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Superior Gold Inc.
Summary
| Project: | Hermes | |
|---|---|---|
| Deposit: | Hermes | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/7/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 7-5-2019: Superior Gold Inc. announces a Resource Estimation report for its Hermes deposit at the Hermes project. Updated mineral resource estimate and ore reserve estimate at the project. Toronto, May 7, 2019 – Superior Gold Inc. (“Superior Gold” or the | |
| Resources: | (Reserve, Prob.): 1.51Mt @ 1.3g/t Au for 64Koz Au contained at Hermes | |
| CP/QP: | [Resources]: Pascal Blampain (Internal) | |
| ABSTRACT: | Toronto, May 7, 2019 – Superior Gold Inc. (“Superior Gold” or the “Company”) (TSXV:SGI) is pleased to announce the updated Mineral Reserve and Mineral Resource estimates as at December 31, 2018 for its Plutonic Gold Operations located in Western Australia, which are comprised of the 100%-owned Plutonic underground gold mine and 100%-owned Hermes open pit gold mine, along with the Company’s interest in the Bryah Basin joint venture. Comparisons are made to the prior Mineral Reserve and Mineral Resource estimates as described in the previously filed National Instrument 43-101 (NI 43-101) report dated May 17, 2018. Chris Bradbrook, President and CEO of Superior Gold stated: “We are extremely pleased to be able to provide this updated Mineral Reserve and Mineral Resource estimate, which continues to deliver on our stated goal of increasing both reserves and resources and extending the mine life at our Plutonic Gold Operations. We are particularly pleased with the cost effective way in which we have been able to add reserves at the Plutonic Mine. Our new Chief Operating Officer (”COO”), Keith Boyle, has made a positive contribution since his appointment and his comments below identify how we are focusing on ongoing operational improvements and free cash flow generation, and the progress being made.” Mineral Reserves as at December 31, 2018 were estimated using a long term gold price of A$1,650 per ounce ($1,217 per ounce). Mineral Resources as at December 31, 2018 were estimated using a long term gold price of A$1,700 per ounce ($1,254 per ounce). Dilution of 10% was factored into the estimation of underground Mineral Reserves. Cut off grades for the Mineral Reserve and Mineral Resource estimates were 2.00 g Au/t for underground and 0.60 g Au/t for open pit. | |
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