TIDMGSCU
RNS Number : 6990V
Great Southern Copper PLC
05 December 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 AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
05 December 2023
Great Southern Copper plc
("GSC" or the "Company")
Scout RC Drilling Due to Commence at Especularita, Chile
Permitting, environmental studies and community engagement
completed
Great Southern Copper plc (LSE: GSCU), the company focused on
copper-gold-lithium exploration in Chile, is pleased to announce
that it has completed the necessary permitting procedures to
commence its proposed scout reverse circulation (RC) drilling
programme at Especularita with drilling planned to commence in the
first half of December 2023.
Highlights
-- Especularita drilling programme to begin in the first half of December 2023
o At the Abundante prospect, 3-4 scout RC drillholes totalling
600-800m will target high-grade Cu mineralisation associated with
tourmaline breccia-pipe hosted copper mineralisation
o Construction of access tracks and drill platforms has
commenced in preparation for rig arrival
-- All permitting, environmental studies, OHS procedures and
community engagement completed to enable drill programme to
commence
Sam Garrett, Chief Executive Officer of Great Southern Copper,
said: "We are very excited that drilling at Abundante will commence
imminently. The scout RC drill holes are targeting high-grade
copper mineralisation and are the first step in understanding how
the breccia-hosted mineralisation will develop at depth beneath the
existing mine workings. The results will provide critical
geological, geochemical and structural information necessary for
the preparation of follow-up larger-scale drill programmes designed
to vector in on potential economic mineralisation.
Drilling to commence at Especularita
Earthworks required for the construction of access tracks and
drilling platforms (pads) has commenced at the Abundante prospect
following successful regulatory permitting of the drill programme,
completion of environmental management plans and finalisation of
community engagement programmes. Regulatory OH&S procedures,
required for drilling projects in Chile, have also been finalised
allowing drilling to now commence.
Abundante
At the Abundante mine prospect, 3-4 scout RC drillholes
totalling approximately 600-800m will target outcropping high-grade
Cu mineralisation associated with a tourmaline breccia-pipe. Rock
chip samples collected by the Company from the exposed mine walls
and mine dump material have returned assay grades up to 3.39% Cu
and 0.15g/t Au(1) . Copper mineralisation is observed in outcrop
occurring as coarse, blebby disseminations associated with
tourmaline-quartz matrix in-filling the fragments of intrusive
breccia. The high-grade breccia-hosted mineralisation crops out to
the west of a NNE-trending normal fault which is mapped in the pit
wall and interpreted to have potentially truncated the deposit.
Artisanal mining at Abundante is reported by local miners to
have reached depths of approx. 45m below surface and the GSC scout
holes will test below that depth on the hanging wall side of the
fault. The holes are designed to cross the fault to test the
potential for mineralisation on the footwall (east) side of the
fault.
A secondary target at Abundante, comprising a prominent
"bullseye" magnetic low anomaly identified in the recent drone
magnetics survey, will also be tested (Figure 2). The magnetic
anomaly is located to the east side of the interpreted normal
fault, below and marginally off-set from the surface expression of
the breccia and may represent a buried, structurally off-set
mineralised breccia-pipe or pencil-porphyry intrusive.
RC drilling and assay results
Local Chilean company, DV Drilling based in La Serena, has been
contracted to complete the RC drilling programme at Especularita
utilising a truck-mounted EDM 2000 reverse circulation (RC) drill
rig.
The RC drilling technique provides significant advantages to the
Company in that it will deliver faster drilling times at a lower
cost compared to diamond drilling techniques. No sample preparation
is required as in the case with diamond core and samples will be
delivered directly from the drill site to the assay laboratory so
that the Company will receive the assay results sooner. In
addition, sample sizes are considerably larger and therefore may be
more representative of the mineralisation.
The RC samples will be delivered by the Company to ALS
Laboratories in La Serena, Chile where they will be prepared
(dried, weighed, crushed and pulverised) prior to assay. A 30g
aliquot of each sample is then assayed for Au (FA and ICP-AES) and
48 elements (ICP-MS).
Figure 1: Location of proposed RC drill collars at the Abundante
prospect, Especularita.
Figure 2: Location of proposed RC collars at Abundante prospect,
Especularita with RTP mag. Mapped tourmaline breccia indicated by
pattern outline.
References:
1. RNS 2962G (18 July 2023): High grade Cu in rock chip samples
up to 3.39% Cu from Abundante mine prospect.
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.
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