Superior Gold drills 10.5 g/t gold over 27.3 metres at Plutonic, Australia

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Superior Gold Inc. [SGI-TSXV; SUPGF-OTCQX] reported additional high-grade drill results from its continuing underground diamond drill program at Indian Access at its 100%-owned Plutonic gold mine in Western Australia.

Highlights include drill hole UDD25627 that intersected 10.5 g/t gold over 27.3 metres, including one metre at 48.5 g/t gold, one metre at 44.1 g/t gold, 0.6 metres at 34.3 g/t gold, 0.8 metres at 29 g/t gold and one metre at 32.9 g/t gold.

Drill hole UDD25624 intersected 15.6 g/t gold over 4.5 metres, including 2.4 metres at 28.1 g/t gold, 15 g/t gold over 4 metres including 1.3 metres at 43.3 g/t gold and 25.5 g/t gold over 1.3 metres. Drill hole UDD25668 intersected 5.3 g/t gold over 8 metres.

The results announced today expand the Caribbean and Indian zones, directly adjacent to existing underground infrastructure, minimizing potential capital to develop. Reported intersections are over a minimum downhole length of 0.30 metres (approximately 0.20-metre true width).

Chris Jordaan, President, and CEO, stated: “These excellent drill results continue to support the Company’s strategy of re-interpreting and re-evaluating historical areas of Plutonic to support future production with new mining fronts and reducing our reliance on remnant mining areas.

These results announced today give us further confidence that high-grade extensions of the Plutonic orebody can be systematically targeted, and that significant mineralization can still be discovered. Our strong results include 7 intercepts containing over 20-gram per metre (downhole intersection length times gold grade uncut) and 29 intercepts containing over 4.5-gram per metre on a total of 17 holes. The high drill success rate from this project area reflects the effectiveness and accuracy of the reinterpretation and remodeling approach currently applied. With this recent success as an example, our investment in re-interpreting historical data will further assist our strategy to extend Plutonic’s mine life. This targeted area is in a favorable location within close proximity to the current portal at the Plutonic Mine. These results have been updated in our dynamic geological models which enables our mine planning team to perform optimized design work soon after assay results become available. As the optimized design work progresses, economic benefits are tested against other areas in the mine and the mining areas are prioritized accordingly. Early indications are promising and indicate that mining could commence as early as Q1 2023.”

Results are provided for 17 underground exploration drill holes, drilled in May 2022, for a total of 1,487 metres of drilling. Drilling was focused on extending and infilling known mineralization in the Indian Access area, located between the existing Caribbean and Indian mining areas at Plutonic. The Indian Access mining area is under-explored and remains open along strike and both up and down dip as it is yet to be fully drill tested. The Indian Access mining area increased in priority following a reinterpretation of mineralization controls particularly given its proximity to existing infrastructure and the surface. This area of interest represents a footprint of approximately 500 metres by 300 metres as a possible future new mining front in an area that has limited historical mining.

The Indian Access intercepts such as 10.5 g/t gold over 27.3 metres in hole UDD25627, 15.6 g/t gold over 4.5 metres in hole UDD25624, and many more significant intercepts demonstrate great potential in an under-explored area of the mine. The grade intercepts are down dipping extensions of known mineralization and also include a “new” zone approximately 100 metres from existing mining infrastructure. These high-grade zones are interpreted to coincide with a similar northwest control on stacked lodes that extend throughout the entire mine from the surface through to the Baltic Extension area.

Plutonic is a world-class Archean lode-style gold mineralized system that has produced close to six million ounces of gold over 32 years of continuous operation and encompasses a Measured and Indicated Mineral Resource of 1.92 million ounces together with an Inferred Mineral Resource of 3.97 million ounces. The Company’s continuous exploration effort underpins a commitment to reserve and resource growth.

Superior Gold owns 100% of the Plutonic Gold Operations located in Western Australia. The Plutonic Gold Operations include the Plutonic underground gold mine and central mill, numerous open-pit projects including the Plutonic Main Pit push-back project, 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.

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