Superior Resources Limited (ASX:SPQ) has announced a boost for its wholly owned Nicholson Project, with recent drilling results and data reviews resulting in the company upgrading the north-west Queensland project’s base metals potential, including a potentially large SEDEX-style system at Nicholson West.
Managing Director, Peter Hwang, said the Nicholson Project is located within the globally attractive Carpentaria zinc province, which contains an estimated 20% of the world’s zinc inventory.
In 2019, Superior signed an earn-in and joint venture agreement with global miner South32 to advance exploration of the project, under which it agreed to fully fund an initial $2 million or 4,000m of drilling within the first 12 months of operations (stage one), with the option of sole funding a further $4 million on exploration within the following four years (stage two). Managing Director, Peter Hwang said.
“We are very encouraged by the overall results of the 2019 drilling programme, particularly considering that only three of the initial eight targets have been drilled,” Mr Hwang said.
“Although we are yet to complete our analysis, we have already identified a potentially large base metal-mineralised SEDEX system at Nicholson West near the major Nicholson River Fault Zone.
“Excitement has also been generated from further data analysis of the Walford South target, one of the 2019 program targets that is yet to be drilled and which is located only six kilometres away from Aeon Metals’ Walford Creek deposit.
“The results at Nicholson have boosted our confidence in our 2020 outlook, adding to our prospective targets this year including at Bottletree, Big Mag and Steam Engine, with the potential to deliver world-class discoveries. “We have also just been notified of South32’s decision to withdraw from the joint venture agreement at Nicholson.
“While regrettable, we consider the initial results have been encouraging and we aim to advance the project’s various targets to determine their full potential.
