Page 16 - pd277-Nov19-mag-final-web_Neat

NEWS

Superior in name and strategy

hen your company name is Superior “We both equally have high hopes that Given the lack of funding opportuni-
WResources Ltd, you are left with little we will hit something big at Nicholson – ties for juniors, Superior has left the door
choice but to aim high. and even if it’s not big enough, a discov- open for South32 or other larger compa-
Therefore, it is hardly surprising that ery could be transformational for Superior nies to contribute towards future explora-
Queensland-focused Superior is chasing and a technical success for South32,” tion in north-west Queensland, including
potential Tier 1 projects in one the world’s Hwang told Paydirt during a visit to Perth projects such as Victor, where multiple
most prolific locations for lead-zinc-silver last month. anomalies have been identified from his-
discoveries. “South32 have an enormous amount of torical stream and soil geochemical sam-
Superior has pegged almost 1,500sq energy pumping into this. The early stage pling.
km of ground prospective for Mount Isa- work they did earlier this year actually im- “Being associated with a company the
style targets within the Carpentaria zinc proved the targets and it’s also generated size and quality of South32 is obviously
province, which hosts about 20% of the further targets. The benefits have been of enormous benefit to Superior. In par-
world’s zinc inventory and is home to the immediate.” ticular, this is because there’s little ap-
McArthur River and Century mines. Two diamond holes totalling 1,351m petite for risk on the ASX at the moment
It is a bold strategy for a little-known ex- have been drilled into the Nicholson West and these potential Tier 1 targets require
plorer, particularly in a market which has target, with another at Kingfisher East on- very dedicated and committed parties,”
been bereft of funding support for juniors. going at the time of print. Follow-up work Hwang said.
Fortunately for Superior, South32 Ltd rec- on several high-priority anomalies was “We’re also talking to several other se-
ognised the potential of the ground and also continuing. rious parties and aim to accelerate pro-
joined forces with the company at one of Assay results from the first two holes gress on some of the other projects as
its projects earlier this year. are due this month, although drilling has well.”
Under Stage 1 of the Hedleys JV, already confirmed the presence of thick Superior is also keen to drill more holes
South32 must sole-fund $2 million – or Mount Les siltstone which is the prospec- into a potential copper discovery at its
4,000m of drilling – at the Nicholson pro- tive target horizon known within the area Greenvale project, about 25km north-
ject within 12 months. If the company to host Mount Isa-style deposits. east of Australian Mines Ltd’s Sconi nick-
proceeds to Stage 2, a further $4 million “We are targeting several of what both el-cobalt project.
spent over four years will earn them 70%. parties consider to be some of the most A large copper system stretching over
Superior has operating rights of the JV compelling anomalies for sedex-style and several kilometres was identified at the
during both stages. McArthur River-style lead-zinc-silver,” Bottletree prospect from drilling last year.
Canada’s Teck Resources Ltd previ- Hwang said. It is one of a number of mineral opportuni-
ously cast its eye over Nicholson, about “Since inception more than a decade ties Superior is seeking to uncover in the
250km south-east of McArthur River and ago, the company has always been about same geological domain as the former
110km north-northwest of Century. securing the ground where there is the Greenvale nickel mine which is now part
Superior managing director Peter best potential for Tier 1 targets. This has of the Sconi project area.
Hwang said a major discovery at Nichol- resulted in Superior holding some of the Bottletree is understood to lie within a
son would be “transformational” for both most prospective ground for Tier 1 base remnant part of the Macquarie Arc which
his company and South32. metals targets.” extends across the border into New
South Wales and hosts the large Cadia
porphyry copper-gold deposit.
“While subject to further work, we be-
lieve we could be close to making a dis-
covery there of a significant copper de-
posit,” Hwang said.
“Our project is also right next to Sconi
and we believe we may have a larger area
of similar rock type to the old Greenvale
nickel mine.
“The DNA behind this company since
inception was in lead-zinc-silver origins
around Mount Isa, but there’s always
been a recognition that copper will always
be relevant, just like iron ore.”

– Michael Washbourne

South32 is sole-funding 4,000m of drilling
under an initial earn-in agreement at
Superior’s Nicholson lead-zinc-silver
project, north-west Queensland

Page 16 NOVeMBeR 2019 aUSTRaLIa’S PaYDIRT