system at the Plutonic Gold Mine. We continue to work towards increasing the confidence level in the resources in order to achieve one of our principal goals, which is to grow the level of underground reserves and to extend the mine life. The Company is currently working towards completing a reserve and resource update."

HIGHLIGHTS

The most significant intersections are summarized in Table 1 below:

Table 1 – Key Intersections

Designed
Target

Drill Hole
#

Easting
(Mine
Grid)

Northing
(Mine
Grid)

Drill hole
collar RL
(Mine
Grid)

Dip
(degrees)

Azimuth
(degrees,
Mine
Grid)

End of
hole
depth
 (m)

Downhole
From
(m)

Downhole
To
(m)

Downhole
Intersection
(m)

Au
(gpt)
uncut

Est True
Thickness
(m)

AREA 134

UDD19851

4720

12328

1126

-45

209

67

55.30

60.90

5.60

7.4

3.9







Including

55.30

57.10

1.80

13.6

1.3


UDD19852

4720

12327

1126

-38

201

75

59.15

62.50

3.35

8.3

2.3







Including

59.15

60.50

1.35

15.9

0.9


UDD19854

4720

12328

1126

-46

196

70

58.40

60.10

1.70

17.1

1.2







Including

58.40

59.25

0.85

21.9

0.6


UDD19855

4720

12328

1126

-37

190

74

66.50

67.10

0.60

50.8

0.4


UDD19858

4720

12328

1126

-28

174

72

45.70

47.70

2.00

24.8

1.4







And

46.50

47.70

1.20

38.6

0.8

CARIBBEAN

UDD19839

4566

11937

1102

27

80

32

2.20

7.55

5.35

8.8

3.7









30.30

32.00

1.70

16.4

1.2

CASPIAN

UDD19629

4710

11102

1276

26

214

41

33.95

35.00

1.05

23.2

0.7


UDD19631

4742

11104

1278

17

227

63

46.70

51.10

4.40

7.5

3.1







Including

46.70

47.70

1.00

16.8

0.7


UDD19823

4796

11049

1269

-49

135

57

38.30

40.45

2.15

8.6

1.5


UDD19862

4547

10954

1305

-20

20

5

1.85

2.70

0.85

55.9

0.6

CORTEZ

UDD19826

4958

12223

1178

40

64

129

97.40

103.30

5.90

28.9

4.1


UDD19827

4956

12222

1180

78

45

80

51.05

55.65

4.60

14.7

3.2







Including

52.10

53.95

1.85

31.7

1.3


UDD19830

5022

12320

1173

43

102

32

5.70

8.70

3.00

9.5

2.1







Including

7.30

8.70

1.40

16.2

1.0


UDD19831

5021

12322

1172

38

83

29

14.60

20.60

6.00

30.0

4.2







Including

14.60

15.30

0.70

46.5

0.5







And

16.10

20.60

4.50

32.5

3.2


UDD19832

5021

12323

1171

20

53

32

14.80

16.70

1.90

30.6

1.3


UDD19833

5020

12324

1171

24

18

16

4.25

7.30

3.05

5.6

2.1


UDD19840

4802

12229

1140

3

344

45

2.50

3.50

1.00

114.0

0.7


UDD19842

4790

12230

1142

40

344

32

24.20

25.45

1.25

40.6

0.9


UDD19846

4792

12226

1145

71

344

32

5.00

6.45

1.45

20.8

1.0









22.10

23.35

1.25

34.5

0.9


UDD19847

4792

12225

1145

90

344

34

1.95

5.30

3.35

6.5

2.3









23.30

23.90

0.60

52.9

0.4

INDIAN

UDD19467

3988

11610

1088

53

154

119

111.50

111.85

0.35

502.0

0.2


UDD19472

3951

11600

1085

61

339

53

15.80

16.80

1.00

27.5

0.7


UDD19481

3879

11567

1073

45

339

72

40.25

40.55

0.30

4480.0

0.2


UDD19596

4310

11350

1142

57

144

104

63.20

64.45

1.25

19.4

0.9


UDD19791

4003

11452

1132

-25

170

174

81.80

83.05

1.25

51.8

0.9


UDD19792

4003

11452

1132

-35

170

244

149.20

149.75

0.55

32.5

0.4


UDD19794

4003

11452

1132

-40

180

206

61.30

62.20

0.90

144.0

0.6


UDD19800

4002

11452

1131

-38

210

221

26.90

27.90

1.00

67.2

0.7

PACIFIC

UDD19674

4660

12735

1047

82

2

63

14.10

17.20

3.10

7.4

2.2







Including

14.10

15.10

1.00

16.1

0.7









41.90

42.70

0.80

48.1

0.6


UDD19675

4660

12736

1047

67

359

63

4.00

5.40

1.40

14.7

1.0


UDD19677

4665

12736

1047

58

6

62

7.25

9.70

2.45

8.3

1.7









26.85

28.85

2.00

18.9

1.4


UDD19678

4665

12736

1047

71

14

59

14.10

16.80

2.70

72.4

1.9







Including

14.10

14.80

0.70

238.0

0.5







And

15.80

16.80

1.00

28.5

0.7


UDD19680

4667

12735

1048

66

91

77

8.30

10.60

2.30

9.6

1.6


UDD19684

4667

12733

1048

72

134

62

11.70

12.85

1.15

20.8

0.8


UDD19689

4624

12694

1073

68

88

63

36.35

36.70

0.35

45.4

0.2

 

Qualified Person

Scientific and technical information in this news release has been reviewed and approved by Pascal Blampain, who is a member of the AusIMM and the Australian Institute of Geoscientists (AIG) and a "qualified person" within the meaning of NI 43-101. Mr. Blampain is an employee of the Company and serves as Chief Geologist.

Quality Control Protocols

Core is drilled BTW core diameter (42 mm).  Core intervals are whole core sampled.  All gold results were determined by ALS Minerals (Perth) using fire assay fusion (40g charge, lead collection method) with an ICP finish.  Drill program design, Quality Assurance/Quality Control and interpretation of results are performed by qualified persons employing a Quality Assurance/Quality Control program consistent with NI 43-101 and industy best practices.  Standards, blanks and duplicates are included in approximately every 20 samples for Quality Assurance/Quality Control purposes by the Company as well as the laboratory.  Approximately 5% of sample pulps are sent to secondary laboratories for check assays.

About Superior Gold

Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold Operations located in Western Australia. The Plutonic Gold Operations include the Plutonic Gold Mine, which is a producing underground operation with a central mill, the Hermes open pit development project and an interest in the Bryah Basin joint venture.  Superior Gold is focused on expanding production at the Plutonic Gold Operations and building an intermediate gold producer with superior returns for shareholders.

Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's prospectus dated February 15, 2017 filed on SEDAR at www.sedar.com for a discussion of these risks.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Superior Gold

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