INTERSECTIONS INCLUDE 56.3 G AU/T OVER
15.10 METRES, 10.2 G AU/T OVER 7.10 METRES, AND 11.9 G AU/T OVER
5.30 METRES
(In US Dollars unless otherwise
stated)
TORONTO, June 17, 2020 /CNW/ - Superior Gold
Inc. ("Superior Gold" or the "Company") (TSXV:SGI) is pleased
to announce results from the ongoing underground diamond drill
program focused on reserve and resource expansion at its 100%-owned
Plutonic Gold mine in Western
Australia. The drilling targeted potential extensions to the
gold mineralization within the Indian Zone.
Results are provided for 19 drill holes for a total of more than
1,855 metres of drilling.
KEY FINDINGS
- 17 intersections encountered more than 5g Au/t
- 7 intersections encountered more than 10g Au/t
- 3 intersections encountered more than 20g Au/t
- 1 intersection encountered more than 50g Au/t
The drilling was focused on the area to the northwest of the
Indian Zone within an area that extends approximately 500 metres
between the Indian and Baltic Zones which has yet to be fully drill
tested.
The location of this drilling is shown in Figures 1-3.
The key intersections are shown in Table 1 below and all
intersections are provided in Table 2. Reported
intersections are over a minimum downhole width of 0.30 metres
(0.20 metres true width).
Chris Bradbrook, President and
CEO of Superior Gold stated: "We are extremely pleased with these
drill results, which we believe continue to illustrate the
potential to extend and connect the Indian and Baltic Zones, expand
resources, and extend mine life. The intersection of 56.3g Au/t
over 15.10 metres is our most signficant intersection to date since
we acquired the Plutonic Gold Operations, and was encountered more
than 50 metres from the existing resource outline. The drilling was
completed over a strike length of approximately 200 metres and a
vertical extent of more than 100 metres. Mineralization remains
open both up and down dip and along strike, resides close to
exisiting infrastructure, and is only approximately 600 metres from
surface. The Indian and Baltic Zones are key components of our five
year underground Life of Mine plan that was announced in
October 2019. These results
illustrate the potential to extend this plan well beyond the
initial five years."
HIGHLIGHTS
Key Intersections are summarized in Table 1 below:
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)
|
UDD22003
|
3906
|
11552
|
1004
|
-62
|
234
|
94
|
34.50
|
47.90
|
13.40
|
6.5
|
9.4
|
|
|
|
|
|
Including
|
34.50
|
35.50
|
1.00
|
20.6
|
0.7
|
|
|
|
|
|
and
|
39.70
|
45.00
|
5.30
|
11.9
|
3.7
|
UDD22011
|
3908
|
11584
|
1003
|
-54
|
237
|
75
|
45.60
|
60.70
|
15.10
|
56.3
|
10.6
|
UDD22013
|
3908
|
11584
|
1003
|
-34
|
237
|
113
|
66.10
|
73.20
|
7.10
|
10.2
|
5.0
|
|
|
|
|
|
Including
|
66.10
|
69.90
|
3.80
|
18.3
|
2.7
|
UDD22016
|
3908
|
11584
|
1003
|
-59
|
260
|
115
|
74.40
|
77.60
|
3.20
|
5.5
|
2.2
|
|
|
|
|
|
Including
|
75.60
|
76.60
|
1.00
|
14.6
|
0.7
|
|
|
|
|
|
|
|
101.30
|
113.90
|
12.60
|
4.0
|
8.8
|
|
|
|
|
|
Including
|
101.30
|
108.20
|
6.90
|
2.0
|
4.8
|
|
|
|
|
|
and
|
112.90
|
113.90
|
1.00
|
35.7
|
0.7
|
UDD22017
|
3908
|
11584
|
1003
|
-49
|
272
|
118
|
52.50
|
57.00
|
4.50
|
4.7
|
3.2
|
Qualified Person
Scientific and technical information in this news release has
been reviewed and approved by Keith Boyle, P.Eng., Chief
Operating Officer of the Company, who is a "qualified person" as
defined by National Instrument 43-101 (NI 43-101)
Quality Control Protocols
Core is drilled BTW core diameter (42 mm). Core intervals
are whole core sampled. All gold results were determined by
on-site laboratory analysis and confirmed 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 industry 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 underground gold mine and central
mill, the Hermes open pit projects 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. In addition, The
Company is exposed to outbreaks or threats of outbreaks of viruses,
other infectious diseases or other similar health threats,
including the novel coronavirus ("COVID-19") outbreak, which could
have a material adverse effect on the Company by causing
operational and supply chain delays and disruptions, labour
shortages, shutdowns, the inability to sell gold, capital markets
volatility or other unknown but potentially significant impacts.
The Company cannot accurately predict what effects these conditions
will have on the Plutonic Gold Operations or the financial results
of the Company, including uncertainties relating to travel
restrictions to the Plutonic Gold Operations or otherwise and
business closures that have been or may be imposed by governments.
If an outbreak or threat of an outbreak of a virus or other
infectious disease or other public health emergency occurs, it
could have a material adverse effect on the Company's business,
financial condition and results of operations.
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.
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SOURCE Superior Gold