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Location: 210 km W from Townsville, Queensland, Australia
Suite 3, Level,1 5 Gardner Close, MiltonPO Box 2309BrisbaneQueensland, Australia4064
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The Steam Engine Gold Deposit is located within the Superior Resources Ltd. greater Greenvale Project and is hosted within a belt of metamorphosed volcanic and sedimentary rocks of probable Cambro-Ordovician age.Government mapping over the Greenvale Project area is covered by the Burges and Conjuboy 1:100,000 sheets. The Greenvale Project covers an area predominantly mapped as units of the Lugano Metamorphics and the Cockie Spring Tonalite with areas of Cambro-Ordovician Eland Metavolcanics and Permo-Carboniferous Bally Knob volcanics in the north of the project area.Rocks to the west of the Greenvale township were originally considered to be an easterly extension of the Cambro-Ordovician volcanic belt that containsthe Balcooma VMS deposit. However, the Greenvale Project area differs significantly from the Balcooma VMS area such that it should be considered as a separate geological domain (Lucky Creek Domain) of the Cambro-Ordovician belt.The Lucky Creek Domain is interpreted to contain metamorphosed primitive mantle-derived intrusions, volcanics and related sediments with low levels of uranium, thorium and lead. It is likely that some of the serpentinised ultramafic rocks of the Greenvale area are part of a sea floor volcano-sedimentary package rather than injected or intruded rocks.MineralisationAt the Steam Engine Gold Deposit, gold is mineralised within a number of north-northeast trending, west dipping pyritic quartz-muscovite-carbonate schist lodes within metamorphosed intermediate to basic intrusives and metasediments. The metamorphosed host rocks have been intensely chlorite–epidote altered in the vicinity of the mineralised shear zones.Additionally, the mineralisation appears loosely associated with intense sericite altered zones with variable silicification and are generally mappable when surface exposure is good. Initial observations are that the effects of sericite alteration together with visible sulphide content may assist in the extraction of the lode zones and to help reduce dilution effects during mining.The gold mineralisation is associated with a sulphide mineral assemblage comprising pyrite, minor arsenopyrite, pyrrhotite, and chalcopyrite (all fine grained). Gold is mineralised within schistose lodes of which, the Steam Engine Lode is the most notable.The Steam Engine Lode has an outcrop strike length of approximately 500 metres and a further 800 metres that does not crop out at surface has been identified to the north by drill holes. The Eastern Ridge lode is located approximately 500 metres east of the Steam Engine Lode. The Eastern Ridge lode has a surface strike length of approximately 1,400 metres.The gold mineralisation is interpreted as mesothermal lode type. The Company considers that the gold mineralisation is most similar to the orogenic style.The gold bearing lodes are developed within shear zones and show strong continuity and a persistent dip to the west. The Steam Engine lode typically dips from 50° to 60° to the West. The Eastern Ridge lode typically dips from 45° to 55° to the West.DimensionsIdentified mineralisation at the Steam Engine Gold Project is contained within two lode systems approximately 600 metres apart. The Steam Engine Lodes are modelled over a total strike length of 810 metres to a maximum down-dip extent of 275 metres (240 m vertical depth). True width of the Main lode varies from 1 metre to 20 metres with an average of 6.5 metres. Hangingwall and Footwall lodes have a strike extent of 185 metres and 115 metres respectively. The Eastern Ridge Lodes are modelled over 600 metres along strike to a maximum down-dip extent of 120 metres (100m vertical depth). True width of the North and South lodes varies from <1 metre to 10 metres with an average of 3.5 metres.The Project database covers drilling that extends beyond the limits of the two modelled lode systems with additional zones of mostly narrow mineralisation that are not included in this Resource estimate.
The Scoping Study considers all aspects of developing and operating one or more open pit mines for the extraction of gold-bearing ore from the Project and then processing that ore to produce gold doré.Two contrasting processing scenarios are assessed:1. “Toll Treatment” - represents the scenario where mined ore is hauled from the Project site to a thirdparty processing plant for the treatment of the ore through that facility. Gold production is reconciled and a tolling fee is paid and settled with the third party at the toll treatment facility.2. “Stand-Alone Processing” - represents the construction and operation of a gold processing plant of appropriate capacity at the Project site. Such a plant comprises crushing, grinding, gravity separation, leaching and bullion production circuits and an associated tailings and waste rock storage facility at the Project Site. Ore is processed through this plant, removing the need for haulage costs and the profit marg ........
