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Superior Resources defines initial Steam Engine resource with 85,000 oz of gold

An initial resource estimate for Superior Resources Ltd.'s Steam Engine deposit, part of its Greenvale project in Queensland, Australia, defined 85,000 ounces of gold.

Steam Engine hosts inferred resources of 1 million tonnes grading 2.5 g/t gold, at a 1.0 g/t cutoff. The analysis incorporates data from two recent reverse circulation drillholes as well as historical drill data.

The estimate only comprises the central drilled portion of the main Steam Engine lode to a depth of 150 meters and 400 meters along strike, the company said in its Oct. 19 statement. Mineralization remains open at depth and along strike to the north.

"Not only is there potential to increase the resources at the Steam Engine lode along strike and at depth, but the [mineral resource estimate] does not take into account the currently identified and approximate 2 kilometers of gold-bearing lodes at the Eastern Ridge lode and Southern Zone lodes," Managing Director Peter Hwang said.