Superior Gold (TSXV: SGI) has reported its best underground drill intersection so far at the Plutonic gold mine in Western Australia.
Of the 19 holes (over 1,855 metres) completed during the ongoing drill program, 17 intersections encountered more than 5 g/t Au. The best results include: 56.3 g/t Au over 15.1 metres, 10.2 g/t Au over 7.1 metres and 11.9 g/t Au over 5.3 metres.
“The intersection of 56.3 g/t Au over 15.1 metres is our most signficant intersection to date since we acquired the Plutonic gold operations,” president and CEO Chris Bradbrook stated.
He added that these results illustrate the potential to extend the life of mine “well beyond the initial five years.”
The Plutonic gold operation is considered one of the largest gold mines in Western Australia in terms of cumulative production. Open-pit mining began in 1990 and ended in 2005, while underground production has been continuing since 1995.
Shares of Superior Gold jumped 17.4% at midday Wednesday on the latest drill results. The Toronto-based gold junior has a market capitalization of C$78.5 million.