Superior Gold Inc. Announces Positive Initial Results from New Drill Program at Hermes South
10.05.2018 | CNW
UP TO 37.7 G AU/T OVER 3.00 METRES FROM 27.00 METRESTORONTO, May 10, 2018 - Superior Gold Inc. ("Superior Gold" or "The Company") (TSX.V:SGI) is pleased to announce initial results from the ongoing reverse circulation drill program at its Hermes South project, which is located approximately 20 kilometres south southwest of the Hermes open pit gold mine, which is in turn located 65 kilometres southwest of the Company's 100%-owned Plutonic underground gold mine in Western Australia Figure 1.
HIGHLIGHTS
- 37.7 g Au/t over 3.00 metres from 27.00 metres downhole in Hole BHSRC007, approximately 150 metres south of existing resource
- 5.0 g Au/t over 2.00 metres from 35.00 metres downhole in Hole BHSRC007
- 3.0 g Au/t over 6.00 metres from 166.00 metres downhole in Hole BHSRC009
- All intersections are outside of the existing resource
The Hermes South project is within the Bryah Basin joint venture with Alchemy Resources Ltd. (ASX:ALY). The Company's interest in the joint venture is an earn-in option which, upon completion of the earn in, will give the Company an interest of up to 80% in the joint venture. The Company recently announced (April 3, 2018) an initial inferred mineral resource estimate for Hermes South of 1.29 million tonnes @ 1.54 g Au/t for 64,000 ounces (100% basis).
This reverse circulation program is expected to total approximately 10,400 metres in 79 holes. The goal of the program is to expand the existing resource and to explore for additional zones of mineralization.
The location of drill holes in the current program are shown in relation to prior drilling and the existing resource in plan and section in Figures 2 - 3.
Chris Bradbrook, President and CEO of Superior Gold stated: "These results represent a very encouraging start to our first drill program at Hermes South. The ongoing drill program is being conducted to determine the potential for the Hermes South project to become a second open pit mining operation. The project is strategically well located and can be readily connected to the main Hermes haul road. This work is part of our near-term growth strategy to focus on reestablishing the Plutonic Gold operations at a sustainable production level of at least 100,000 ounces of gold annually."
Table 1 – Initial Intersections from Hermes South
| Drill Hole # | Easting (Mine Grid) | Northing (Mine Grid) | Drill hole collar RL (Mine Grid) | Dip (degrees) | Azimuth (degrees, Mine Grid) | End of | Downhole | Downhole To | Downhole | Au | Est True |
| BHSRC007 | 685114 | 7155443 | 572 | -60 | 24 | 220 | 27.00 | 30.00 | 3.00 | 37.7 | 2.1 |
| BHSRC007 | 685114 | 7155443 | 572 | -60 | 24 | 220 | 35.00 | 37.00 | 2.00 | 5.0 | 1.4 |
| BHSRC008 | 685241 | 7155624 | 575 | -60 | 24 | 200 | 144.00 | 145.00 | 1.00 | 1.9 | 0.7 |
| BHSRC009 | 685217 | 7155569 | 574 | -60 | 24 | 220 | 166.00 | 172.00 | 6.00 | 3.0 | 4.2 |
| BHSRC009 | 685217 | 7155569 | 574 | -60 | 24 | 220 | 175.00 | 176.00 | 1.00 | 1.1 | 0.7 |
| BHSRC010 | 685192 | 7155515 | 569 | -60 | 24 | 260 | 239.00 | 240.00 | 1.00 | 2.2 | 0.7 |
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by Pascal Blampain, who is a member of the AusIMM and the Australian Institute of Geoscientists (AIG) and a "qualified person" within the meaning of NI 43-101. Mr. Blampain is an employee of the Company and serves as Chief Geologist.
Quality Control Protocols
Hermes South drilling has been completed using Reverse Circulation drilling. Samples are collected for every metre directly off the cyclone using a cone splitter, set to approximately 3kg sample size. All gold results were determined 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 underground Plutonic gold mine, which is a producing underground operation with a central mill, the Hermes open pit gold mine 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.
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.
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SOURCE Superior Gold
Contact
Superior Gold Inc.
Chris Bradbrook, President, CEO & Director
investor@superior-gold.com
Tel: 647-925-1291
