REG - Great Southrn.Copper - Drilling Results at Teresita & Abundante Prospects

Great Southern CopperAnnouncement

09/04/2024 07:00

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RNS Number : 8243J  Great Southern Copper PLC  09 April 2024

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.

 

9 April 2024

 

Great Southern Copper plc

("GSC" or the "Company")

 

Drilling Results at Teresita and Abundante Prospects

 

Results confirm Intrusive-related and breccia-hosted mineralisation systems
with all drill holes intersecting anomalous gold and copper mineralisation

 

Great Southern Copper plc (LSE: GSCU), the company focused on
copper-gold-lithium exploration in Chile, is pleased to announce that final
results have been received and assessed for its scout RC drilling programmes
at the Abundante and Teresita prospects.

 

Highlights:

·    All assay results received for 1018m reconnaissance drilling
comprising 15 scout RC holes completed across two prospect areas at GSC's
Especularita prospect

·    All scout RC holes intersected anomalous gold and copper
mineralisation

·    Results strongly support and validate the IRGS target model at
Teresita and provide significant impetus for follow-up exploration

·    Significant intercepts (including previously reported results)(1)
include;

§ ESP23RC002: 17m at 0.52% Cu from 24m

·    Incl, 4m of 0.97% Cu from 30m

§ ESP23RC004: 21m at 0.31% Cu from 19m

·    Incl, 1m of 1.83% Cu from 38m

§ ESP23RC010: 20m at 0.57g/t Au, 5.48g/t Ag and 0.43% Cu from 35m

·    Incl, 3m at 1.1 g/t Au, 8.71g/t Ag and 0.79% Cu from 39m and,

·    And 3m at 1.65g/t Au, 9.03g/t Ag and 0.69% Cu from 48m

§ ESP23RC015: 6m at 0.48% Cu from 7m, and

·    Incl, 1m at 2.12% Cu from 10m

·    Coincident anomalous As-Bi-Co-Sb-Te provides important pathfinder
geochemistry for follow-up exploration at Teresita and further supports the
IRGS model

 

Next Steps:

Assay results from scout RC drilling 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 at Teresita will focus on delineating the vein targets
in more detail for Phase 2 prospect-scale drilling programmes. This work may
include detailed grid-based soil geochemistry across the whole system and
geophysics (magnetics, IP, EM).

 

Sam Garrett, Chief Executive Officer of Great Southern Copper, said: "The
mineralised vein system at Teresita is very large - comprising multiple veins
over 5km in cumulative strike length - and these exciting early reconnaissance
drill results give us strong impetus to aggressively advance our exploration
of this system.

 

"The results strongly support our interpretation that the
quartz-sulphide-carbonate vein system at our Victoria prospect also represents
another IRGS target, adding a second exciting large-scale project to our
portfolio. Additionally, the potential to discover additional systems in the
district is also significant as our regional exploration programmes continue.

 

"With the Victoria and Aurelia copper-gold prospects also advancing toward
drill-ready status, our drilling pipeline is looking very strong. Due
diligence work at our newly acquired Cerro Negro and Artemisa prospects is in
progress and will likely add new high-priority drill targets to the pipeline,
all of which gives the Board and our stakeholders a lot to look forward to."

 

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). Assay results for holes ESP23RC001 to ESP23RC010 where reported
previously(1) and final assay results have now been received for holes
ESP23RC011 to ESP23RC015. The programmes targeted surface mapping and rock
chip geochemistry results and were designed to confirm the interpreted IRGS
and breccia styles of mineralisation. Collar details for the drill holes are
summarised in Table 1 below.

 

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.

 

 Hole ID     East UTM  North UTM  Alt (m)  Inc  Az   EOH (m)
 ESP23RC001  299342    6550360    1026     -60  145  96
 ESP23RC002  299342    6550364    1025     -60  125  42
 ESP23RC003  299345    6550362    1025     -70  125  100
 ESP23RC004  299349    6550363    1027     -60  100  150
 ESP23RC005  299371    6550379    1012     -60  280  48
 ESP23RC006  299389    6550358    1007     -60  100  48
 ESP23RC007  299940    6550588    971      -60  135  84
 ESP23RC008  300019    6550684    949      -60  135  72
 ESP23RC009  300511    6551081    960      -60  315  72
 ESP23RC010  300245    6551789    915      -60  90   84
 ESP23RC011  300055    6551961    944      -60  300  42
 ESP23RC012  300141    6551857    949      -60  310  36
 ESP23RC013  299978    6550571    972      -60  315  72
 ESP23RC014  300040    6551194    927      -60  300  42
 ESP23RC015  299979    6551678    948      -70  300  30

Table 1: Drill collar details for Teresita-Abundante scout drilling
programmes, Especularita project.

 

 

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 Au(2) and 7.22% Cu(3).

 

Reconnaissance scout 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, RC008 and RC013 tested the Central Vein, hole
RC009 the Grossa Vein, hole RC010 the Gato Negro vein, hole RC014 the Pampa
Vein, and finally, holes RC011, RC012 and RC015 tested the Michaela veins
(Figure 1). All holes intersected the mineralised veins at depth with
anomalous Au (>0.1g/t Au) and Cu (>0.1% Cu) grades reported in assay
results for all holes (Table 2).

 

Holes RC007, RC008 and RC013 targeting the Central Vein intersected 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 reported
previously(1) 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.

 

Holes targeting the Michaela veins all intersected narrow quartz-sulphide
veins near surface with hole ESP23RC015 intersecting high-grade copper
mineralisation including (Figure 3);

 

·    1m of 2.12% Cu and 0.083g/t Au from 10m

 

Figure 1: Collar location map for scout RC drillholes at Teresita and
Abundante with rock chip gold assays, Especularita.

 

 

Figure 2: Examples of cross-sections for scout RC holes (l) ESP23RC010
targeting Gato Negro vein, and (r) ESP23RC015 targeting the Micaela vein,
Teresita prospect, Especularita.

 

 

 

 Drillhole    Intercept  From metres  To metres  Length metres  Au g/t  Cu %   Target      Type
 ESP23-RC001  from       29           30         1              0.004   0.140  Abundante   Breccia
 ESP23-RC001  from       34           36         2              0.004   0.138  Abundante   Breccia
 ESP23-RC001  from       44           45         1              0.009   0.104  Abundante   Breccia
 ESP23-RC001  from       88           90         2              0.283   0.008  Abundante   Breccia
 ESP23-RC002  from       18           19         1              0.049   0.160  Abundante   Breccia
 ESP23-RC002  from       24           41         17             0.017   0.521  Abundante   Breccia
 ESP23-RC002  including  30           34         4              0.017   0.965  Abundante   Breccia
 ESP23-RC002  and        39           40         1              0.102   1.375  Abundante   Breccia
 ESP23-RC003  from       18           20         2              0.027   0.126  Abundante   Breccia
 ESP23-RC003  from       25           26         1              0.008   0.154  Abundante   Breccia
 ESP23-RC003  from       88           89         1              0.007   0.401  Abundante   Breccia
 ESP23-RC004  from       13           15         2              0.032   0.127  Abundante   Breccia
 ESP23-RC004  from       19           40         21             0.009   0.305  Abundante   Breccia
 ESP23-RC004  including  38           39         1              0.097   1.825  Abundante   Breccia
 ESP23-RC005  from       14           15         1              0.004   0.140  Abundante   Breccia
 ESP23-RC006  from       5            8          3              0.020   0.126  Abundante   Breccia
 ESP23-RC006  from       14           15         1              0.175   0.151  Abundante   Breccia
 ESP23-RC007  from       4            12         8              0.020   0.279  Central     Vein
 ESP23-RC007  from       24           26         2              0.142   0.036  Central     Vein
 ESP23-RC007  from       29           30         1              0.009   0.138  Central     Vein
 ESP23-RC007  from       45           46         1              0.009   0.198  Central     Vein
 ESP23-RC008  from       51           52         1              0.176   0.049  Central     Vein
 ESP23-RC008  from       60           61         1              0.105   0.080  Central     Vein
 ESP23-RC008  from       65           66         1              0.131   0.025  Central     Vein
 ESP23-RC009  from       21           23         2              0.259   0.106  Grossa      Vein
 ESP23-RC010  from       35           55         20             0.572   0.426  Gato Negro  Vein
 ESP23-RC010  including  37           42         5              0.901   0.540  Gato Negro  Vein
 ESP23-RC010  and        40           41         1              2.030   1.305  Gato Negro  Vein
 ESP23-RC010  and        48           51         3              1.651   0.690  Gato Negro  Vein
 ESP23-RC010  including  50           51         1              1.800   0.710  Gato Negro  Vein
 ESP23-RC010  and        53           54         1              0.261   1.120  Gato Negro  Vein
 ESP23-RC010  from       59           60         1              0.015   0.248  Gato Negro  Vein
 ESP23-RC010  from       67           68         1              0.140   0.009  Gato Negro  Vein
 ESP23-RC010  from       71           72         1              0.162   0.354  Gato Negro  Vein
 ESP23-RC010  from       82           83         1              0.132   0.013  Gato Negro  Vein
 ESP23-RC011  from       23           25         2              0.021   0.395  Micaela W   Vein
 ESP23-RC012  from       1            2          1              0.010   0.115  Micaela E   Vein
 ESP23-RC013  from       59           60         1              0.209   0.054  Central     Vein
 ESP23-RC013  from       62           63         1              0.291   0.061  Central     Vein
 ESP23-RC014  from       4            8          4              0.046   0.122  Pampa       Vein
 ESP23-RC015  from       7            13         6              0.042   0.482  Micaela S   Vein
 ESP23-RC015  from       10           11         1              0.083   2.12   Micaela S   Vein

Table 2: Anomalous intersections for Teresita-Abundante scout RC drilling
programme. Note: down-hole intercept lengths do not necessarily represent
true-widths.

 

References:

1.    RNS 6635G (13 March 2024): 10-15m wide vein intersected at Teresita.

2.    RNS 5675F (11 July 2023): High grade Cu-Au in rock chip samples from
Teresita.

3.    RNS 2146H (22 Nov 2022): Early exploration at Especularita identifies
multiple copper targets and completion of drilling at San Lorenzo.

 

 

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 (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
(http://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.

 

 

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