Business & Finance
Business and Finance
Business and Finance
Tue, June 15, 2010 Superior Mining Announces Drilling Update on Mangalisa Project in South Africa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2010) - Superior Mining International Corporation (the "Company" or "Superior") (TSX VENTURE:SUI). Further to the news release dated May 13, 2010, Superior is pleased to provide the following update on the progress of drilling at its Mangalisa Project in South Africa.
Previous drilling at Mangalisa has confirmed the presence of high gold and uranium values in a Witwatersrand quartz pebble conglomerate reef, north east of Welkom. The present program is a follow-up to determine the geological and structural setting of this mineralisation. Eight holes are planned to be drilled, each to a depth of approximately 1,000 m. The drilling contractor is Percusso-Bor Pty Ltd of Oranjeville, Free State Province.
An initial four boreholes now have been piloted by percussion drilling to depths between 330 and 400 m. Some 30 m of Karoo sediments were intersected, followed by Ventersdorp Super Group volcanic rocks, which are ubiquitous in the area. A total of 1,517.1 m of percussion drilling has been completed to date.
Exploratory diamond drilling with two diamond drill rigs has commenced on two of four percussion holes. A total of 64.6 m of NQ diamond drilling has been completed, as shown in the following table (Table 1). Once the target mineralization has been intersected, the pilot holes will be supplemented with a series of deflections to produce multiple reef intersections.
Table 1
Drilling Progress
| Hole | Percussion Drilling (m) | Diamond Drilling (m) | Total Advance (m) | Comment | ||
| From | To | From | To | |||
| NGT3 | 400.3 | 400.3 | 413.4 | 413.4 | NQ Drilling in progress | |
| ERF5 | 330.0 | 330.0 | Await completion of NGT3 | |||
| ERF6 | 326.8 | 326.8 | 378.3 | 378.3 | NQ Drilling in progress | |
| ERF7 | 350.0 | 350.0 | Await completion of ERF6 | |||
| ERF8 | 110.0 | 110.0 | Water supply hole (20 kl/h) | |||
| TOTAL | 1517.1 | 1,581.7 | ||||
A further four diamond-drill holes are planned to complete the current phase of exploration. The positions of the final four holes will be determined once the initial suite has been completed.
The current drilling program is being funded by Goldcorp Incorporated (a private company incorporated under the laws of Guernsey), a wholly owned subsidiary of Minco Mineral Holdings (Pty) Limited ("Minco"). The drilling program is being managed by Kernow Exploration of Randburg, South Africa, a subsidiary of Minco.
Qualified Person and Quality Control and Assurance
Rod Tucker,MSc.,PrSciNat, Managing Director of Kernow Exploration, is responsible for management and oversight of the drilling, sampling, and assaying, as well as quality assurance and quality control on behalf of Goldcorp. Dr. David Stone, P.Eng. and 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
John Proust, President & CEO
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.
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.
