Overview

Superior Gold owns 100% of the Plutonic Gold operations which include the Plutonic Gold mine, a producing underground operation with two central mills, numerous open pit projects including the Plutonic Main Pit push-back project, the Hermes open pit projects and an interest in the Bryah Basin joint venture.

In total, the Company holds interests in approximately 759,000 hectares (759 km2) of prospective land in the in the world-class Yilgarn goldfields of Western Australia.

The Plutonic Gold operations are located 800 kilometers northeast of Perth, Western Australia. Western Australia was ranked as the top jurisdiction in the world for mining investment by the Fraser Institute in its 2019 survey. The Plutonic Gold operations are isolated from major towns and cities and operate on a self-sufficient basis with materials and goods shipped via the Great Northern Highway. The operation is fly-in/fly-out with a camp located on site. Electricity is generated by means of an onsite gas-powered generating station which supplies all power requirements to the operation and camp.

The Plutonic Gold operations have been in continuous production since 1990 and produced approximately 6 million ounces of gold to date. Exploration in the area dates back to the 1970’s with various owners until Plutonic Resources Ltd. commenced production at the Plutonic Main Pit in 1990. In 1998, Homestake Mining Company acquired Plutonic Resources Ltd. Homestake Mining Company merged with Barrick Gold Corporation in 2002. The Plutonic Gold Operation was sold by Barrick to Northern Star Resources Ltd. in February 2014 and subsequently acquired by Superior Gold Inc. in October 2016.

Plutonic Gold Operations are located within the Archaean Plutonic-Marymia Greenstone Belt, an elongate, northeast trending belt within the Marymia Inlier. The northeast trending Plutonic-Marymia Greenstone Belt extends over an 80 km strike length and is up to 10 km in width.

Western Australia was ranked as the top jurisdiction in the world for mining investment by the 2019 Fraser Institute survey.
The Plutonic Gold operations have been in continuous production since 1990 and produced approximately 6 million ounces of gold.

Project Map

Project Map

Exploration

The Company is committed to a significant exploration program at Plutonic that seeks to identify additional Mineral Reserves and Mineral Resources, which can be processed using existing mill capacity and aims to extend the mine's life.

In particular, Superior Gold's mine exploration program is designed to open new mining fronts by targeting extensions of high-grade mineralization close to existing infrastructure but outside of the current Mineral Resources. The extension of existing Mineral Resources is a key component of the Company’s current strategy to expand into new mining fronts and improve mining grades and productivity. The exploration program targets areas from both underground and from the surface.

Superior Gold intersects 56.3 g/t gold over 15.10 metres, 10.2 g au/t over 7.10 metres, and 11.9 g au/t over 5.30 metres

Reserves & Resources

Proven and Probable Mineral Reserves

  December 31, 2021
  Tonnes
(millions)
Grade
(g/t Au)
Oz Au
(000's)
Underground      
Proven 2.49 3.80 307
Probable 2.66 3.50 301
Total 5.15 3.70 608
       
Open Pit      
Proven 0.23 1.80 13
Probable 0.18 1.60 9
Total 0.41 1.70 22
       
Grand Total 5.55 3.50 630

NOTES:
1 Mineral Reserves are included within the Mineral Resources.

2 All figures are rounded and use significant figures and numbers may not add correctly. Subtotals, totals, and weighted averages are calculated from quantities before rounding.

3 Long-term gold price used for Mineral Reserves A$1,950 per ounce ($1,462)

4 Open pit Mineral Reserves are estimated at a cut-off grade of 0.5 g/t Au within 40 kilometers of the Plutonic mill

5 Underground Mineral Reserves are estimated at a stoping cut-off grade averaging 1.8 g/t dependent on the mining area

6 Bulk density defined at 2.9 t/m3

Measured and Indicated Mineral Resources

  December 31, 2021
  Tonnes
(millions)
Grade
(g/t Au)
Oz Au
(000's)
Underground      
Measured 4.68 4.80 728
Indicated 4.47 4.40 640
Total 9.15 4.60 1,368
       
Open Pit      
Measured 1.65 3.60 190
Indicated 6.41 1.80 366
Total 8.06 2.10 556
       
Grand Total 17.21 3.50 1,924

NOTES:
1 Mineral Resources are inclusive of Mineral Reserves.

2 All figures are rounded and use significant figures. Subtotals, totals, and weighted averages are calculated from quantities before rounding.

3 Mineral Resource estimates for underground were at a 1.7 g/t cut-off and open pit at 0.4 g/t cut-off.

4 The reporting standard adopted for the reporting of the Mineral Resource estimate uses the terminology, definitions, and guidelines given in the CIM Standards on Mineral Resources and Mineral Reserves(Nov 2019) as required by NI-43-101.

5 Plutonic Underground Resources based on Deswik Mining Stope Optimizations using generalized Reserve MSO input parameters and/or restricted 'grade shell' reported Resources. Open Pit Resources based on simplified pit optimization parameters.

Inferred Mineral Resources

  December 31, 2021
  Tonnes
(millions)
Grade
(g/t Au)
Oz Au
(000's)
Underground      
Inferred 20.83 5.00 3,334
       
Open Pit      
Inferred 11.48 1.70 639
Grand Total 32.30 3.80 3,973

NOTES:

1 Mineral Resources are inclusive of Mineral Reserves.

2 All figures are rounded and use significant figures. Subtotals, totals, and weighted averages are calculated from quantities before rounding.

3 Mineral Resource estimates for underground were at a 1.7 g/t cut-off and open pit at 0.4 g/t cut-off.

4 The reporting standard adopted for the reporting of the Mineral Resource estimate uses the terminology, definitions, and guidelines given in the CIM Standards on Mineral Resources and Mineral Reserves(Nov 2019) as required by NI-43-101.

5 Plutonic Underground Resources based on Deswik Mining Stope Optimizations using generalized Reserve MSO input parameters and/or restricted 'grade shell' reported Resources. Open Pit Resources based on simplified pit optimization parameters.

Technical Reports

2020
2020 Mineral Resource and Reserve Estimate for the Plutonic Gold Operations Including Main Open Cut Pit Area

2020
2020 Mineral Resource and Reserve Estimate for the Plutonic Gold Operations

2019
2019 Mineral Resource and Reserve Estimate for the Plutonic Gold Operations - Amended

2019
2019 Mineral Resource and Reserve Estimate for the Plutonic Gold Operations

2018
2018 Mineral Resource and Reserve Estimate for the Plutonic Gold Operations

2017
2017 Mineral Resource and Reserve Estimate for the Plutonic Gold Operations

2016
2016 Mineral Resource and Reserve Estimate for the Plutonic Gold Operations

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