A maiden JORC resource released for Superior Lake Resources’ (ASX: SUP) namesake project in Canada has confirmed the project to host one of the world’s highest-grade zinc resources and “exceeded expectations on all accounts”, according to chief executive officer David Woodall.
The Superior Lake project, located in northwestern Ontario and comprising the Winston and Pick Lake mines, has been estimated at 2.15 million tonnes grading 17.7% zinc, 0.9% copper, 0.4 grams per tonne gold and 33.5 grams per tonne silver.
More than 90% of the estimate has been classified as indicated, which prompted Superior Lake to accelerate a restart study over the project.
Mr Woodall said the figures rank the Superior Lake project as the highest-grade resource currently on the ASX, and one of the highest-grade projects globally.
“This resource has exceeded expectations on all accounts – it is an excellent achievement for our company,” he said.
“The estimate confirms the robustness and continuity of the mineralisation at various cut-off grades with minimal variation in the tonnage and grade between cut-off grades of 3% and 6% zinc.”
“Most notably with a zinc grade of 17.7%, in addition to copper, gold and silver by-product credits, Superior Lake now ranks as one of the highest-grade zinc projects in the world,” Mr Woodall claimed.
According to the company, the zinc resource provides a “solid foundation” to accelerate the project’s restart plan.
Restart study to focus on existing targets
The Superior Lake mine historically produced over 3Mt of ore until 1999, when mining was suspended due to low commodity prices.
The company’s restart study will include future testing of high-priority brownfield exploration targets close to the existing resource and identified from historical drill results.
Significant infrastructure is already in place and includes underground mine development to the existing mineralisation, tailings dams, site power connected to the grid and an all-weather road.
By mid-afternoon trade, Superior Lake Resources share price had increased 56.25% to A$0.050.