TIDMGSCU
RNS Number : 2146H
Great Southern Copper PLC
22 November 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.
22 November 2022
Great Southern Copper plc
("GSC" or the "Company")
Early Exploration at Especularita Identifies Multiple Cu-Au
Targets and Completion of Drilling at San Lorenzo
Prospect-scale Exploration Commenced
Great Southern Copper plc (LSE: GSCU), the company focused on
copper-gold exploration in Chile, is pleased to announce that
district-scale reconnaissance exploration at its Especularita Cu-Au
project is progressing well and identifying targets for detailed
prospect-scale exploration.
Highlights:
-- Early reconnaissance exploration identifies prospects with potential for;
o High grade vein-hosted Au-Cu targets,
o High grade breccia-hosted Cu+Au targets, and
o Evidence of a possible porphyry-related Cu-Au alteration
system
-- Up to 7.22 %Cu and 13.1 ppm Au in reconnaissance rock chip samples,
-- Prospect-scale mapping and sampling already commenced on two initial targets,
-- Ground magnetic surveys to commence early 2023
-- San Lorenzo scout drilling completed and assay results received for the first hole
The Especularita project is located within the coastal
metallogenic belt of northern Chile and is dominated by a large,
partially-eroded advanced argillic lithocap formed in volcanic
rocks near the contact with a granodiorite batholith. Alteration
and mineralisation related to the system is observed over a 100
km(2) area and includes skarn-type base-metal deposits, mesothermal
Au-Cu veins, and Cu-Au breccia pipes. Near-surface porphyry-style
Cu mineralisation may also exist beneath shallow cover and the
lithocap.
Reconnaissance geological mapping and sampling across the
company's extensive Especularita project in Chile commenced earlier
this year and is designed to identify specific areas (prospects)
with potential to host economic Cu-Au mineralisation. Results to
date confirm that multiple styles of mineralisation and alteration
occur within the Especularita project area consistent with a large
mineralising system with potential to host porphyry-related Cu-Au
type deposits.
Sam Garrett, Chief Executive Officer of Great Southern Copper,
said: "The company's Cu-Au exploration efforts at Especularita are
ramping up and rapidly identifying exciting prospects which we plan
to explore in detail with the aim to enhance our pipeline of
drilling targets for 2023 and beyond. Especularita encompasses a
very large mineral system. We have identified a broad range of
deposit types and are highly encouraged by these early exploration
results. The reconnaissance work is on-going and we expect to
generate further exciting prospects in 2023."
Detailed geological mapping and sampling has now commenced on
two prospects at Especularita including a structurally-controlled
mesothermal vein-hosted target with high-grade Au-Cu in
reconnaissance rock chip assays (Teresita prospect), and a
breccia-hosted Cu+Au target where coarse copper sulphide is
observed in float samples (Victoria prospect) over an area of
500x500m(2) .
At Teresita anomalous Au-Cu mineralisation is hosted in
structurally-controlled mesothermal style quartz vein material that
has subsequently been brecciated and overprinted by carbonate. Gold
and copper grades within the quartz vein material are typically
anomalous and range up to 13.1 g/t Au and 7.22% Cu from
reconnaissance grab samples (Figure 1-2) . To date multiple veins
have been observed over one kilometre of strike and a width of 200m
in an area partly covered by scree and gravel. Historical
small-scale mining is evident along the vein structure, however,
the hardness of the rock and the occurrence of sulphide minerals
near to surface suggests that the artisanal workings were minimal.
Detailed mapping and sampling at Teresita is now in progress to
better understand the system and define its limits. It is expected
that this work will be complemented with a ground magnetics survey
in the first quarter of 2023.
Figure 1: Reconnaissance rock grab sample assay results for gold
(l) and copper (r) at the Teresita prospect, Especularita. UTM
WGS84-19S.
Figure 2: Brecciated quartz-carbonate vein structure at Teresita
is traced over 1km along strike (l). High grade disseminated
chalcopyrite-bornite (+gold) hosted in quartz fragments within the
vein breccia (r).
At the Victoria prospect, Cu (+Au) mineralisation occurs as
disseminated and coarse infilling sulphides within brecciated and
albite-magnetite-specularite-actinolite altered volcanics that
occurs in outcrop and as float over a broad area close to the
contact between the host granodiorite batholith and the overlying
altered volcanics (Figure 3). Assay results from reconnaissance
rock samples are pending. Detailed mapping and sampling at Victoria
is now in progress and will also be complemented with a ground
magnetic survey in the first quarter of 2023.
Figure 3: Copper sulphide mineralisation hosted in silica
breccia, Victoria prospect (l), silica vein breccia float, Victoria
prospect, Especularita (r).
San Lorenzo Scout Diamond Drilling
Scout exploration drilling at GSC's San Lorenzo project has been
completed with 17 holes (2,959m) drilled across 4 prospects areas
(Chinchillon, Central, Hermanas and Cerro Blanco). The scout
program was designed to; (1) determine if oxidised sheeted
fracture-veins observed at surface represent sulphide
mineralisation at depth, (2) determine the Cu-Au potential of
monzonite intrusions with associated UST alteration, (3) understand
controls on mineralisation styles, and (4) determine suitable
exploration methods for the project using results from the scout
drilling to vector towards mineralisation centres.
Preliminary assay results have been received for first hole
SLD005 and are being assessed and validated. The results show that
anomalous copper (<2,000 ppm) is related to swarms of
broad-spaced sheeted veins of quartz-actinolite-feldpsar with
variable chalcopyrite-pyrite-molybdenite and magnetite, and that
best grades correlate with areas of highest veinlet frequency. This
confirms our interpretation that widespread weathered veinlets with
Cu and Fe oxides at surface are mineralised at depth, and that
areas of intense fracturing have the highest potential. Also,
assays indicate that veinlets with strong feldspar alteration halos
can have disseminated Cu mineralisation.
Results for SLD006 are pending and core preparation and sampling
of the remaining holes is in progress.
Figure 4: Copper mineralisation in SLD005;
chalcopyrite+actinolite-quartz fracture vein with minor white
selvage halo (l), and coarse disseminated chalcopyrite within a
broader pink feldspar alteration halo (r).
Enquiries:
Great Southern Copper plc
Sam Garrett, Chief Executive Officer +44 (0)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 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 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 Gelogists. 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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