Superior Gold Inc. Continues to Intersect High Grade Gold Mineralization Underground

 

INTERSECTIONS INCLUDE 89.4 G AU/T OVER 4.55 METRES, 29.0 G AU/T OVER 3.20 METRES, 12.3 G AU/T OVER 5.65 METRES, AND 33.7 G AU/T OVER 2.00 METRES

TORONTO, July 30, 2018 /CNW/ - Superior Gold Inc. ("Superior Gold" or the "Company") (TSXV: SGI) is pleased to announce additional results from the ongoing underground diamond drill program at its 100%-owned Plutonic Gold mine in Western Australia. The drilling was conducted from March 1, 2018 to April 30, 2018 and is part of the year-round ongoing program of underground drilling.

This work was completed with two diamond drill rigs. A third was added in May which is entirely focused on expanding reserves and resources.

Results are provided for 169 drill holes for a total of approximately 12,600 metres. The drill holes were completed for resource definition and grade control purposes. Resource definition was designed to increase the confidence level of the resource in areas where drilling was limited as part of the ongoing work to upgrade resources to reserves. Grade control drilling was completed to provide additional information for stope design ahead of mining.

The drilling focussed on six zones – Caribbean, Caspian, Cortez, Indian, Pacific, and Timor. A number of significant intersections were encountered.

KEY FINDINGS

• 250 intersections encountered more than 5g Au/t
• 105 intersections encountered more than 10g Au/t
• 43 intersections encountered more than 20g Au/t
• 5 intersections encountered more than 50g Au/t

The location of the most significant intersections are shown in Figure 1 and the details of all holes are summarized by zone 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: "Our underground diamond drill program continues to be successful in intersecting high grade mineralzation across multiple zones at Plutonic underground. These results, together with previously reported drill data since we acquired the asset, continue to support our thesis that Plutonic is a long life asset that will be in production for many years to come. With three active underground rigs, we continue to accelerate towards a second reserve and resource estimate which will use data accumulated up until the end of 2018."

HIGHLIGHTS

The most significant intersections are summarized in Table 1 below:

Table 1 – Key Intersections

 

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

Core is drilled BTW core diameter (42 mm).  Core intervals are whole core sampled. 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 Plutonic underground 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

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