TIDMGSCU
RNS Number : 4849P
Great Southern Copper PLC
10 October 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.
10 October 2023
Great Southern Copper plc
("GSC" or the "Company")
Especularita Magnetics Survey Identifies Multiple Targets
Teresita-Abundante trend defined for scout drill testing
Great Southern Copper plc (LSE: GSCU), the company focused on
copper-gold and lithium exploration in Chile, is pleased to
announce the results of its drone-magnetics survey at its
Especularita project.
Highlights:
-- High grade Cu-Au prospects, Abundante and Teresita,
identified as magnetic anomalies with drilling planned to commence
soon
-- Multiple targets identified within the NE-trending, Teresita magnetic anomaly corridor
-- Bullseye anomalies potentially represent breccia-pipe or pencil-porphyry type Cu deposits
-- Significant magnetic lineaments requiring follow-up
ground-truthing in the field, particularly against known
structurally-controlled vein-breccias systems and vein swarms
Results from the 1,480 line-kilometre drone-magnetics
survey(1,2) are extremely encouraging and provide additional
impetus and clarity to the ongoing exploration programmes at
Especularita, targeting the discovery of large-scale and high-grade
Cu-Au deposits.
On a project-scale the survey has been very effective at
defining the relationships between the dominant geology and
alteration domains, most specifically the contact of the Quilitapia
batholith and overlying hornfelsed andesitic volcanics and the
high-sulphidation lithocap alteration (La Colorada lithocap). The
WNW-trending Victoria Fault, which defines the contact of the
batholith and hornfelsed volcanics is identified as a dominating
regional structure and its intersection with other, large-scale
N-S, E-W and NE-trending structures is likely to be a control on
the development of high-sulphidation alteration.
In detail, mapping of magnetic lineaments highlights intense
structural overprinting and deformation across the survey area
which, though anticipated, is not always evident in outcrop.
Magnetic lineaments, representative of faults, veins, dykes and
jointing, are dominant in a NE and NW orientation, however, N-S and
E-W oriented lineaments are also evident.
The magnetic data clearly identifies both the Teresita and
Abundante prospects where scout RC drilling is due to commence
targeting high grade Cu-Au in rock chip samples with grades up to
3.39% Cu at Abundante(3) and 13.7g/t Au and 7.22% Cu at Teresita(4)
.
Sam Garrett, Chief Executive Officer of Great Southern Copper,
said: "The results of the magnetics survey have been very effective
in assisting with our mapping and understanding of the geology at
Especularita. The correlation between magnetic anomalies and known
mineralisation at prospects such as Abundante and Teresita is
highly encouraging and will greatly benefit our on-going
exploration by providing more targets for investigation.
"Subject to final permitting and drill-rig availability, we plan
to commence scout RC drilling operations at both Abundante and
Teresita as soon as possible and I look forward to updating
stakeholders on the results of those programmes."
Magnetic survey and processing:
A 1,480 line-kilometre drone-based magnetics survey was
completed by the Company in July this year using Chile-based
contractor GFDas UAV & Geosciences(1) . The drone-mounted
magnetometer was flown at an elevation of approximately 30m above
ground level on a grid pattern comprising 50m-spaced east-west
lines with 500m-spaced north-south tie lines. Details of the survey
are summarised in the following table:
Contractor GFDas & UAV Geoscience
Field magnetometer GEM GSMP-35U
Base magnetometer GEM GSMP-35U
Line spacing 50m with 25m detailed infill
500m with 250m over detailed
Tie line spacing infill area
Line direction 90-270
Tie line direction 0-180
Programmed to 30m above the
Flying height ALOS DEM
Magnetometer sample interval Field 25 Hz, Base 1 Hz
Median sample interval over
the ground 0.38m
Coordinate system UTM WGS 84 zone 19S
Number of lines including
re-flights 482
Total distance recorded 1,480
Data acquired 7/6/23 to 8/7/23
------------------------------ -----------------------------
Table 1: Especularita drone-magnetics survey parameters.
At the Teresita-Abundante prospect the survey was infilled to
25m-spaced lines, 250m-spaced tie lines and a survey height of 20m
above the DEM to provide more detail over the mapped surface
footprint of the Abundante tourmaline shingle-breccia(3) .
The survey flying height was pre-programmed into the drone based
on a fixed clearance of 30m above a satellite-determined digital
elevation model (ALOS DEM). However, the DEM for the southern
portion of the survey was considered unsuitable, requiring the
drone to first fly a Lidar survey to create a suitable DEM model
before using the magnetometer. The magnetic survey was then flown
at a height of 20m above the Lidar DEM.
Processing and interpretation of the drone magnetic data was
completed by ExploreGeo based in Perth, Australia. ExploreGeo
carefully levelled the drone data and applied a suite of software
tools and filters purpose designed to maximise the extraction of
detail from the data while suppressing acquisition noise.
Besides interpreting the broader geological domains, ExploreGeo
also applied a range of filters to interpret different structural
features in the Total Magnetic Intensity ("TMI") data (Figure 1)
which allow for mapping of magnetic lineaments representing
potential faults, dykes, vein structures, jointing and buried
intrusive bodies.
The use of drones for recording the magnetics data has been very
effective at reducing the Company's survey costs, CO(2) emissions
and overall on-ground footprint.
Results:
The final TMI data clearly map out the broad-scale geology
domains at Especularita dominated by the weakly magnetic
granodiorite in contact with strongly magnetically-altered and
hornfelsed andesitic volcanics (Figure 2). Immediately north of the
granodiorite and in faulted contact to the east margin of the
volcanics, a magnetic "flat zone" is consistent with a region of
magnetite destruction associated with the development of the
quartz-alunite high-sulphidation alteration of the La Colorada
lithocap.
Mapping of magnetic lineaments in the TMI data indicates intense
post-intrusive structural activity dominated by a conjugate set of
NE and NW-trending structural features (faults, dykes, veins and
joints) in the project area (Figure 2). N-S-trending structures are
also prevalent in the northern portion of the granodiorite and the
lithocap alteration zone.
The Teresita prospect (including the Abundante breccia pipe
target) is located within a prominent NE-trending structural
corridor clearly defined in the magnetics at the southeastern
margin of the granodiorite batholith (Figure 3). NE-trending
lineaments in the magnetics coincide closely with outcropping
quartz-siderite vein-breccia structures yielding high-grade Cu-Au
results in rock chip samples(3,4) .
Next steps:
The coincidence of outcropping mineralisation with modelled
magnetic lineaments is very encouraging and suggests that a
programme of ground-truthing interpreted lineaments in the field
will be a priority for the Company's district exploration and will
greatly assist in defining new targets for prospect-scale
exploration programmes.
Reviewing and modelling of the data will continue in order to
evaluate potential for buried targets.
References:
1. RNS 7231B (06 June 2023): Magnetic surveys commence at Especularita.
2. RNS 0817M (12 Sept 2023): Regional stream sediment survey at
Especularita defines multiple targets for follow-up.
3. RNS 2962G (18 July 2023): High-grade Cu in rock chip samples
up to 3.39% Cu from Abundante mine prospect.
4. RNS 5675F (11 July 2023): High grade Cu-Au in rock chip
samples from Teresita up to 5.97% Cu and 13.7g/t Au.
Figure 1: Examples of final processed images for the
Especularita drone magnetics survey including; (top left - bottom
right) VRMI Sun045 LIN, VD Sun045, RTP VD Grey. Yellow stars
represent location of the Victoria prospect (north) and the
Abundante-Teresita prospects (South).
Figure 2: Interpretation of magnetic lineaments - faults, dykes,
veins, joints - over image of VD_Grey scale (left), and interpreted
broad geology-magnetic domains based on the drone survey data for
Especularita. Yellow stars indicate location of Victoria prospect
(north) and the Abundante-Teresita prospects (south).
Figure 3: TMI SUN045 image for the Teresita prospect area
identifying magnetic lineaments closely associated with high grade
copper in rock chip samples.
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 presentation that relates to geophysical
results is based on information compiled by Kim Frankcombe, a
competent person, who is a member of the Australian Institute of
Geoscientists. Kim Frankcombe is an employee of Explore Pty. Ltd.,
a member of the ExploreGeo consulting group. He has been engaged as
a geophysical consultant to Great Southern Copper. Kim Frankcombe
has the sufficient experience that is relevant to the style of
mineralisation and type of deposits under consideration and to the
activity being undertaken to qualify as a Competent Person as
defined in the 2012 edition of the JORC Code (JORC Code). Kim
Frankcombe consents to the inclusion of this 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
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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",
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"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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