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Superior Gold Inc. Files Technical Report to Support Previously Released Mineral Reserve and Resource Update

17.05.2018  |  CNW

(In US Dollars unless otherwise stated)

TORONTO, May 17, 2018 /CNW/ - Superior Gold Inc. ("Superior Gold" or "The Company") (TSX.V:SGI) today announced the filing of a technical report to support the Company's previously released Mineral Reserve and Resource update on the Company's Plutonic Gold operations (the "Report") entitled, "2018 Mineral Resource and Reserve Estimate for the Plutonic Gold Operations". The Plutonic Gold operations are located in Western Australia and are comprised of the 100%-owned Plutonic underground gold mine, the 100%-owned Hermes open pit gold mine, along with the Company's interest in the Bryah Basin joint venture.

The Report, which is dated May 17, 2018  and is effective December 31, 2017, was prepared in compliance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101") and is available under Superior Gold Inc.'s profile on SEDAR at www.sedar.com and on the Company's website at www.superior-gold.com.

The Report was prepared by Pascal Blampain, MAusIMM, MAIG, BSc; Matthew Keenan, MAusIMM (CP), BEng; Paul Forman, MAusIMM, BSc; and Alfred Gillman FAusIMM (CP); BSc all of whom are  "qualified persons" within the meaning of NI 43-101. Messrs Blampain and Forman are both employees of the Company. Mr Keenan is an employee of Entech Pty Ltd., and Mr Gillman is a Consultant. The Report supports the scientific and technical disclosure in the updated Mineral Resource and Mineral Reserve estimates contained in the Company's press release dated April 3, 2018.

Mineral Resources


Measured

Indicated

Measured + Indicated

Inferred


Tonnes
(m)

Au
Grade
(g/t)

Cont.
Gold
(koz)

Tonnes
(m)

Au
Grade
(g/t)

Cont.
Gold
(koz)

Tonnes
(m)

Au
Grade
(g/t)

Cont.
Gold
(koz)

Tonnes
(m)

Au
Grade 
(g/t)

Cont.
Gold
(koz)

Hermes

0.85

1.46

40

3.92

2.09

263

4.77

1.97

303

1.761

1.851

1041

Plutonic Gold Mine

1.50

8.05

389

2.25

6.20

449

3.76

6.94

838

6.53

4.64

975

Total

2.35

5.66

429

6.17

3.59

712

8.53

4.161

1,141

8.291

4.051

1,0791

1 Note that the Company's April 3, 2018 news release had minor typographical errors with respect to the indicated numbers. Numbers presented here and on the Company's website are consistent with the Technical Report.

 

Mineral Reserves


Proven

Probable

Proven + Probable


Tonnes
(m)

Au
Grade
(g/t)

Cont.
Gold
(koz)

Tonnes
(m)

Au
Grade
(g/t)

Cont.
Gold
(koz)

Tonnes
(m)

Au
Grade
(g/t)

Cont.
Gold
(koz)

Hermes

-

-

-

1.72

1.93

106

1.72

1.93

106

Plutonic Gold Mine

0.73

6.43

151

0.71

5.50

125

1.44

5.97

276

Total

0.73

6.43

151

2.43

2.97

231

3.16

3.771

382

 

Qualified Person

Scientific and technical information in this news release has been reviewed and approved by Pascal Blampain, who is a member of the AusIMM and the Australian Institute of Geoscientists (AIG) and a "qualified person" within the meaning of NI 43-101. Mr. Blampain is an employee of the Company and serves as Chief Geologist.

About Superior Gold

Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold operations located in Western Australia. The Plutonic Gold operations include the Plutonic underground gold mine, which is a producing underground operation with a central mill, the Hermes open pit gold mine and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold operations and building an intermediate gold producer with superior returns for shareholders.

Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, and statements regarding exploration results and exploration plans.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's prospectus dated February 15, 2017 filed on SEDAR at www.sedar.com for a discussion of these risks.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

View original content:http://www.prnewswire.com/news-releases/superior-gold-inc-files-technical-report-to-support-previously-released-mineral-reserve-and-resource-update-300650010.html

SOURCE Superior Gold



Contact
Superior Gold Inc., Chris Bradbrook, President, CEO & Director, investor@superior-gold.com, Tel: 647-925-1291
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