Superior Resources : expands Ni-Cu-PGE Dido/Big Mag Project

The grant of the tenement expands the Ni-Cu-PGE project to 1,158 km2 and the overall Greenvale Project to 1,749 km2 (Figure 1).

Prior to substantial data generation, academic research and initial follow up work by Anglo American up to 2012, onlythe Dido Batholith and Big Mag had received little or no exploration and certainly no exploration for magmatic

Ni-Cu-PGE sulphides.

Exploration work conducted by Anglo American over a five-year period has provided an enormous and valuable dataset that includes over 5,000 line-kms of high-quality airborne and ground geophysical survey data, soil geochemistry and geological mapping data, limited initial drill hole results and the results of petrographic and academic research on the prospective rock types.

Anglo American generated numerous (<40) magnetic and EM conductor targets. However, follow-up work was focussed on only two high priority targets. Despite initial diamond core drilling on these targets returning very usepositive results that confirmed the presence of extensive Voisey's Bay style Ni-Cu-PGE mineralisation, no further follow up work was conducted. In their final statutory report to the government, Anglo American suggested "Despite the project revealing a number of geophysical and geochemical targets the project was recommended for surrender because [they] were unable to negotiate a reasonable access agreement with

one Land Owner".

Superior has successfully negotiated land access arrangements with the same landowner.

personalSuperior's Managing Director, Peter Hwang, said:

ForMagmatic Ni-Cu-PGE Sulphides at Dido/Big Mag

The Dido/Big Mag Project comprises four exploration permits for minerals (EPMs) (EPM26751, EPM27754, EPM27755 and EPM27932) covering 1,158 km2 of geology considered highly prospective for world-classNi-Cu- PGE magmatic sulphide ore deposits. The tenements are contiguous with the original Greenvale Project EPMs and extend the overall project by approximately 40 kms to the southwest and 20 kms northwards (Figure 1). The priority areas of interest are the southwestern and western areas of the greater Greenvale Project, which cover most of the ~470-430Ma Dido Batholith and the Big Mag igneous complex.

These igneous bodies are located in a zone that is thought to represent the eastern-most margin of the Australian continent that formed from the breakup of the Precambrian supercontinent, Pangaea (re-named Rodinia). Areas to the east are younger rocks that were accreted to the original Rodinian eastern margin to form

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the current eastern part of the Queensland / Australia. Deep penetrating faults that are formed near many craton margins act as conduits to transport primitive magmas through the earth's crust. In certain conditions, the magmas result in the formation of various ore deposits such as the type targeted by Superior.

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personalFigure 1. Location of the Greenvale Project tenements showing the Dido/Big Mag Project shaded purple. Key Greenvale Project prospects and the Kidston Clean Energy Hub and associated power corridor also marked.

Targeting by Anglo American

ForDuring 2004, Anglo American conducted an Australia-wide targeting exercise for giant, world-classNi-Cu-PGE ore bodies of the Voisey's Bay (Canada) or Noril'sk (Russia) styles. Their exercise considered regional geological, geochemical, digital terrain modelling, magnetic, gravity and seismic tomographic datasets.

They identified approximately 100 magnetic, airborne EM and soil geochemistry targets that were considered to be prospective for magmatic Ni-Cu-PGE ore deposit systems (Figure 2).

The Dido/Big Mag Project area was ranked within the top ten targets on the basis of a bullseye magnetic feature (Big Mag), located on a craton margin directly associated with known layered mafic intrusions3.

3 CR79623, Kelly, 2013, Final Reportfor EPM15646 for the period 15 May 2007 to 14 May 2013, Anglo American.

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personalFigure 2. TMI 1VD greyscale aerial magnetics survey data showing Dido Batholith, select initial Anglo American magnetic anomaly targets (purple) and historic Anglo American EPM tenements (Adapted from CR 79623, Kelly, 2013, Final Report for EPM15646 for the period 15 May 2007 to 14 May 2013, Anglo American).

Follow-up work by Anglo American - Palmer Rails targets

From interpretation of existing regional airborne magnetic survey data, Anglo American identified numerous high priority magnetic anomalies representing mafic and ultramafic intrusions. Only two of these anomalies, Palmer Rails North and Palmer Rails South, were followed up with a range of exploration sampling and mapping techniques as well as ground IP geophysical surveys over three years.

ForSoil sampling identified Ni-Cu-Co-Cr-PGE geochemical anomalies over the two targets. At Palmer Rails North, the anomaly is 2.4 kms long and ranges from 150m to 450m wide and at Palmer Rails South, multiple discrete anomalies range from 500m to 900m in diameter.

Each of the Ni-Cu-Co-Cr-PGE anomalies are coincident with IP geophysical and magnetic anomalies (Figure 3).

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personalFigure 3. TMI 1VD greyscale aerial magnetic images of Palmer Rails North and South (N-S field of view: 11km). Soil geochemistry survey over the Palmer Rails North and South targets showing coincident anomalous Ni, Cu, Co and Pt concentrations over the intrusions (right) (After: CR79623, Kelly, 2013, Final Report for EPM15646 for the period 15 May 2007 to 14 May 2013, Anglo American).

Discovery of Voisey's Bay-styleNi-Cu-PGE system

Nine diamond core holes for 2,643.1m were drilled into the Palmer Rails North and South intrusions.

Magmatic sulphides were intersected in most of the holes within several mafic-ultramaficrock types, which include tonalite, diorite, gabbro, gabbronorite, olivine gabbro, wehrlite, troctolite and pyroxenite. The magmatic sulphides within the northern intrusion are present as intergrown pyrrhotite-chalcopyrite-pentlanditegrains, intercumulus to silicates.

Results from the drilling include4 (Figure 4):

• 133m @ 0.12% Ni;
• 105m @ 0.14% Ni; and
• with up to 0.58% Ni, 0.28% Cu, 290ppb Pd, 220ppb Pt in sub-intervals.

ForVariable textures and grain sizes within the rocks indicate that the intrusions were formed from multiple pulses of magma. In addition, the intrusions showed substantial contamination with silica and volatiles from the country rock. Variable textured olivine gabbro and troctolites are typically associated with large Ni-Cu-PGEmagmatic sulphide ore deposits similar to Voisey's Bay.

Academic researchers from the University of Tasmania and University of Melbourne analysed the drill assay results and identified distinct differences between the north and south intrusions. In particular, palladium and

4 CR79623, Kelly, 2013, Final Reportfor EPM15646 for the period 15 May 2007 to 14 May 2013, Anglo American.

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