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.
- 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."
Key Intersections are summarized in Table 1 below:
Easting (Mine Grid)
Northing (Mine Grid)
Drill hole collar RL (Mine Grid)
Azimuth (degrees, Mine Grid)
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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/superior-gold-inc-announces-best-underground-exploration-intersection-to-date-outside--of-existing-resource-301078108.html
SOURCE Superior Gold
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2020/17/c6846.html