Superior Resources : First Bottletree assays build confidence in porphyry system

ASX	25 January 2022
Announcement

First 2021 Bottletree hole builds confidence in porphyry system

SUMMARY:

only	• 2021 diamond hole BTDD001 (and BTDD003) tested the core of a large MIMDAS IP
	chargeability anomaly located on the outer edge of the Bottletree Prospect area, defined
		by a 1.5km x 1km soil copper anomaly
use	• Mineralisation in the hole is a combination of disseminated copper as well as late-stage
	copper veins in chloritic shears, interpreted to have formed distalto the core of a buried
	mineralised porphyry where higher copper grades are expected
	•	The primary targetat Bottletree is the buried Cu-Au-Mo porphyry with the core
		interpreted to be located about 500m southwest of the IP anomaly
	• Higher grade sheeted and stockwork porphyry-styleCu-Au-Mo mineralised veins are
		expected to be developed at moderate depths within the porphyry
personal	•	Although not the primary target, the Distal Copper Zone tested by BTDD001 is,
	nevertheless, significant with variable grade mineralisation over 550m down-hole, open
		to the west at depth and northwest and southeast along the 750m strike of the structural
		corridor. Results from BTDD001 include:
		• 552.6m @ 0.16% Cu, 0.02g/t Au, 0.7g/t Ag from 132m to EOH (684.6m), including
		o 10m @ 0.72% Cu, 0.08g/t Au, 2.1g/t Ag from 309m
		o 5m @ 1.14% Cu, 0.13g/t Au, 3.3g/t Ag from 310m
		o 87m @ 0.28% Cu, 0.03g/t Au, 1.0g/t Ag from 432m
		o 20m @ 0.44% Cu, 0.06g/t Au, 1.6g/t Ag from 565m
		• Peak values of:
		o 4m @ 1.32% Cu, 0.16g/t Au, 3.9g/t Ag from 313m
		- incl 1m @ 2.79% Cu, 0.24g/t Au, 7.8g/t Ag from 313m
		o 2m @ 1.45% Cu, 0.33g/t Au, 5.5g/t Ag from 580m
For	• Good potential exists at the Distal Copper Zone for the delineation of a Cu-Au resource of
	significant grade and volume; the zone is only partly tested with 4 holes, including 2018
	hole SBTRD006 located 180m to the northwest of BTDD001; a rock chip with 11.34% Cu
	suggests higher grade mineralisation present
• Third hole (BTDD004, yet to be assayed), collared 200m west of the Distal Copper Zone and
	drilled as a scissor hole to BTDD001 and BTDD003, confirmed extensive mineralised,
	porphyry-type vein sets, 200m above intense mineralisation intersected at the bottom of

BTDD0011

• Four other large near-surface high order copper zones, including the central porphyry target, exist within the Bottletree area and are also considered primary targets as they appear to exhibit porphyry geochemical indicators and carry higher gold grades

1 Refer ASX announcement dated 21 December 2021

• Awaiting results of the new soil geochemical survey over Bottletree that will give a clearer picture of zonation to assist targeting of mineralised porphyries

• Large multi-stagedrilling program planned for the end of Q1 2022

onlySuperior Resources Limited (ASX:SPQ) (Superior, the Company) announced today the first assay results from a 2,300m diamond drilling program at its Bottletree Copper Prospect, which forms part of the Company's 100%- owned Greenvale Project, approximately 210kms west of Townsville, Queensland (Figure 1). Assay results for rock chip samples taken from the Bottletree area are also reported.

BTDD001, drilled to 684.6m, is one of two deep core holes testing a large MIMDAS induced polarisation (IP) chargeability anomaly located on the outer edge of a 1.5km x 1km soil copper anomaly, which defines the Bottletree Prospect. The IP chargeability anomaly highlighted a part of a large zone of disseminated and vein usecopper mineralisation that extends for 750m within a major northwest-strikingmineralised structural corridor

(Figures 2 and 3).

The hole intersected extensive disseminated and vein copper-gold-silvermineralisation over variably broad intervals from 132m to 681m, with individual intervals ranging up to 87m. The disseminated zones include numerous zones of high grade, intensely mineralised shear-related chalcopyrite-pyrrhotite-quartzveins returning up to 2.79% Cu.

Drilling confirmed that the extensive copper mineralisation highlighted by the chargeability anomaly does not represent part of the main mineralised porphyry stock, but late-stage mineralisation sourced from a large copper-gold porphyry system located nearby and to the west of the anomaly. Significantly, a new understanding of the polymetallic veining suggests the mineralisation has affinities with late-stage shear veining in some Central European porphyry deposits that are developed after the main stockwork and sheeted vein mineralisation stages of the porphyry2.

In addition, the mineralisation is more extensive than indicated by the chargeability anomaly and crops out at surface. Although the drilling did not identify the targeted porphyry stock, the amount of copper mineralisation is considerable and is currently observed over at least 750m surface strike, 500m width and 600m vertical extent.

personal	Superior's Managing Director, Peter Hwang commented:
"Each of the three holes drilled at Bottletree last year has taken our understandings of the mineralisation
system and the prospect to new levels. Our initial focus was on the large MIMDAS IP anomaly, but the turn
of events that directed us westwards to a much larger and higher potential target was exciting to see.
"Although the mineralisation associated with the IP anomaly is not the targeted porphyry deposit, the
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amount of copper being identified there is significant, starts from surface and there is good potential to
define a sizeable deposit.
"While new multi-element soil data is awaited to give a better idea of zonation and vectors to porphyry
mineralisation, the historical data shows at least four other zones of copper - gold ± molybdenum interest
that have the potential to produce shallow copper-gold resources. The presence of anomalous
molybdenum in several of these may also suggest connection to other buried porphyry intrusions.

"We are now well placed to test a central porphyry target where there is a large oval satellite feature supported by coincident significant copper and gold in soils and significant anomalous molybdenum in historical hole SBTRC003 that may correlate with molybdenite in hole BTDD004 some 250m to the east. Because molybdenum occurs proximal to the core of a mineralised porphyry intrusive, and there is no

2 Refer Drew, L.J., USGS Scientific Investigations Report 2005-5272

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"Together with the recent positive developments at the nearby Steam Engine Gold Project, Superior is in an excellent position to build value in its projects during 2022, as we assemble growing resources of copper, gold and other key minerals in an environment of rising demand."

"These new findings bode well for confirming whether other copper prospects in the Company's portfolio including Cockie Creek, Wyandotte and Galah Dam have porphyry associations.

onlyuse

personalForFigure 1. Location of exploration permits comprising the Greenvale Project. Select prospects are marked with a red star. The Greenvale township and existing historic mines (yellow stars) are also indicated.

"Bottletree represents the first of several opportunities for Superior to discover and develop large copper- gold and nickel-copper-PGEdeposits within the richly endowed mineralised belts secured by the Company's Greenvale Project tenements.

antimony in rock chips to indicate high levels in a zoned porphyry system, we are confident of intersecting a buried porphyry and associated mineralisation at more moderate rather than substantial depths.

onlyuse personalFigure 2. Regional Cu-in-soil processed image showing the large scale Bottletree copper anomaly and the location of the

MIMDAS IP chargeability anomaly that was targeted with drilling during 2021.

BTDD001 assays and historic hole SBTRC003

BTDD001 was drilled to test the MIMDAS IP chargeability high that occurs in part of a 750m northwest striking mineralised structural corridor with associated copper soil anomalism (Distal Copper Zone) (Figures 2 and 4). The hole intersected mainly disseminated chalcopyrite mineralisation in variably broad intervals from 132m to 684.6m (End of Hole). Coherent individual intervals range up to 87m.

Several zones of intensely mineralised shear related chalcopyrite-pyrrhotite-quartz veins were also intersected within the disseminated zones. The disseminated mineralisation was observed to correlate closely with the 3D- modelled outer (50mV/V) iso-surface of the IP chargeability model (Figure 3). The bottom 20m of the hole intersected chalcopyrite veining of a different character and more akin to that the upper half of hole BTDD004 where quartz-chalcopyrite and quartz-chalcopyrite-molybdenite veins appear more porphyry-style.

Assays show a general low Cu and Au tenor with the highest Cu related to coarse buck quartz-chalcopyrite-Forpyrrhotite in shears (Table 1). However, the down-hole thickness of copper mineralisation is considerable, with 132m - 684.60m (552.6m @ 0.16% Cu, 0.02g/t Au, 0.7g/t Ag) punctuated by these coarse veins which locally

produce usually narrow intervals of higher grade.

Mo values are mostly below detection (<2ppm), but with a few higher values including 526-527m, 1m @ 63ppm Mo and 607-608m, 1m @ 26ppm Mo. This is in contrast to higher Mo values expected in hole BTDD004 (yet to be assayed) where visible molybdenite was logged (Figure 3).

The high Mo values prompted a review of historical hole SBTRC003 to the west of the Distal Copper Zone and west of BTDD004, as some significant Mo assays were noted. These include a 42m interval averaging 79.7ppm Mo (Table 2). The importance of these results is that a possible porphyry source to the molybdenite veining may lie at depth beneath hole SBTRC003 or further west, as anomalous Mo is characteristically proximal to the core of any mineralised porphyry intrusion (Figures 3 and 4).

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Table 1. Summary Cu, Au and Ag geochemistry for hole BTDD001.

personal use only

	Hole ID				From			To			Interval			Cu (%)			Au (g/t)			Ag (g/t)
				(m)			(m)			(m)
					132			684.6			552.6			0.16			0.02			0.7
					146			161			15			0.23			0.04			1.6
			incl		156			158			2			0.73			0.15			4.9
					212			216			4			0.59			0.09			3.0
					282			294			12			0.27			0.03			1.0
					309			319			10			0.72			0.08			2.1
			incl		310			315			5			1.14			0.13			3.3
			incl		313			314			1			2.79			0.24			7.8
			incl		313			317			4			1.32			0.16			3.9
					432			519			87			0.28			0.03			1.0
			incl		458			469			11			0.30			0.04			1.0
	BTDD001		incl		479			482			3			0.66			0.08			2.1
			incl		493			503			10			0.45			0.05			1.6
			Incl		493			494			1			1.29			0.07			4.5
			incl		506			519			13			0.35			0.03			1.2
					528			533			5			0.34			0.03			1.1
					536			544			8			0.29			0.03			0.9
					565			585			20			0.44			0.06			1.6
			incl		580			582			2			1.45			0.33			5.5
					666			675			9			0.40			0.06			1.6
			incl		666			670			4			0.60			0.08			2.5
			incl		667			668			1			1.30			0.10			4.7
					673			679			6			0.32			0.03			1.1

Table 2. Summary Mo geochemistry for hole SBTRC003.

For

	Hole ID		From		To		Interval (m)		Mo (ppm)
		(m)		(m)

		40	44	4	53
		112	154	42	79.7
SBTRC003	incl	112	116	4	93.5
	incl	130	136	6	307.3
	incl	142	144	2	149

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