Superior Resources Unveils Promising Gravity Anomalies at Bottletree Project
SUPERIOR RESOURCES LIMITED (SPQ) Share Update July 2024 Wednesday 31st
Superior Resources Identifies Significant Gravity Anomalies at Bottletree Project
Superior Resources Limited (ASX: SPQ) has announced the results of a high-resolution gravity survey over its Bottletree Project area, revealing two significant gravity anomalies that could indicate substantial mineral deposits.
Instant Summary:
- High-resolution gravity survey completed over Bottletree Project area.
- Large gravity anomaly located 400m south of previous drilling, potentially representing the core of the Bottletree porphyry Cu-Au system.
- Second, larger gravity anomaly identified to the northeast of the 2022-2023 drill program.
- 3D inversion modelling suggests the two gravity anomalies may converge at depth.
- Government-backed CEI drill program scheduled to commence in September 2024.
Survey Results and Findings
Superior Resources Limited has completed a high-resolution gravity survey over the Bottletree Project area, which has highlighted a large gravity anomaly located approximately 400 meters south of previous drilling. This anomaly is believed to potentially represent the core of the Bottletree porphyry copper-gold (Cu-Au) system. The gravity anomaly aligns with the porphyry core target modelled in 2023 from drill core observations. The Company received a $300,000 Queensland Government CEI Critical Minerals Funding Grant to drill two deep diamond holes this year into this porphyry core target.
The gravity data has also revealed a second, larger, and potentially higher-order gravity anomaly to the northeast of the 2022-2023 drill program. 3D inversion modelling of the data indicates that these two gravity anomalies may converge into one body at depth. The government-backed CEI drill program is scheduled to commence in September 2024, with plans to also drill-test the northeastern anomaly as part of the same program.
Project Context and Importance
The Bottletree Project is one of several porphyry Cu-Au projects that Superior Resources is advancing in a newly-recognized porphyry belt located in northeast Queensland. This area also includes the Steam Engine Gold Project. The Managing Director of Superior Resources, Peter Hwang, expressed excitement about the gravity inversion modelling results, noting that this is the first dataset to provide direct detection of a significant body at the location of the 2023-predicted porphyry core target.
Technical Insights
The high-resolution ground gravity survey covered an area of approximately 7 square kilometers with gravity station acquisition on a 100m x 100m grid configuration. Terrain correction and modelling of the gravity data using UBC 3D inversion modelling software produced a detailed analysis of rock density variations across the project area, including at depth. Ground or airborne gravity surveys are valuable tools for exploring a range of ore deposit systems and have been instrumental in discovering many large porphyry copper deposits.
The 3D inversion modelling on the Bottletree gravity data has defined two distinct gravity-high features. The highest priority anomaly, centrally located within the survey area, coincides with the porphyry core target determined in 2023. This central gravity anomaly, located approximately 400 meters south of the 2022 and 2023 drill holes, is of moderately high amplitude and extends to significant depths. The anomaly is partly associated with a magnetic-high anomaly, and the 3D form of the modelled gravity anomaly appears to conform around the 3D geometry and form of the magnetic anomaly.
Upcoming Drill Program
The two deep CEI-funded diamond drill holes will test the large central gravity anomaly. These holes are CEI002 and CEI004, with planned total depths of 800m and 900m respectively. Although several additional holes have been planned to test the central gravity anomaly, the results of the CEI holes will determine whether the additional holes will be drilled. Planning of holes to test the second gravity anomaly is underway, and the Bottletree CEI-funded drill program is expected to commence in September 2024.
The identification of these significant gravity anomalies at the Bottletree Project could have a substantial impact on Superior Resources' stock. The potential discovery of a large porphyry Cu-Au system could attract significant investor interest and increase the company's market valuation. The government-backed CEI drill program further adds credibility and financial support to the exploration efforts, potentially boosting investor confidence.
Investor Reaction:
Analysts are likely to react positively to the news, given the potential for discovering a significant mineral deposit. The alignment of the gravity anomalies with the 2023-predicted porphyry core target and the support from the Queensland Government's CEI funding are seen as strong indicators of the project's potential. However, investors will be keenly watching the results of the upcoming drill program to confirm the presence and extent of the mineralization.
Conclusion:
Investors should keep a close eye on the progress of the Bottletree Project, particularly the results of the CEI-funded drill program scheduled to commence in September 2024. The discovery of significant gravity anomalies and the potential for a large porphyry Cu-Au system present a promising opportunity for Superior Resources. Stay informed and consider the potential long-term impacts on your investment portfolio.