TORONTO, Nov. 29, 2021 /CNW/ - Superior Gold Inc.
("Superior Gold" or the "Company") (TSXV: SGI) (OTCQX: SUPGF) is
pleased to announce additional high-grade drill results from its
ongoing underground diamond drill program at its 100%-owned
Plutonic Gold mine in Western Australia.
Plutonic is a world-class Archean lode-style gold mineralized
system that has produced close to six million ounces of gold over
32 years of continuous operation and encompasses a Measured and
Indicated Mineral Resource of 1.89 million ounces together with an
Inferred Mineral Resource of 3.07 million ounces. The
Company's continuous exploration effort underpins a commitment to
resource growth.
Results are provided for 20 underground exploration drill holes,
drilled from August to October 2021,
for a total of 2,939 metres of drilling. This drilling was
focused on extending and infilling the Western Mining Front, which
includes the Baltic West and Baltic West Extension Zones. The
Western Mining Front is yet to be fully drill tested and remains
open along strike and both up and down dip.
HIGHLIGHTS (all from the Baltic West Extension Zone)
- Drill hole UDD24581 intersected 53.6 g/t gold over 2.7
metres, including 192.1 g/t over 0.7 metres
- Drill hole UDD24589A intersected 11.9 g/t gold
over 7.6 metres, including 108.4 g/t over 0.6
metres
- Drill hole UDD24855 intersected 4.5 g/t gold over 11
metres
- Drill hole UDD24585 intersected 4.1 g/t gold over 6.7
metres
- The results announced today expand the Western Mining Front by
a further 60 metres, directly adjacent to existing underground
infrastructure, thus requiring minimal capital to develop the
area
The location of this drilling is shown in Figures 1 to
5 below. The intersections are shown in Table
1 below. Reported intersections are over a minimum
downhole length of 0.30 metres (~0.20 metres true width).
Chris Jordaan, President and CEO
of Superior Gold stated: "Today's drill results continue to support
the Company's strategy of opening new high-grade mining fronts at
Plutonic.
During 2021, the Company has provided a number of exploration
updates on drilling along the Western Mining Front and Baltic
Gap. The targeted drilling is consistent with the
Company's stated exploration strategy to accelerate
exploration and identify new mining fronts in order to further
improve mining grades, increase productivity and reduce remnant
mining in 2022 and beyond.
Combined with the latest drilling results released in the
third quarter of 2021, today's results show continued extensions
of the western edge of the Plutonic deposit a further 60
meters along the entire Western Mining Front. Today's results
give us further confidence that high grade extensions of the
Plutonic orebody can be systematically targeted. Results such
as hole UDD24581 which intersected 53.6 g/t gold over 2.7
metres, including 192.1 g/t over 0.7 metres and hole UDD24589A
which intersected 11.9 g/t gold over 7.6 metres,
including 108.4 g/t over 0.6 metres both in
the Baltic West Extension Zone build on previous results
such as drill hole UDD24141 in the Caspian Zone, which
intersected 42.2 g/t gold over 5.6 metres, and drill hole
UDD24376 in the Baltic Extension Zone, which intersected 17.7
g/t gold over 6.4 metres1.
The expansion into new mining fronts is a key component of our
current strategy to extend Plutonic's mine life and increase
production by improving our mining grades and efficiencies.
Utilizing a dedicated exploration drill rig, our ongoing drill
program will continue to infill the Western Mining Front and
other proximal targets to focus on reserve and resource expansion.
Drilling results from 2021 have not been reflected in Mineral
Resource estimates and it is the Company's intention to
reflect these results in the planning for the 2022 mine plan."
1
|
Refer to the News
Release "Superior Gold Intersects 42.2 g/t over 5.6 metres and 17.7
g/t over 6.4 metres as it opens 1.6km Long Western Mining Front At
Plutonic" dated August 17, 2021.
|
EXTENSION OF THE WESTERN MINING FRONT
Superior Gold's mine exploration program is designed to open new
mining fronts by targeting extensions of high-grade mineralization
that are close to existing infrastructure but outside of the
current Mineral Resources. Numerous significant historical
high-grade intercepts, both throughout and peripheral to the large
mineralized Plutonic system, have yet to be followed up. The
immediate focus is on expanding key areas to open new mining fronts
in the Western Mining Front (which includes the Caspian, Indian Baltic and Baltic Extension
Zones).
The Western Mining Front extends approximately 1.6 kilometres
along the western edge of the Caspian, Indian, Baltic and now Baltic Extension Zones of the
Plutonic underground mine. It remains open, with several historic
high-grade intercepts confirming mineralization continuity outside
of Mineral Resources, as shown in Figure 5.
Today's near mine exploration drill results extend from the
Caspian Zone and Baltic Zones to the Baltic Extension Zone –
covering approximately 300m of the
northwest extension of the Western Mining Front. Results are
clustered in two general areas: Baltic West and Baltic Extension
Zones, as shown in Figures 2, 3 & 4.
The Baltic Extension Zone results include 4.1 g/t gold over
6.7 metres intersected in UDD24585, approximately 130
metres from the existing Mineral Resource envelope, and 11.9 g/t
gold over 7.6 metres, including 108.4 g/t over
0.6 metres in hole UDD24589A approximately
25m from current infrastructure. The
highest intercept is 53.6 g/t gold over 2.7 metres, including
192.1 g/t over 0.7 metres in hole UDD24581 adjacent to existing
development.
Table 1: Highlights of Expansion Drill Results from
Baltic West and Extension
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
|
UDD24581
|
3607
|
11696
|
914
|
-9
|
275
|
105
|
8.1
|
11.5
|
3.4
|
1.6
|
2.4
|
25.7
|
27.7
|
2.0
|
1.9
|
1.4
|
31.5
|
34.2
|
2.7
|
53.6
|
1.9
|
Including
|
0.7
|
192.1
|
0.5
|
UDD24582
|
3607
|
11695
|
914
|
-16
|
271
|
174
|
61.2
|
65.4
|
4.2
|
5.2
|
2.9
|
73.6
|
77.5
|
3.9
|
1.2
|
2.7
|
UDD24583
|
3607
|
11695
|
914
|
-8
|
268
|
114
|
28.3
|
31.9
|
3.6
|
1.8
|
2.5
|
UDD24584
|
3607
|
11697
|
915
|
15
|
297
|
189
|
161.7
|
162.7
|
1.0
|
1.9
|
0.7
|
UDD24585
|
3607
|
11696
|
916
|
28
|
291
|
162
|
137.6
|
144.3
|
6.7
|
4.1
|
4.7
|
Including
|
0.5
|
16.7
|
0.4
|
Including
|
1.0
|
14.5
|
0.7
|
UDD24586
|
3572
|
11960
|
900
|
-20
|
209
|
189
|
174.8
|
176.3
|
1.6
|
2.3
|
1.1
|
UDD24587
|
3573
|
11959
|
900
|
-15
|
211
|
205
|
No Significant
Intercept
|
UDD24588
|
3572
|
11960
|
900
|
-28
|
211
|
189
|
166.2
|
168.1
|
1.9
|
13.3
|
1.3
|
Including
|
1.0
|
23.7
|
0.7
|
UDD24589A
|
3614
|
11694
|
913
|
-40
|
166
|
84
|
25.4
|
32.9
|
7.6
|
11.9
|
5.3
|
Including
|
0.6
|
108.4
|
|
|
|
|
|
|
|
|
43.0
|
48.5
|
5.5
|
1.5
|
3.9
|
UDD24590
|
3614
|
11694
|
914
|
4
|
164
|
111
|
6.5
|
9.0
|
2.6
|
2.3
|
1.8
|
85.2
|
88.2
|
3.0
|
1.5
|
2.1
|
UDD24591
|
3615
|
11694
|
914
|
-12
|
181
|
114
|
58.2
|
59.2
|
1.0
|
3.0
|
0.7
|
65.3
|
65.9
|
0.6
|
9.5
|
0.4
|
UDD24592
|
3614
|
11694
|
914
|
3
|
144
|
123
|
8.0
|
9.0
|
1.0
|
2.6
|
0.7
|
40.4
|
41.4
|
1.0
|
5.9
|
0.7
|
45.2
|
46.8
|
1.6
|
7.0
|
1.1
|
UDD24593
|
3609
|
11692
|
915
|
9
|
191
|
147
|
No Significant
Intercept
|
UDD24836
|
3572
|
11960
|
900
|
-18
|
219
|
345
|
No Significant
Intercept
|
UDD24837
|
3579
|
11953
|
900
|
-39
|
203
|
204
|
186.0
|
188.0
|
2.0
|
2.3
|
1.4
|
UDD24854
|
3612
|
11694
|
914
|
-22
|
173
|
90
|
32.2
|
33.6
|
1.4
|
2.3
|
1.0
|
44.5
|
47.4
|
2.9
|
2.0
|
2.0
|
UDD24855
|
3610
|
11692
|
915
|
-5
|
184
|
87
|
29.6
|
30.3
|
0.6
|
14.2
|
0.4
|
47.0
|
58.0
|
11.0
|
4.5
|
7.7
|
73.2
|
81.3
|
8.1
|
2.0
|
5.7
|
UDD24856
|
3609
|
11692
|
916
|
11
|
187
|
111
|
No Significant
Intercept
|
UDD24857
|
3610
|
11692
|
915
|
-3
|
194
|
105
|
52.4
|
58.3
|
5.9
|
2.4
|
4.1
|
UDD24858
|
3609
|
11693
|
915
|
-15
|
232
|
88
|
40.5
|
44.6
|
4.1
|
2.6
|
2.9
|
Mineral Resource and Technical Report
The technical report supporting the mineral resources identified
in this press release is entitled, "2020 Mineral Resource and
Reserve Estimate for the Plutonic Gold Operations Including Main
Open Cut Pit Area", is dated December 30,
2020, is effective December 31,
2019 and is available under Superior Gold's profile on SEDAR
at www.sedar.com and on the Company's website at
www.superior-gold.com.
Qualified Person
Scientific and technical information in this news release has
been reviewed and approved by Ettienne Du Plessis, who is a
"qualified person" as defined by NI 43-101. Mr. Du Plessis is not
independent of the Company within the meaning of NI 43-101.
Quality Control Protocols
Drilling is completed with NQ2 core diameter (50.7 mm) and
samples are completed with combination of whole core and half core.
Gold results were determined by ALS Minerals (Perth) and/or Plutonic laboratory using fire
assay fusion. 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.
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, numerous open pit projects including the Plutonic Main Pit
push-back project, 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 news 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 includes information with respect to
guidance as to projections, outlook, guidance, forecasts,
estimates, and other statements regarding future or estimated
financial and operational performance, gold production and sales,
revenues and cash flows, and capital costs (sustaining and
non-sustaining), including projected cash operating costs and
all-in sustaining costs) as well as statements with respect to the
mine-plan, exploration, drilling, operating and organizational
matters and activities relating to the Plutonic Gold Operations and
the Company generally, including its liquidity and capital
requirements and financial results. By identifying such information
in this manner, the Company is alerting the reader that such
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information.
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. Readers are encouraged to refer to the Annual
Information Form of the Company for a discussion of other risks
including outbreaks or threats of outbreaks of viruses, other
infectious diseases or other similar health threats, such as the
novel coronavirus outbreak, which could have a material adverse
effect on the Company by causing operational and supply chain
delays and disruptions, labour shortages, shutdowns, inflationary
pressures on operating or capital costs, 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 as no assurance
can be given that any of the events anticipated by the
forward-looking information will transpire or occur, and if any of
them do so, what benefits the Company will derive therefrom. Except
as required by law, the Company does not assume any obligation to
release publicly any revisions to forward-looking information
contained in this news release to reflect events or circumstances
after the date hereof. Neither the TSX Venture Exchange not 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.
Neither the TSX Venture Exchange not 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