THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE
REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF
THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
13 March 2024
Great Southern Copper
plc
("GSC" or the
"Company")
10-15m Wide Vein Intersected at Teresita
with Grades up to 2.03g/t Au and 1.31% Cu
Scout RC drilling programmes confirm
IRGS and Breccia mineralisation targets
Great Southern Copper plc (LSE: GSCU), the
company focused on copper-gold and lithium exploration in Chile, is
pleased to announce that early results received for its scout RC
drilling programmes at its Teresita and Abundante prospects confirm
the high-grade Cu and Au target models.
Highlights:
·
Intrusive related gold-copper system (IRGS)
confirmed at Teresita with high-grade Au-Cu results intersected in
quartz-sulphide veins up to 15m wide,
·
Significant results for scout RC hole ESP23RC010
include;
§ 20m at 0.57g/t Au, 5.48g/t Ag
and 0.43% Cu from 35m,
including
·
3m at 1.1 g/t Au,
8.71g/t Ag and 0.79% Cu from 39m
and,
·
3m at 1.65g/t Au,
9.03g/t Ag and 0.69% Cu from
48m
·
High grade Au and Cu, up to 2.03g/t Au and 1.31%
Cu hosted in quartz-sulphide veins
·
Anomalous As-Bi-Co-Sb-Te assay grades consistent
with the Au-Cu confirms IRGS style mineralisation and provides
pathfinder geochemistry for follow-up exploration
·
Results highlight significance of similar IRGS
high-grade Cu+Au system at Victoria prospect
·
Broad zones of anomalous copper from Abundante
scout RC drilling confirms tourmaline breccia target
including;
§ ESP23RC002: 17m at 0.52% Cu from
24m
·
High grade copper up to 1.83% Cu was intersected in breccia
which remains open at depth and to the west and south
·
Planning for follow-up exploration to define
prospect-scale drilling now in progress
·
Assay results still pending for five drill holes
at Teresita
Next
steps:
The Company will await the final results of the
scout drilling before making definitive plans for follow-up
exploration at Teresita and Abundante. Preliminary results have
confirmed the IRGS model type for mineralisation at Teresita where
high-grade gold and copper is hosted in quartz-sulphide veins that
are over-printed near surface by late-stage carbonate veining.
Individual veins within the broader Teresita system "pinch and
swell". However, quartz-sulphide veins may become more coherent
with depth below the surface carbonate alteration. Gold and copper
grades vary throughout the system. Evidence of high-grade cores to
the veins with broader lower-grade haloes is encouraging. Anomalous
Ag-As-Bi-Sb-Co-Te pathfinder geochemistry is significant from an
exploration perspective.
Follow-up exploration will focus on delineating
the vein targets in more detail for Phase 2 prospect-scale drilling
programmes. This work may include detailed soil geochemistry across
the whole system and geophysics (magnetics, IP, EM).
Sam Garrett,
Chief Executive Officer of Great Southern Copper,
said: "These
results have exceeded our expectations and, more importantly,
confirm the target models that we have developed from our surface
exploration work to date. Intersecting a 10-15m wide mineralised
vein at shallow depths supporting grades over 2g/t Au and 1% Cu
beneath a target outcrop 2m wide and assaying 0.6g/t Au is very
encouraging.
"The Teresita
scout RC results are very promising given the potential scale of
the system mapped at surface, which to date demonstrates a
cumulative strike length of over 5km.
"Given that
the same style of IRGS mineralisation has been discovered at the
Victoria prospect, these results are particularly exciting as they
indicate that GSC's Especularita project hosts at least two of
these large-scale, high-grade IRGS systems."
Drilling
programme and sampling:
GSC has recently completed two scout RC
drilling programmes at the Teresita and Abundante prospects
comprising a total of 15 drill holes for 1,018 metres (Figure 1).
Preliminary results have been received for holes ESP23RC001 to
ESP23RC010. The programmes targeted surface mapping and rock chip
geochemistry results and were designed to confirm the interpreted
IRGS and breccia styles of mineralisation.
The RC drilling method employed at Especularita
generates between 35 - 40kg of rock cuttings, or "chips", per
metre. Representative samples for each metre of the cuttings are
collected in large, individually numbered plastic bags, which are
then weighed and transferred to a riffle splitter where they are
separated (or split), and homogenised, three times into two
duplicate samples of approximately 5kg each. GSC personnel then
ticket and label one of the ±5kg samples using preprinted ticket
books.
Finally, standard reference materials (SRM's or
Standards), blanks, and duplicate samples are inserted into the
sample sequence for the purpose of quality assurance / quality
control (QAQC). The second ±5kg sample is used for geological
description and stored for reference. An additional reference
selection of cuttings for each metre is also retained in labelled
boxes as a record of the geology of the drill hole.
At the completion of each hole the
representative 5kg samples were transported as a batch from the
field and delivered by Company employees to ALS Laboratories in
Santago or La Serena where they are prepared for analysis (weighed,
dried, crushed and pulverised). A subsequent 200g split of each
sample pulp is then forwarded to the ALS geochemical laboratory in
Lima, Peru, where samples are assayed for gold (30g fire assay with
ICP-AES finish, ALS code AU-ICP21) and 48 major, base and trace
elements by ICP-MS following a four-acid digest (ALS code
ME-MS61).
RC drilling was selected for this initial
proof-of-concept stage as it is faster and cheaper than diamond
drilling and allows for the rapid testing of more targets for the
same cost.
Teresita
drilling:
At Teresita 534m of drilling was completed in
nine RC scout drill holes (ESP23RC007 to ESP23RC015) to test for
Au-Cu mineralisation in quartz-carbonate vein-breccias. The
Teresita quartz-carbonate vein swarm has a cumulative strike length
over 5km and rock chip samples returned grades up to 13.7g/t
Au1 and 7.22% Cu2. Results have been received
for holes RC007 to RC010.
Holes were drilled to test the continuity,
thickness, and grade of quartz-carbonate vein-breccias below the
surface outcrops, where they vary from less than a metre to several
metres in width and from barren to mineralised. Holes ESP23RC007
and RC008 tested the Central Vein, hole RC009 the Grossa Vein, and
RC010 the Gato Negro vein (Figure 1). All holes intersected the
mineralised veins at depth with anomalous Au (>0.1g/t Au) and Cu
(>0.1% Cu) grades.
Holes RC007 and 008 at the Central Vein
indicate an anastomosing sheeted quartz vein zone with sporadic,
weakly anomalous Au and Cu, separate to a barren carbonate-only
zone. Hole RC009 at Grossa cut a weakly anomalous quartz-carbonate
vein and a deeper barren granular quartz zone.
At Gato Negro, hole ESP23RC010 cut well
mineralised chalcopyrite-pyrite-quartz-carbonate vein-breccia
between 35-55m down-hole (Figure 2). Significant gold, silver, and
copper intervals include;
· 20m
with 0.57 ppm Au, 5.48 ppm Ag, 0.43% Cu from 35m,
including:
o 7m with 0.68
ppm Au, 4.33 ppm Ag, 0.42% Cu from 35m including
§ 3m with 1.1 ppm Au,
8.71 ppm Ag, 0.79% Cu from 39m including
· 1m
with 2.03 ppm Au, 15.65 ppm Ag, 1.31% Cu from 40m, and
o 9m with 0.73
ppm Au, 8.06 ppm Ag, 0.59% Cu from 46m, including
§ 3m with 1.65 ppm Au,
9.03 ppm Ag, 0.69% Cu from 48m.
Abundante
drilling:
At Abundante 484m of drilling was completed in
six RC drill holes (ESP23RC001 to RC006) to test beneath the
historical copper mine where rock chip samples from mine walls
returned values up to 3.39% Cu and 0.15g/t Au in tourmaline
breccia3, 4. Analytical results have been received for
all holes.
Holes ESP23RC001 to RC004 were drilled to test
the continuity of the breccia (Figure 3). All holes intersected
tourmaline-chlorite matrix breccia between 20 and 50m depth
confirming lateral extension of the breccia. Anomalous copper
mineralisation above 0.1% Cu is observed in all holes, with holes
RC002 and RC004 returning significant copper values in the hanging
wall of the "Abundante" fault before passing into unmineralised
footwall. Significant assay results include;
ESP23RC002
§ 17m with 0.5212 % Cu,
0.017 ppm Au, 1.11 ppm Ag from 24m, including
§ 2m with 1.1225 % Cu,
0.015 ppm Au, 1.775 ppm Ag from 30m
ESP23RC004
§ 21m with 0.3045 % Cu,
0.012 ppm Au, 0.93 ppm Ag from 19m, including
§ 1m with 1.825 % Cu,
0.097 ppm Au, 1.42 ppm Ag from 38m
Holes ESP23RC005 and ESP23RC006 were drilled to
the North and East to test for further extensions. Although breccia
is locally observed in drill cuttings, it is not
mineralised.
Copper mineralisation at Abundante remains open
to depth as well as to the south and west. The potential for
mineralisation at depth on the footwall side of the Abundante fault
is also considered.
Figure
1: Collar
location map for scout RC drillholes at Teresita and Abundante with
rock chip gold assays, Especularita.
Figure
2: Cross-section for scout RC hole
ESP23RC010 targeting Gato Negro vein, Teresita.
References:
1. RNS 5675F (11
July 2023): High grade Cu-Au in rock chip samples from
Teresita.
2. RNS 2146H (22
Nov 2022): Early exploration at Especularita identifies multiple
copper targets and completion of drilling at San
Lorenzo.
3.
RNS 2962G (18 July 2023): Samples up to 3.39% Cu from
Abundante Prospect.
4.
RNS 6990V (05 December 2023): Scout RC drilling due to
commence at Especularita.
Enquiries:
Great Southern
Copper plc
|
|
Sam Garrett, Chief Executive Officer
|
+44 (0) 20 4582 3500
|
|
|
SI Capital
Limited
|
|
Nick Emerson
|
+44 (0) 1483 413500
|
|
|
Gracechurch
Group
|
|
Harry Chathli, Alexis Gore, Henry
Gamble
|
+44 (0) 20 4582 3500
|
Notes for
Editors:
About Great
Southern Copper
Great Southern Copper PLC is a UK-listed
mineral exploration company focused on the discovery of copper-gold
and lithium deposits in Chile. The Company has the option to
acquire rights to 100% of two projects in the under-explored
coastal belt of Chile that are prospective for large scale
copper-gold deposits. In addition, the Company has the option to
acquire rights to 100% of a lithium project located in the Salar de
Atacama district of Chile. Chile is a globally significant mining
jurisdiction being the world's largest copper producer and the
second-largest producer of lithium.
The two, early-stage Cu-Au projects comprise
the San Lorenzo and Especularita Projects, both located in the
coastal metallogenic belt of Chile which hosts significant copper
mines and deposits, including Teck's Carmen de Andacollo copper
mine, and boasts excellent access to infrastructure such as roads,
power and ports. Significant historical small-scale and artisanal
workings for both copper and gold are readily evident in both
exploration project areas.
The Company's Monti Lithium project is
strategically located in the pre-Andean region of Salar de Atacama
which is Chile's premier lithium-producing region with
well-established lithium mining operations and
infrastructure.
Great Southern Copper is strategically
positioned to support the global market for copper and lithium -
both critical battery metals in the clean energy transition around
the world. The Company is actively engaged in exploration and
evaluation work programmes targeting both large tonnage, low to
medium grade Cu-Au and Li deposits as well as high-grade Cu-Au
deposits.
Further information on the Company is available
on the Company's website: https://gscplc.com
Competent
Person Statement
The information in this announcement that
relates to exploration results is based on and fairly represents
information reviewed or compiled by Mr Sam Garrett, a Competent
Person who is a Member of the Australian Institute of Geoscientists
and a Fellow of the Society of Economic Geologists. Mr Garrett is
the CEO and a shareholder of Great Southern Copper PLC. Mr Garrett
has sufficient experience that is relevant to the styles of
mineralisation and types of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the "Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves". Mr
Garrett has provided his prior written consent to the inclusion in
this announcement of the matters based on information in the form
and context in which it appears.
This announcement includes information that
relates to Exploration Results prepared and first disclosed under
the JORC Code (2012) and extracted from the Company's previous LSE
announcements as noted, and the Company's Prospectus dated 20
December 2021. Copies of these announcements are available from the
LSE Announcements page of the Company's website: www.gscplc.com.
The Company confirms that it is not aware of
any new information or data that materially affects the information
included within the Prospectus dated 20 December 2021.
Forward Looking and Cautionary
Statements
Some statements in this announcement regarding
estimates or future events are forward-looking statements. They
include indications of, and guidance on, future earnings, cash
flow, costs and financial performance. Forward-looking statements
include, but are not limited to, statements preceded by words such
as "planned", "expected", "projected", "estimated", "may",
"scheduled", "intends", "anticipates", "believes", "potential",
"predict", "foresee", "proposed", "aim", "target", "opportunity",
"could", "nominal", "conceptual" and similar expressions.
Forward-looking statements, opinions and estimates included in this
report are based on assumptions and contingencies which are subject
to change without notice, as are statements about market and
industry trends, which are based on interpretations of current
market conditions. Forward-looking statements are provided as a
general guide only and should not be relied on as a guarantee of
future performance. Forward-looking statements may be affected by a
range of variables that could cause actual results to differ from
estimated or anticipated results and may cause the Company's actual
performance and financial results in future periods to materially
differ from any projections of future performance or results
expressed or implied by such forward-looking statements. So, there
can be no assurance that actual outcomes will not materially differ
from these forward-looking statements.