Superior Plans 3,000m Drilling to Expand 194,000oz Gold Resource and Test High-Grade Copper

Expanding Gold Resources at Steam Engine

Superior Resources Limited (ASX – SPQ) has announced a significant exploration push with a planned 3,000-metre reverse circulation drilling program at its Steam Engine Gold Project in Queensland. Scheduled to commence in the first quarter of 2026, this campaign aims to extend the current mineral resource envelope by testing an additional 1.5 kilometres of mineralised strike length both north and south of the existing Steam Engine and Eastern Ridge lodes. This extension is notable as it matches the combined strike length of the current 194,000-ounce gold resource, highlighting the potential scale of resource growth.

Parallel Copper Exploration at Telegraph and Halls Reward

Alongside gold exploration, Superior is advancing drilling and geophysical surveys at the Telegraph and Halls Reward copper prospects, also within the Greenvale Project area. These targets have previously yielded exceptional surface rock chip assays, including copper grades as high as 46.5%. The upcoming 3,000-metre drilling program aims to test these high-grade anomalies, with particular excitement around Telegraph’s large, untested soil copper anomaly spanning 1.5 by 0.5 kilometres. Historical data at Halls Reward also suggests extensions of previously mined high-grade lodes and new lodes extending up to 2 kilometres.

Advancing Feasibility and Development Plans

The drilling programs are designed to run in parallel with ongoing feasibility studies focused on a toll-treatment development pathway. This approach could enable early-stage production with relatively low upfront capital expenditure, generating cash flow to support further exploration. Superior’s 2024 scoping study indicated robust economics, and with the Australian gold price now trading near record highs; almost double the assumptions used in prior studies; the project’s financial outlook appears increasingly favourable.

Managing Director Peter Hwang emphasised the strategic importance of resource expansion to underpin potential phased development or standalone processing operations. The company is also progressing metallurgical optimisation, permitting, and logistical assessments to refine project outcomes and timelines.

Outlook and Market Implications

Superior’s dual focus on gold resource growth and high-grade copper discovery positions it well to unlock significant value within its Greenvale Project portfolio. The upcoming drilling results will be critical in validating the scale and grade of extensions, potentially reshaping the project’s development trajectory. Investors will be watching closely as the company balances exploration ambitions with advancing near-term production plans.