Superior Resources Ltd (ASX:SPQ) Introducing Halls Reward High-Grade Copper-Gold Project

12 February 2025

Price Sensitive Announcement $

• Exceptional high-grade Cu has been identified in historical data and field reconnaissance at the Halls Reward Cu-Au-Ag Mine (production to circa 1958 – 11,500t @ 17% Cu, 5g/t Au, 23g/t Ag1)
  
• Shallow, high-grade Cu in 1950’s drill holes along strike of old mine workings indicate unmined extension potential:
  o 4.0m @ 8.8% Cu from 31.6m | incl. 2.4m @ 13.5% Cu in DDH5
  o 7.0m @ 3.5% Cu from 64.0m | incl. 1.8m @ 7.6% Cu in DDH3
  o 0.9m @ 6.2% Cu from 52.2m in DDH4
• Recent mapping and reconnaissance confirm the host structure and historical workings are largely untested by drilling for up to 2km south of the Halls Reward main shaft; additional old workings with high-grade mullock samples have never been drilled.
• Mullock and rock chip sampling have also returned high grade Cu-Au-Ag, including:
  High-grade Cu: High-grade Au:
  o 20.13% Cu, 0.21g/t Au, 58g/t Ag o 1.62% Cu, 14.48g/t Au, 22g/t Ag
  o 15.05% Cu, 0.01g/t Au, 5.5g/t Ag o 2.97% Cu, 6.01g/t Au, 14g/t Ag
  o 10.11% Cu, 0.46g/t Au, 44g/t Ag o 1.87% Cu, 5.69g/t Au, 9g/t Ag
• 1990’s drilling identified a new subparallel lode 200m west of the old mine, demonstrating additional prospectivity in the surrounding area:
  o 21m @ 0.84% Cu from 6m | incl. 9m @ 1.20% Cu in RC93HR2
  o 6m @ 0.65% Cu, 0.06g/t Au, 3.5g/t Ag from 66m in RC93HR6
  o 10m @ 0.89% Cu, 0.60g/t Au, 4.5g/t Ag from 91m in RC94HR37
• Halls Reward is interpreted as Cyprus-style Cu; these occur in clusters along host structures
• Mineralisation (chalcocite, native copper and chalcopyrite) is likely to be highly conductive; an EM geophysical survey to identify conductors prior to drilling is planned
• The Company now has a pipeline of high-grade Cu-Au-Ag-(Mo) targets at the Greenvale Project, including the Wyandotte prospect, to progress alongside the exciting large-scale porphyry CuAu systems at Bottletree and Cockie Creek

Overview:

Superior Resources Limited has reported on historical data compilation and reconnaissance sampling undertaken around the old high-grade Halls Reward Cu-Au-Ag Mine. Halls Reward is one of several high-grade Cu-Au-Ag-(Mo) prospects at the Company’s 100%-owned Greenvale Project in northeast Queensland (Fig. 1)

Company Notes:

Superior’s Managing Director, Peter Hwang commented: “The Greenvale Project reveals yet another jewel of a project within the copper, gold and nickel rich island-arc terrain that has been secured by the tenement package. Halls Reward is a very tantalising VMS-style copper-gold-silver deposit system and is one of the many ‘low-hanging fruits’ requiring modern exploration and thorough drill-testing.

“Halls Reward demonstrates the rich geological variety and extensive copper and gold metal endowment that is unique to the Greenvale Project. We have always known about Halls Reward and we have been planning to explore this project alongside the multi-deposit porphyry belt located about ten kilometres to the west. One of the attractions of Halls Reward, apart from the very high-grade mineralisation, is the low cost and high impact of the exploration activities that are being planned. This will include a prospect-wide EM geophysical survey to highlight expected conductors as well as a large maiden drilling program.

“Relatively small-scale mining during the 1930s to 1950s only targeted shallow, easy to access, very highgrade ore that averaged 17% copper and 5g/t gold. Limited government drilling shortly after mine closure confirmed the extension of very high-grade mineralisation immediately south of the mine workings and the system remains open in all directions.3

“Furthermore, during the 1990s, CRA Exploration discovered a second mineralised lode only 200 metres to the west of the old mine, which can be traced for at least 2 kilometres.

“The potential presented by Halls Reward is substantial and may further strengthen the Company’s prospects for an early-stage hub-and-spoke copper and gold production centre at Greenvale. We already have at least three deposits at various stages of the exploration to evaluation journey. These include Steam Engine, currently undergoing feasibility studies, the high grade deposit at Wyandotte and potentially, the Cockie Creek porphyry prospect.

“We consider that pursuing the ‘low hanging fruit’ in the form of high grade VMS and other style deposit alongside the very high potential copper-gold porphyries to be an effective pathway to value realisation at Greenvale. This is particularly so considering the longer-term market pricing expectations for both copper and gold. Of course, Steam Engine is a critically important and strategic component of this pathway as it clearly reduces the risks to realising value.

“The Greenvale Project is continuing its value growth trajectory that was accelerated over the last four years with the confirmation of two porphyry copper-gold systems, the establishment of a quality gold Resource at Steam Engine and the securing of over 2,000 square kilometres of tenure to cover two newly recognise mineral provinces.

“2025 will be an important year with several important objectives to be achieved which include the completion of the Steam Engine feasibility study, upgrading of at least two Mineral Resources and making key advancements with the Company’s copper portfolio.”

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