Confirmation Of Near Surface Gold Zones From Exploration Drilling, With Decision To Proceed To Bulk Sampling
March 24, 2010
Vancouver, British Columbia: Superior Mining International Corporation, (the “Company”) (TSX Venture: SUI) is pleased to announce results from Phase 2 reverse circulation (RC) drilling of its Victory placer gold property on the West Coast of the South Island of New Zealand. The Victory property comprises gold-magnetite bearing Pleistocene beach strandlines known as “blacksand leads” and is adjacent to current and historical mining operations. Results of the previous Phase 1 scout holes (Company news release October 9, 2009) are detailed in Table 1.
Results of Phase 2 RC drill holes in the vicinity of previous high grade gold intercepts from Phase 1 drilling in the northern portion of the property continue to impress, with a number of mineralized zones (+0.1 g/t Au or +200 mg/m³) now crudely defined; all of which are open along and across strike Phase 2 drilling results are detailed in Table 2. The more significant of these RC drill hole intersections include:
PRC032 graded 2.47 g/t over 8 metres from surface,
PRC033 graded 3.24 g/t over 9 metres from surface,
PRC039 graded 0.46 g/t over 8 metres from surface
Based on the uniform gold distribution (>0.1 g/t Au) defined within the polygonal area as per Figure 1, the Company will embark next upon a bulk sampling program through a number of strategic test pits each 200-300 cubic metres, located both along and across the strike of the mineralized strandlines. This program is expected to be completed in 3months.
Embayment type strandline mineralization where moraine terraces have created lower energy depositional regimes and hence gold particle settlement, together with secondary concentrating effects of river discharges is the favoured mineralizing model. Typically concentrations of gold particles are found in basal parts of magnetite-bearing sands, located above moraine gravels and boulders, or in puggy clay zones immediately below gravel horizons. Gold particles are uniformly fine and angular reflecting the sorting and pulsating actions (concentrating effects) of the beach depositional environment.
Terrain access restrictions influenced the sighting of drill hole locations south of PRC14, with the majority of holes confined to the railway line. As a result no east-west dimension to potential gold mineralization has yet been determined. Marine strandline lines are not uniform, with reported spotty and erratic gold grades along the singular drill line probably reflecting a series of exposed headlands (lower Au grades) and lower energy regime embayment’s (higher Au grades). With the usage of drilling mats and comprehensive site preparation a number of areas including PRC03 to PRC05 and PRC02 to PRC049 will be properly evaluated in Q2 2010 to assess gold potential in the east-west dimension.
Certain West Coast placer gold mining operations appear to be profitable at 0.13 g/t - 0.16 g/t Grades both on the property and along strike in current mining operations are often in excess of 0.60 g/t and thus suggest potential for "high grade" placer deposits. Two private companies have indicated to the Company that they have encountered grades as high as 5 g/t in prospecting trenches along the same beach strandline that is being investigated on the Victory ground. The foregoing information is based entirely upon personal communications with representatives from five private mining companies. The Company’s qualified person has not verified this information and it is not necessarily indicative of mineralization, profitability, or economics related to the Victory Property.
With the current well established mining infrastructure the potential exists for the Company to quickly establish operations in order to generate cash flow. There is no certainty that such an operation by the Company would be economically viable.
|Drill Hole||Hole Depth
|Drill Hole||Hole Depth
Qualified Person and Quality Control and Assurance
The information in this release has been compiled under the supervision of Hamish Campbell B.Sc.Geology, MAusIMM. Mr. Campbell has over 26 years of international mineral exploration experience during which he has held such positions as Exploration Manager, Senior Geologist and Consulting Geologist. Mr. Campbell has sufficient experience relevant to the style of mineralization under consideration and qualifies as a Qualified Person as defined in terms of NI 43-101.
On behalf of the Board of Directors of
Superior Mining International Corporation
President & CEO
For more information please contact:
Superior Mining International Corporation
1500-885 West Georgia Street,
Vancouver, B.C., Canada V6C 3E8
Telephone: (604) 601-2005 Fax: (604) 488-0319
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
This press release contains forward-looking statements. The Company can give no assurance that such statements will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the results of the bulk sampling program, the availability of financing on suitable terms, the inability of the Company to obtain any necessary permits, consents or authorizations required for its activities, the inability of the Company to produce minerals from its properties successfully or profitably, and other risks and uncertainties inherent in mineral exploration