Here’s why Superior thinks it’s only seen the tip of this copper iceberg
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Superior is targeting the copper potential of its Greenvale project in Queensland with the start of deep diamond drilling at the Bottletree prospect.
As part of Superior Resources’ (ASX:SPQ) push to build a copper mineral resource inventory at Greenvale, the Company is following up on the last Bottletree program that was carried out back in 2018. That program culminated with a diamond drill hole intersecting a thick 292m mineralised zone grading 0.22% copper including 18.7m at 1.12% copper.
Notably, it was only after advanced 3-D modelling of induced polarisation chargeability data that it became clear that the last hole had intersected the northern edge of an intense induced polarisation chargeability anomaly.
The model indicated that the chargeability intensity at this intersection zone was significantly weaker than the core of the anomaly, which lies at about 150m to the southeast. This bodes well for the current drilling program which will target this very section where chargeability is highest.
The first two holes in this current two-stage program will target the centre of the most intense chargeability core to test the observed close correlation between chargeability and copper grades while the next phase will begin after the company completes visual inspection of mineralisation in the first two holes against the 3D model.
Drilling at Bottletree follows positive developments at the Steam Engine gold project where recent assays confirmed significantly thickened down-dip extensions to the resource envelope.
“Bottletree is a standout copper target, both in terms of its size and grade potential and is a key part of the company’s copper strategy,” managing director Peter Hwang said.
“The 3-D modelling of the IP chargeability data, together with the observed close correlation between copper grades and chargeability, confirms compelling prospects for intersecting substantial copper mineralisation.
“Our tenement position at Greenvale secures an extensively mineralised corridor that provides the company with exciting VMS and porphyry copper-gold and nickel potential. It represents an ideal base on which to progress our copper strategy, with at least two defined copper deposits and numerous known, but unexplored copper prospects.
“This comes at a time of strong energy metal markets and rising demand for world class deposits in tier-1 jurisdictions.”
The Bottletree prospect is located just 5km from Steam Engine with several other gold and copper occurrences in between.
Superior noted that the chargeability model built to date extends from near surface to over 900m deep and represents good prospects for a significant copper mineralised system.
Drilling at the prospect is part of a broader, fully funded 13,000m drill program at the Greenvale project.
This article was developed in collaboration with Fresh Equities, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.