Superior Mining Acquires New Collingwood Property With Historical Hardrock And Alluvial Gold Production
December 20, 2010
Vancouver, British Columbia: Superior Mining International Corporation, (the “Company”) is pleased to announce that it has been issued an Exploration Permit (EP 52218) over 167.5 km2 of gold-base metal prospective ground in the northwest Nelson region, South Island, New Zealand.
The new property, referred to as the Collingwood Property, (see Figure 1) encompasses the lower, 25-km reaches of the Aorere River valley and coastal foothill areas of Golden Bay.
Gold was produced historically from the Aorere Valley, initially through alluvial workings scattered throughout the property area, and later from hardrock deposits in the hills and on the valley sides. In 1856 the Aorere Goldfield became the first officially proclaimed goldfield in New Zealand, with alluvial gold first discovered near the junction of Lightband Gully and Appos Creek. This sparked a mini gold rush with 1,500 miners converging on the district and removing about 24,000 ounces of gold (NZ Mines Department, 1887) over the following decade. The majority of the detrital gold was won from basal quartz conglomerates and river terrace deposits amenable to sluicing operations. The more prominent of these sluicing operations were located at Appos Flat and the lower reaches of the Slate River. As per MRC Ltd (1907) the Golden Gully mine peripheral to Appos Flat produced 40,000 ounces of gold in approximately seven months from an area of only 4.2 hectares (10.3 acres).
Exploitation at Johnston’s United of a gold-bearing gossan recorded production of 18,745 oz of gold at an average grade of 9.4 g/t from 1869 to 1896. Other mined areas reported only minimal gold production, with quartz reefs at the Phoenix mine assaying up to 4.6 g/t gold, but were too small for sustaining any significant development. Limited siliceous gossan material from the Ophir mine was processed, but no production figures were recorded. Two shafts were sunk in 1875 at Richmond Hill into silver-lead lodes, but development was limited because of erratic silver grades.
Exploration in the late 1960s to early 1980s also discovered a number of porphyry molybdenum deposits in the district. Mineralization typically occurs as molybdenite disseminations in joint-controlled quartz vein stockworks, with accessory pyrite, chalcopyrite, pyrrhotite and rare galena, sphalerite, and bismuth.
Preliminary exploration programs to be implemented by the Company will comprise of remote sensing studies, airborne geophysical surveys, bulk sampling of prospective alluvial areas, along with reconnaissance to semi-detailed geological mapping and sampling programs. Where justified, the Company may elect to fast-track the hard-rock exploration process by using portable diamond rigs to check sub-surface extensions and the continuity of defined surface mineralization.
Superior Mining continues to engage in the evaluation of new, large prospective concessions in areas surrounded by existing mining operations in order to identify additional opportunities.
Qualified Person and Quality Control and Assurance
Barry MacDonell, BSc (Hon.), MRRP, MAusIMM, New Zealand Country Manager, is responsible for the management and oversight of Superior Mining’s exploration activities in New Zealand. Dr. David Stone, P.Eng., a director of the Company, is Superior’s Qualified Person as that term is defined in NI 43-101. Dr. Stone has reviewed and approved the contents of this news release.
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.