TIDMGSCU
RNS Number : 4007M
Great Southern Copper PLC
23 May 2022
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 AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
23 May 2022
Great Southern Copper plc
("GSC" or the "Company")
Ground Magnetics Survey Identifies Multiple Targets at San
Lorenzo
Planning underway to commence drill programme
Great Southern Copper plc (LSE: GSCU), the company focused on
copper-gold exploration in Chile, is pleased to announce that
processing and interpretation of its ground magnetic data is
complete and has identified multiple shallow and buried targets for
follow-up exploration at the San Lorenzo copper-gold project
located in the coastal cordillera, Chile.
As announced in January 2022, GSC completed a 63.36 km(2) ground
magnetics survey at San Lorenzo designed to enhance its geological
understanding of the project. Processing and interpretation of the
magnetic data has since been undertaken by ExploreGeo Pty Ltd
("ExploreGeo"), based in Perth, Australia.
Highlights
-- The magnetics data modelling and interpretation compliments
and enhances the Company's mapped surface geology at San Lorenzo,
identifies additional structural detail and areas of
magnetite-destructive alteration as well as highlighting areas
interpreted to represent buried intrusives
-- Seven new areas of interest identified in the magnetic
interpretation and ranked for follow-up exploration work
-- Includes 13 near-surface anomalies interpreted as potentially
indicative of either zones of higher vein density or small
intrusions
-- Areas of lower magnetic response enveloping the inner
calc-potassic alteration are coincident with the Chinchillon Fault
and inner propylitic alteration and are interpreted as possible
zones of late magnetite destructive alteration
-- A large zone of weaker magnetic rock located in the southwest
portion of the survey area is interpreted as a possible buried
monzonitic intrusive that could represent the parent pluton to the
numerous mineralised monzonitic dykes and plugs mapped at surface
(Rado Monzonites). Follow up exploration in this area is considered
a high priority given the relation between monzonite intrusions and
mineralisation observed elsewhere on the project
Drill planning for San Lorenzo
Planning for GSC's first phase of reconnaissance exploration
drilling at San Lorenzo is now underway with drilling anticipated
to commence in June 2022, subject to rig availability, permitting
and approvals. An initial 10-15 diamond drill holes (2000 - 2500m)
will initially test shallow geological targets; in particular,
fracture-hosted alteration zones in inner calc-potassic (ICP)
altered biotite granodiorite with coincident rock-trench
geochemistry anomalism and secondly, areas of monzonitic intrusions
with coincident rock-trench geochemistry anomalism. The programme
is designed to enhance the geological understanding of the
mineralising system at San Lorenzo and provide vectors for further
induced polarisation (IP) geophysics and follow-up drilling
programmes.
Sam Garrett, Chief Executive Officer of Great Southern Copper,
said: "The results from the recent ground magnetic survey
identified multiple new targets worthy of further exploration and
enhances our geological understanding of the San Lorenzo project.
With ground-truthing of the anomalies and interpretation underway
by our team on site, plans are progressing well for the company's
first reconnaissance exploration drilling programme at San Lorenzo.
Negotiations with drilling contractors are underway to secure rig
availability and we hope to be mobilising a rig to site before the
end of June 2022."
San Lorenzo ground magnetics interpretation
As announced in January 2022, GSC completed a ground magnetics
survey covering an area of 63.36 km(2) located in the northern
region of the San Lorenzo Project, Chile. Processing and
interpretation of the magnetic data has since been undertaken by
ExploreGeo, based in Perth, Australia.
ExploreGeo's interpretation includes 3D inversion modelling of
reprocessed raw magnetic data for San Lorenzo. A Pseudo Magnetic
transformation along with a 3D forward model is also applied to the
topographic data in order to account for distortion relating to
Andean-type topographic effects coupled with inherently magnetic
source rocks such as those at San Lorenzo. Two interpretation
strategies were employed to evaluate both near-surface metre-scale
features (veins, dykes, structures) as well as broader-scale deeper
geological features (intrusives and alteration zones).
The work aims to improve and update GSC's understanding of the
structural and lithological domains of the project, evaluate and
interpret any alteration relationships with areas of possible
magnetite alteration and magnetite destruction, and identify
possible source plutons at depth.
Thirteen (13) near-surface anomalies are interpreted which may
be indicative of zones of higher vein/fracture density, or,
alternatively, small intrusions. These anomalies are generally
coincident with magnetite destructive zones (magnetic low areas)
associated with structures along the Chinchillon Fault as well as
the inner potassic alteration zone (IPO) which envelops the inner
calc-potassic (ICP) alteration zone. There are exceptions, however,
and ground-truthing of the anomalies has shown several to be
coincident with mapped zones of oxidised ICP fracturing. Sampling
across these anomalies is in progress in preparation for potential
drill targeting.
Three kilometre-scale magnetic bodies are delineated within the
southwest portion of the survey area and may represent buried
intrusives that lie marginal to a larger zone of weaker magnetised
rock interpreted to possibly represent a large buried monzonite
body. The interpreted monzonite could be the source of narrow dykes
and plugs of locally mineralised monzonite mapped at surface and
thus represents a potentially significant target for deeper
copper-gold mineralisation.
Rehabilitation works
In conjunction with the pending drilling programme the company
also plans to commence work to in-fill and rehabilitate the
trenches dug for the Phase I-II programmes. Phase III trenches will
be rehabilitated once all data collection has been finalised.
In addition to this release, a PDF version with supplementary
information and images can be found on the Company's website:
https://gscplc.com
Enquiries:
Great Southern Copper plc
Sam Garrett, Chief Executive Officer +44 20 7618 9100
--------------------
SI Capital Limited
--------------------
Nick Emerson +44 (0)14 8341 3500
--------------------
Luther Pendragon
--------------------
Harry Chathli, Alexis Gore, John Bick +44 20 7618 9100
--------------------
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 porphyry style 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 projects are
within the same metallogenic belt as major coastal producing
operations 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 planning an exploration
and evaluation two-year work programme for the copper-gold
projects, targeting principally large tonnage, low to medium grade
porphyry style 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 the
Geophysical component of the Exploration Results is based on
information and supporting documentation compiled by Mr Regis
Neroni, who is a Member of the Australian Institute of
Geoscientists (AIG) and a Registered Professional Geoscientist
(RPGeo) in the fields of Geophysics and Mineral Exploration. Mr
Neroni is a Consulting Geophysicist with ExploreGeo Pty Ltd and has
sufficient experience relevant to the style of mineralisation under
consideration and to the activity which is 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 Neroni consents to the inclusion in
this announcement of the matters based on this information in the
form and context in which it appears.
, the news service of the London Stock Exchange. RNS is approved by
the Financial Conduct Authority to act as a Primary Information
Provider in the United Kingdom. Terms and conditions relating to
the use and distribution of this information may apply. For further
information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBKNBDABKKOPB
(END) Dow Jones Newswires
May 23, 2022 02:30 ET (06:30 GMT)
Great Southern Copper (LSE:GSCU)
Historical Stock Chart
From Apr 2024 to May 2024
Great Southern Copper (LSE:GSCU)
Historical Stock Chart
From May 2023 to May 2024