Maiden Zinc Resource Exceeds Expectations
- Maiden JORC (2012) resource of 2.15 Mt at 17.7% Zn, 0.9% Cu, 0.4 g/t Au and 33.5 g/t Ag.
- Over 90% of the resource is in the Indicated category, which has accelerated a re-start study.
- The resource is based entirely on historical drilling.
- Numerous brownfield exploration targets have been identified close to the existing resource.
Analyst comments: this achievement has exceeded expectations with respect to grade and size, as well as resource classification. What's even more impressive is that the resource, which is based entirely on historical drilling, has been announced within 6 months of Superior Lake taking control of the asset.
The standout feature of the announcement is clearly the grade - the Project boasts not only the highest zinc grade for any on the ASX (resource greater than 1Mt) but also in the world.
And, while that grade is both impressive and important to the Project's long-term viability, the size and amount of ore classified in the indicated category are also critical, in that they significantly reduce the development timeline; indeed, it's possible that no further drilling will be required to complete at least an initial development study (scoping study) in the near term.
That said, with mineralisation open at both deposits and numerous additional brownfield targets identified, it seems likely the resource could increase when Superior Lake's inaugural drilling program - the first at the Project in more than 20 years - commences in coming months.
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About Superior Lake Resources Ltd
Superior Lake Resources Ltd (ASX:SUP) engages in the exploration and development of mineral prospects in Australia and Canada. It primarily explores copper, zinc, gold, and other base metals. The company holds interests in the Pick Lake Zinc project covering 47.5 square kilometers of area located in northwest Ontario; and the Winston Lake Project covering 4.5 square kilometers of area located in northwest Ontario. It also holds interests in the Leonora Project located in the Eastern Goldfields Province of the Archaean-aged Yilgarn Craton of Western Australia; and the Mt Morley Project covering 50 square kilometers of area located in Western Australia. The company was founded in 2009 and is based in Perth, Australia. Superior Lake Resources Limited is a subsidiary of Add New Energy Investment Holdings Group Limited.
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