TIDMGSCU
RNS Number : 5675F
Great Southern Copper PLC
11 July 2023
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.
11 July 2023
Great Southern Copper plc
("GSC" or the "Company")
High-Grade Cu-Au in Rock Chip Samples from Teresita up to 5.97%
Cu and 13.7g/t Au
Planning and permitting for scout drilling to progress at
Teresita
Great Southern Copper plc (LSE: GSCU), the company focused on
copper-gold exploration in Chile, is pleased to announce an update
to its exploration programme at the Teresita prospect located
within the Especularita project.
Highlights:
-- Results for 160 rock chip samples received with assay grades up to 5.97% Cu and 13.7g/t Au
-- High-grade Cu-Au mineralisation hosted in outcropping quartz-carbonate vein-breccias
-- Mapping indicates multiple vein-breccias outcropping over a cumulative strike length of 5km
-- GSC ground position increased to capture extent of the Teresita mineralisation
-- Further results for rock chip samples and orientation soil sampling programme pending
-- Planning for scout drill targeting is underway
Sam Garrett, Chief Executive Officer of Great Southern Copper,
said: "Exploration at Teresita over the last few months has
produced very exciting results which we are confident will
translate to multiple drill targets for multiple deposit types of
high-grade copper and gold mineralisation. We look forward to
receiving the results of our drone magnetic survey which will help
to optimise the location of drilling targets for the exploration
programme at Teresita."
Previous reconnaissance exploration at Especularita identified
high-grade Cu-Au mineralisation associated with vein-breccias with
reported assay grades up to 7.22% Cu and 13.1g/t Au (1) . Since
that time, GSC has embarked on a programme of prospect-scale
mapping and sampling with the aim to delineate the scale of the
system and identify potential targets for a scout drilling
campaign. Additionally, the Company has strategically expanded its
concession area to maximise its holding of the target type
mineralisation at Terresita(2) .
Subsequent prospect-scale exploration at Teresita has included
detailed mapping with a further 160 rock chip samples collected to
date. An orientation soil sampling programme has also been
completed and a drone-based magnetic survey is in progress(3) .
Interpretations of the magnetics survey will commence once final
results are available.
The geologic mapping indicates that high-grade Cu-Au
mineralisation at Teresita is associated with a swarm of
structurally-controlled, anastomosing quartz-carbonate veins and
vein-breccias which, to date, are mapped over a cumulative strike
length of up to 5km, although the structures have the potential to
be open further along strike. The veins are hosted in diorite and
additional veins may occur where outcrop is obscured by shallow
scree cover.
In outcrop, the vein-breccia swarm exhibits distinctive
intrusive-related, mesothermal characteristics and typically
comprise a massive quartz-carbonate core up to 3m thick passing
outward to a carbonate-dominated crackle-breccia within the
enclosing dioritic host rock. Highly disrupted fragments of quartz
vein material within carbonate suggest that the carbonate was a
late addition to the structures resulting in hydraulic fracturing
of existing quartz veins, re-brecciation and sealing of the
structures. Sampling along the vein-breccias demonstrates clearly
that Cu-Au is preferentially hosted in quartz-dominant parts of the
vein system with copper occurring as coarse disseminated grains
within the quartz vein material. In contrast, carbonate-dominant
parts of the vein system are typically unmineralised. Metal grades
assayed in 160 samples collected from outcrop, sub-crop and mine
dump material reach up to 5.97% Cu and 13.7g/t Au (Figure 1).
Sampling and results:
All rock samples collected are located using hand-held GPS units
(WGS84 zone 19S datum, UTM coordinate system) and allocated a
unique sample number using a ticket-book system. Samples are
transported from the field and delivered by Company employees to
ALS Laboratories in Santiago 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 analysed for
48 major, base and trace elements by ICP-MS following a four-acid
digest (ALS code ME-MS61).
Of the 160 samples collected, 97 samples of quartz vein fragment
material and co-precipitated quartz-carbonate vein material assayed
in the range of <0.001 - 13.7 ppm Au and 3.8 - 59,700 ppm Cu
(5.97% Cu). Of these samples, 29% were anomalous in gold (>0.1
ppm Au) and or copper (>1000 ppm Cu) and 8% of samples reported
over 1% Cu and or 1 ppm Au. Co-anomalism in silver is also noted
with 15% of samples anomalous in silver (>1 ppm Ag) with assay
grades reaching up to 18.9 ppm Ag. The remaining 63 samples
comprising of massive carbonate, carbonate-altered diorite and
diorite host rock exhibited no evidence of visible mineralisation
and assays were not anomalous in gold or copper, with the exception
of one sample of massive carbonate vein material which reported an
assay result of 0.21 ppm Au.
Figure 1: Teresita vein swarm with veins identified as solid red
lines (dashed where interpreted) with thematic geochemistry maps
for all Teresita prospect rock chip samples (left) Au (ppm),
(right) Cu (ppm).
References:
1. RNS (22 Nov 2022): Early exploration at Especularita
identifies multiple copper targets and completion of drilling at
San Lorenzo.
2. RNS (20 Feb 2023): Exploration update at Especularita and San Lorenzo.
3. RNS (06 Jun 2023): Magnetic surveys commence at Especularita.
Enquiries:
Great Southern Copper plc
Sam Garrett, Chief Executive Officer +44 20 4582 3500
--------------------
SI Capital Limited
--------------------
Nick Emerson +44 (0)14 8341 3500
--------------------
Gracechurch Group
--------------------
Harry Chathli, Alexis Gore, Henry
Gamble +44 (0)20 4582 3500
--------------------
Notes for Editors:
About Great Southern Copper
Great Southern Copper is a mineral exploration company focused
on copper-gold deposits in Chile. The Company has the option to
acquire rights to 100% of two projects that are prospective for
large scale copper-gold deposits in the underexplored coastal belt
of Chile, a globally significant mining jurisdiction and the
world's largest copper producer.
The two projects comprise the San Lorenzo Project, northeast of
the coastal town of La Serena in northern Chile, and the
Especularita Project located approximately 170km to the south of
the San Lorenzo project. The two early-stage Cu-Au exploration
projects are within the same coastal metallogenic belt as other
major deposits including Teck's Andacollo copper and gold mine.
Significant historical small-scale and artisanal workings for both
copper and gold are readily evident in both exploration project
areas.
Great Southern Copper is strategically positioned to support the
global market for copper, a key metal 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 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 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.
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