TIDMGSCU
RNS Number : 0817M
Great Southern Copper PLC
12 September 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.
12 September 2023
Great Southern Copper plc
("GSC" or the "Company")
Regional Stream Sediment Survey at Especularita Defines Multiple
Targets for Follow-Up
Drone-mag Survey Completed and Interpretation of Results in
Progress
Great Southern Copper plc (LSE: GSCU), the company focused on
copper-gold exploration in Chile, is pleased to provide an update
of its regional exploration programmes at Especularita including
the results of its recently completed stream sediment sampling
survey.
Highlights:
-- Results received for 658 samples collected from second and third order stream catchments
-- Numerous multi-element zonation patterns and anomaly hotspots are evident project-wide
-- Porphyry, high-sulphidation epithermal and intrusive-related
metal signatures and zonation patterns are identified for follow-up
exploration programmes
-- Drone magnetics survey complete and interpretation work in progress
-- Permitting for proposed drilling at Abundante and Teresita is in progress
Exploration Update:
GSC recently received final assay results for its regional
stream sediment sampling programme at Especularita which commenced
in Feb 2023(1) and was designed to provide broad-scale gold, base
metal, and trace element geochemistry across the Especularita
project area. The results from the survey defined multi-element
zonation patterns within and surrounding the extensive area of
lithocap alteration and has identified targets for follow-up
prospect-scale Cu-Au exploration.
The Company has also completed its first drone-magnetic survey
at Especularita which is designed to provide detailed coverage of
the Company's drill-ready targets at Teresita and Victoria(2) and
regional information for target generation. The survey comprised
482 flight lines, at a 50m line-spacing, for a total of 1,480
line-km surveyed. A selected area over the Abundante mine
prospect(3) was surveyed at 25m spaced line intervals.
Interpretation of the magnetic data is in progress by ExploreGeo of
Perth, WA.
Prospect-scale exploration at Especularita is continuing at the
Victoria and Aurelia prospects where the Company is undertaking
mapping and soil sampling activities. Planning and permitting for
scout drilling programmes at the Teresita and Abundante prospects
is also in progress.
Next Steps:
The stream sediment assay data outlines a significant number of
anomalies and metal-zonation patterns that require follow-up
exploration (Figures 1D). All anomalies will be field checked with
mapping and sampling programmes to assess their potential as
exploration prospects/targets.
Sam Garrett, Chief Executive Officer of Great Southern Copper,
said: "This comprehensive stream sediment survey at Especularita
has been very effective, and together with other regional datasets,
is helping the Company complete reconnaissance-scale exploration
across its large project footprint.
"The results from the survey have delineated new target areas
for follow-up exploration. Multi-element zonation patterns
identified in the data are consistent with the geochemical
signatures for porphyry Cu, epithermal Au, and intrusive-related
Cu-Au types of mineralisation. Using these results, the Company
will now commence a regional follow-up mapping and sampling
campaign with the aim of delineating prospect-scale targets for
scout drilling.
"In addition, we are awaiting the interpretation report from the
completed drone magnetics survey, which will be used together with
the stream sediment survey data to further refine our targeting. We
are also progressing through the permitting and approvals process
for our planned scout drilling programmes at Teresita and
Abundante.
"It is pleasing to see the continued progress and encouraging
results at Especularita and we look forward to updating the market
further in due course."
Background:
Large-scale mineral systems and mineral deposits such as those
associated with porphyry, high-sulphidation epithermal, IOCG, and
intrusive-related Cu-Au systems, for example, often exhibit zoned
metal distributions as well as zoned alteration patterns. Different
deposit types may also exhibit characteristic metal "signatures",
such as Cu-Mo-Pb-Zn anomalies in porphyry Cu systems, which can
help differentiate them from other deposit types. These elements
may be used as "pathfinder elements" in the exploration for such
deposits. Added complexity in metal distribution patterns may also
occur where adjacent deposit systems (clusters) interact with or
overprint one another. Understanding of the metal zonation in a
mineral system, therefore, is useful for target vectoring and the
design of suitable exploration programmes.
Reconnaissance exploration at GSC's Especularita project to date
has found evidence of the potential for porphyry-type Cu-Au
mineralisation plus associated base-metal skarn, tourmaline
breccia-hosted Cu-Au and high sulphidation epithermal type Au-Ag
mineralisation. In addition, intrusive-related mesothermal style
vein-breccia Cu-Au deposits are also recognised in outcrop. While
the Especularita project encompasses an area of approximately 140
km(2) (almost 50 times larger than the area of the City of London)
the entire mineral system, or mineral field, centred at
Especularita is measured over an area greater than 300 km(2) .
For such large project areas with heavily indurated terrane
sampling of stream sediment material using very low detection
limits provides explorers with an effective first-pass geochemistry
tool to quickly narrow the search area for potential mineral
deposits. Interpreting surface geochemistry results may be
complicated by the effects of intense supergene weathering and deep
oxidation which typically result in a depletion of metal contents
at surface which, therefore, may not reflect the true hypogene
metal content at depth potentially resulting in poor exploration
outcomes. The stream sediment data, combined with geological
mapping allow GSC the opportunity to interpret and "map out" metal
zonation patterns (or metal depletion patterns) in rocks that would
otherwise be interpreted to be "barren" and in this way identify
new exploration targets in areas that may have been previously
overlooked.
Sampling and results:
A total of 658 stream sediment samples were collected from
second and third order streams across the Especularita project area
(Figure 1). Approximately 4-6kg of sediment material, dry-sieved to
--2mm, was collected at each sample location represented by a
composite of 3-4 sample sites collected over a 20m length of stream
bed. Individual samples were each allocated a unique sample number
using a ticket-book system and the location recorded with a
hand-held GPS unit (WGS84 zone 19S datum, UTM coordinate system).
Once the sample was collected, all sampling equipment (sieves,
shovels) were cleaned with a brush and cloth before collecting the
next sample in order to minimise contamination between sample
locations.
Samples were transported from the field and delivered by Company
employees to ALS Laboratories in Santiago where they were prepared
for analysis (weighed, dried, crushed and pulverised). A subsequent
200g split of each sample pulp was then forwarded to the ALS
geochemical laboratory in Lima, Peru, where samples were 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).
The Especularita stream sediment assay results highlight
numerous anomalies and anomalous trends for a broad spectrum of
target and path-finder elements including
Au-Ag-As-Ba-Bi-Cu-Fe-Mn-Mo-Pb-Sb-Te-W-Zn. Metal zonation patterns,
as well as hotspot anomalism, are clearly evident across the
project and are interpreted to reflect variations in mineralisation
style, geology and alteration type, as well as weathering and
oxidation profiles. In particular, metal zonation patterns in the
Especularita data are interpreted to be representative of:
1. High-sulphidation Epithermal type mineralisation: Coincident
Sb-Pb-As-Ag-Bi-Te anomalism is a recognised trace element signature
for epithermal type mineralisation. At Especularita,
Sb-Pb-As-Ag-Bi-Te anomalism is broadly coincident with the
high-sulphidation, advanced argillic alteration which defines the
"Cerro Colorado" lithocap (Figure 1B).
2. Porphyry Cu-Au / breccia-hosted mineralisation: Coincident
Cu-Mo-Zn+Mn anomalism at Especularita is indicative of potential
porphyry Cu-Au type mineralisation. This assemblage occurs in 3-4
clusters, or hotspots, typically located at the
granodiorite-volcanic contact and/or marginal to the lithocap
alteration. Au-Cu is relatively depleted in creeks draining the
lithocap alteration which is interpreted to represent a combination
of inherently low values in advanced argillic alteration, together
with supergene leaching of near-surface sulphides (Figure 1A).
3. Intrusive-related Cu-Au mineralisation: Coincident Au-W-Fe
anomalism is closely associated with the granodiorite intrusive
which hosts known intrusive-related, mesothermal style Au-base
metal vein breccia swarms (such as at the Company's Teresita
prospect(1,4,5) ). Streams draining the hornfelsed volcanics
surrounding the granodiorite are typically anomalous in Zn-Fe which
is consistent with distal type IR vein-breccias such as those
recognised at the Victoria prospect(1,4,6,7) (Figure 1C).
References:
1. RNS 3666Q (20 Feb 2023): Exploration update at Especularita and San Lorenzo.
2. RNS 7231B (06 Jun 2023): Magnetic surveys commence at Especularita.
3. RNS 2962G (18 Jul 2023): High grade Cu in rock chip samples
up to 3.39% Cu from Abundante mine prospect
4. RNS 2146H (22 Nov 2022): Early exploration at Especularita
identifies multiple Cu-Au targets and completion of drilling at San
Lorenzo.2
5. RNS 5675F (11 Jul 2023): High grade Cu-Au in rock chip
samples from Teresita up to 5.97% Cu and 13.7g/t Au.
6. RNS 2868U (27 Mar 2023): Float sampling at Victoria prospect
completed with grades up to 2.1% Cu and 4.29g/t Au.
7. RNS 0445V (03 Apr 2023): Rock chip assay grades up to 6.9% Cu
and 1.85g/t Au in outcrop from Victoria 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 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 Carmen de 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 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.
Figure 1: Especularita stream sediment thematic maps for Cu
(A-porphyry signature), As (B-epithermal signature) and W (C-IRGS
signature). Stars indicate location of current prospects. A
compilation of the metal distribution pattern for epithermal
targets (Ag-As-Bi-Sb-Te) is illustrated by figure D and highlights
the close relationship of stream anomalies with epithermal
signature with NW faults and the high sulphidation lithocap
alteration (grey outline). Ag=green, As=yellow, Bi=blue, Sb=purple,
Te=red.
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