ASX

2 June 2022

Announcement

only

Very large scale copper system emerging at Bottletree with latest assays returning an impressive 632m of copper mineralisation in distal part of interpreted porphyry system

Re-modelling of MIMDAS IP highlights 1km-wide zone of potential porphyry

mineralisation immediately west of third hole

HIGHLIGHTS:

use

• Assays confirm extensive strong copper mineralisation in BTDD004 with significant zones of

high grade copper from distal part of interpreted porphyry system. Copper mineralised over

almost entire length of 658.9m hole:

Overall Copper intersection:

• 632m @ 0.21% Cu, 0.03g/t Au, 0.60ppm Ag, 18.0ppm Mo from 5m below surface

personal

Significant porphyry-style mineralisation:

• 224m @ 0.40% Cu, 0.05g/t Au, 0.90ppm Ag, 3.5ppm Mo from 242m, including:

o 2m @ 1.01% Cu, 0.24g/t Au, 2.7ppm Ag, 9.5ppm Mo from 337m

o 103m @ 0.53% Cu, 0.05g/t Au, 1.4ppm Ag, 3.3ppm Mo from 363m

o 1m @ 5.25% Cu, 0.31g/t Au, 10.7g/t Ag, 1.5ppm Mo from 363m

o 12m @ 1.01% Cu, 0.07g/t Au, 2.2ppm Ag, 1.9ppm Mo from 363m

o 15m @ 1.19% Cu, 0.15g/t Au, 3.6ppm Ag, 1.9ppm Mo from 451m

o 3m @ 1.12% Cu, 0.14g/t Au, 4.8ppm Ag, 2.1ppm Mo from 631m

• Strongly mineralised interval in BTDD004 located at outer eastern part (Zone F) of the

regional scale 1.5km x 1km soil copper anomaly that defines the Bottletree Prospect

• Re-modelling of MIMDAS IP geophysical data highlights a 1 km-wide zone (Zone A)

immediately west of 2021 drilling at moderate depth, interpreted as potential mineralisation

For

associated with the core or cores of one or more buried porphyry intrusions

• New and potentially very large IP chargeability target also highlighted by re-modelled IP,

located 700m to the southeast of BTDD004 and is coincident with a high priority soil

geochemistry target (Zone B) that is potentially a porphyry target

• A total of 6 high priority targets identified by interpretation of re-modelled geophysics and

multi-element soil data

• Multi-stage deep drilling program targeting potential porphyry core west of 2021 drilling and

existing near-surface copper mineralisation on schedule to commence late next week

Superior Resources Limited (ASX:SPQ) (Superior, the Company) announced today strong assay results from the third deep diamond hole (BTDD004) completed during 2021 at its Bottletree Copper Prospect, located within the Company's 100%-owned Greenvale Project, 210kms west of Townsville, Queensland (Figure 1).

"2022 promises to be an exciting year for Superior and we expect multiple catalysts from the activities and expected results ahead of us at Bottletree and our other copper and gold prospects."
1 Refer ASX announcement, 25 January 2022
2
"This year's drilling program is on track to commence shortly with the first holes targeting the highest priority interpreted porphyry core, west of BTDD004. With two of three holes from last year's program confirming very broad intervals of near-surfacecopper mineralisation, we will also be building on Bottletree's near-surface,large tonnage potential.
"Importantly, the new MIMDAS model has highlighted an extensive one-kilometre-widechargeability zone to the west of BTDD004, at the location of the interpreted porphyry core. Together with the new multi- element soil geochemistry data, we have now identified six compelling porphyry system targets at Bottletree.
"The grades and the very large intersectional widths in hole 4 are similar to, or significantly better than those in many recent porphyry copper discoveries in South America, British Columbia and Australia.
"The better-than-expectedresults returned from BTDD004 are impressive, particularly considering the mineralisation is thought to be some distance away from the interpreted porphyry core where higher grades are expected. To have intersected such a large interval of significant grade copper at this distal part of the interpreted system, provides us with further confidence that we are dealing with a very large-scale copper-goldsystem.
Superior's Managing Director, Peter Hwang commented:
onlyHole BTDD004, drilled to 658.9m, was the third and last hole drilled at Bottletree during the 2021 field season and was designed to test the potential for porphyry copper-goldmineralisation on the western side of a large and intense MIMDAS induced polarisation (IP) chargeability anomaly. Recently received assays confirm that a very extensive zone of copper mineralisation was intersected over almost the entire length of the 658.9m hole. Core from BTDD004 shows variably mineralised quartz-chalcopyritevein sets and disseminated chalcopyrite including a strongly mineralised 224m interval immediately to the west of the MIMDAS IP anomaly.
Although interpreted to be located some distance from the core of an intrusive porphyry system, the assays returned an impressive main copper zone of 224m @ 0.40% Cu, 0.05g/t Au, 0.9ppm Ag, 3.5ppm Mo use(molybdenum) within an overall mineralised zone of 632m @ 0.21% Cu, 0.03g/t Au, 0.60ppm Ag, 18.0ppm Mo. The results in BTDD004 add to the mineralisation reported earlier from hole BTDD001, collared 500m to the east, which returned an overall intersection of 552.6m @ 0.16% Cu, 0.02g/t Au, 0.7g/t Ag from 132m to the end
of hole at 684.6m1.
BTDD004 has returned the best copper intersection so far at Bottletree and is considered to be indicative of better mineralisation towards the interpreted core of a central porphyry system, west of the 2021 MIMDAS IP
anomaly.
personalAssays from the second completed hole, BTDD003, are also reported. BTDD003 targeted the most intense chargeability zone of the main IP anomaly and was drilled directly below and to the east of BTDD001. The results
confirm that this part of the main IP anomaly lies outside and to the east of the mineralised porphyry-stylezone, having only intersected one significant interval of mineralisation towards the bottom of the hole.
For
The Company completed three deep diamond drill holes at Bottletree during 2021 (BTDD001, BTDD003 and BTDD004). Hole BTDD002 was terminated early because of excessive and irrecoverable azimuth deviation and was redrilled as BTDD003.

onlyuse

personalFigure 1. Map showing the locations of the Greenvale Project tenements and select prospects. The Bottletree Prospect, Gregory Highway, Kidston Clean Energy Hub and associated power corridor infrastructure are also indicated.

BTDD003 and BTDD004 results

PORPHYRY-STYLE COPPER MINERALISATION INTERSECTED

BTDD004 returned a very large interval of vein and disseminated copper mineralisation from 5m below surface: 632m @ 0.22% Cu, 0.03g/t Au, 0.6g/t Ag and 18.0ppm Mo; including a significant interval of strong mineralisation: 224m @ 0.40% Cu, 0.05g/t Au, 0.9ppm Ag and 3.5ppm Mo from 242m (Table 1). The highest grade interval returned 5.25% Cu, 0.31g/t Au and 10.7g/t Ag from 363m to 364m.

As a result of observations on the mineralisation intersected in BTDD001, BTDD004 was designed as a scissor hole to test the western side of the intense MIMDAS IP chargeability anomaly for significant porphyry-style

Forcopper mineralisation.

The assay results confirm that BTDD004 intersected substantial intervals of copper sulphide (chalcopyrite) mineralised vein sets, as well as disseminated copper mineralisation over almost the entire length of the 658.9m hole (Figure 2).

Importantly, veins of quartz-chalcopyrite-molybdenite which resemble Type-B veins in a porphyry system were identified in drill core. Porphyry Type-B veins are a classic indication of a nearby porphyry system. Relatively high molybdenum values dominate the upper parts of BTDD004 where there is an observed association with dacite porphyry intrusions and folded Type-B veins. Alteration assemblages of silica-sericite,K-feldspar and actinolite affecting the dacite porphyries are considered to represent a high temperature alteration phase, either related to the dacites or to a later buried porphyry located further to the west.

3

The dacite porphyries have intruded the andesitic volcanic wall rock and both exhibit varying degrees of strong fracturing and local breccia to crackle brecciation.

Sheeted sericite-pyrite-chalcopyrite and sericite-pyrrhotite veins and some stockwork veins are developed lower onlyin the hole. Structural orientations of the stockwork veins are variable, but general populations show dips to the northeast to north and southeast to southwest, likely indicating at least two porphyry systems to be the

source of the veins.

The more intensely mineralised sheeted vein sets are predominantly developed within the andesitic wall rocks and exhibit relatively lower amounts of molybdenum that sharply contrasts with the higher molybdenum in the dacite porphyry-intruded zones.

The extensive mineralisation intersected in BTDD004 is significant and adds to significant copper mineralisation intersected in earlier-reported holes:

use

• BTDD001: 552.6m @ 0.16% Cu, 0.02g/t Au, 0.7g/t Ag from 132m to the end of hole at 684.6m2; and

346.7m)3.

292m @ 0.22% Cu (148.0m to 440.0m), including 18.7m @ 1.12% Cu (328.0m to

•

SBTRD006 (2018):

BTDD003 intersected a similar suite of andesitic volcanics with more abundant tonalite. Significantly, dacite

porphyry intrusions were not encountered. Only minor amounts of copper mineralisation were returned

generally throughout the hole, with better grades observed at the lower parts of the hole. BTDD003, being

personal

incl

451

466

15

1.19

0.15

3.6

1.9

located further to the east, is considered to be outside the zone of porphyry-related mineralisation (Figures 2 to

4).

Table 1. Summary Cu, Au, Ag and Mo geochemistry for holes BTDD003 and BTDD004

Hole ID

From

To

Interval

Cu

Au

Ag

Mo

(m)

(m)

(m)

(%)

(g/t)

(g/t)

(ppm)

5

637

632

0.21

0.03

0.6

18.0

incl

242

466

224

0.40

0.05

0.9

3.5

incl

337

339

2

1.01

0.24

2.7

9.5

BTDD004

incl

363

466

103

0.53

0.05

1.4

3.3

incl

363

375

12

1.01

0.07

2.2

1.9

363

364

1

5.25

0.31

10.7

1.5

For

incl

631

634

3

1.12

0.14

4.8

2.1

290

293

3

0.23

0.04

1.2

1.3

BTDD003

486

512

26

0.19

0.06

1.1

2.1

688

778

90

0.10

0.01

0.2

2.8

23 Refer ASX announcement, 25 January 2022 Refer ASX announcement, 25 October 2018

4

use only

personal

g/t

%

ppm

Au

Cu Lithology Mo

Lithology

Figure 2. Cross section A-B (refer Figure 3) viewed looking north showing drill hole traces with summary Cu, Au, Mo assays and lithology with diagrammatic cartoon representation of interpreted Zone A porphyry target. Cartoon representation Forbased on drill hole information, soil geochemistry and IP chargeability 2D and 3D models. Select diamond holes to be drilled

as part of the upcoming 2022 drilling program are also shown.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Superior Resources Limited published this content on 01 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2022 23:41:05 UTC.