TIDMGSCU
RNS Number : 4473Q
Great Southern Copper PLC
18 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.
18 October 2023
Great Southern Copper plc
("GSC" or the "Company")
High Grade Rock Chips up to 6.76% Cu at Aurelia Prospect,
Especularita
Mapping Defines Multiple Copper-Mineralised Skarn Horizons
Great Southern Copper plc (LSE: GSCU), the company focused on
copper-gold and lithium exploration in Chile, is pleased to
announce the results from its exploration programme at the Aurelia
prospect, Especularita.
Highlights:
-- 76 rock chip assay results received with grades up to 6.76% Cu
-- 17 samples (22.4%) report assay grades above 1% Cu
-- High grade Cu+Au-Ag mineralisation hosted in skarn altered volcanics and sediments
-- Mapping indicates multiple mineralised skarn horizons with strike length up to 2km
-- Samples from local artisanal mines grade up to 7.33% Cu
-- Prospect within 12km of Pucobre's El Espino deposit (123 Mt @ 0.66% Cu and 0.24 g/t Au)
-- Aurelia becomes the fourth prospect, after Victoria, to add
to the pipeline of potential drill targets at Especularita, with
drilling expected to commence soon at the Abundante and Teresita
prospects
Next steps:
-- Soil sampling is currently on-going to help map out mineralised target horizons
-- Further exploration at Aurelia, including drone magnetics and
petro-chemical surveys, is being planned to assist the Company's
understanding of the copper mineralisation trends and to help plan
for potential scout drilling next year
-- In addition, the Company will continue to enhance its concession holding in the prospect area
Sam Garrett, Chief Executive Officer of Great Southern Copper,
said: "Our boots-on-ground exploration at Aurelia has delivered yet
another high-grade copper target into our prospect pipe-line at
Especularita. Being a replacement-type deposit, the Aurelia
prospect further highlights the optionality in deposit style that
the Especularita project enjoys as a whole. High copper grades and
potential for scale combine to make this a very exciting target for
the Company and we look forward to advancing our exploration here
towards drill-testing."
Sampling and Results:
All rock samples collected are located using hand-held GPS units
(WGS84 zone 19S datum, UTM coordinate system) and allocated a
unique sample number using a ticket-book system. Samples are
transported from the field and delivered by Company employees to
ALS Laboratories in Santiago where they are prepared for analysis
(weighed, dried, crushed and pulverised). A subsequent 200g split
of each sample pulp is then forwarded to the ALS geochemical
laboratory in Lima, Peru, where samples are 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).
Of the 76 rock chip samples collected, 36 samples (47%) were
anomalous in copper with assay grades ranging from 0.1 - 6.76% Cu.
In addition, 35.5% of samples assayed above 0.5% Cu and 22.4% of
samples assayed above 1% Cu. This includes assays of character
samples of unmineralised rocks collected specifically to assist the
Company in understanding the controls on mineralisation at Aurelia
and interpreting the detailed geology of the prospect.
Gold and silver are also anomalous in the skarn mineralisation
with 17% of samples in this survey returning gold assay grades over
0.1g/t Au (up to 1.19g/t Au) and 23.7% of samples were anomalous in
silver (> 1g/t Ag) with assay grades up to 57.9g/t Ag.
Aurelia Cu+Au-Ag prospect, Especularita:
The Aurelia prospect is located in the southeast of the
Especularita project area where early reconnaissance work by GSC
reported assay grades of up to 7.3% Cu and 2.9g/t Au in samples of
skarn mineralisation collected from local artisanal mine dumps(1)
.
Subsequent prospect-scale exploration by GSC has demonstrated
that high-grade, replacement style Cu+Au-Ag mineralisation is
hosted in skarn altered volcanics and volcano-sedimentary units in
contact with a large, Cretaceous-aged, granodioritic batholith
(Figure 1 -3). The gently-folded volcanic host rocks typically
strike NNW-SSE and are intruded by small dioritic, granitic, and
monzonitic plugs and dykes.
The interaction of the intrusions with the volcano-sedimentary
rocks has generated widespread contact hornfels in the
volcano-sedimentary rocks resulting in brecciation and replacement
skarn alteration dominated by prograde (early, high-temperature)
calc-silicate epidote and garnet skarn. Later retrograde
overprinting of the calc-silicate skarn by magnetite/hematite and
chlorite alteration is typical. Locally the skarn altered units are
mineralised with chalcopyrite, pyrite, and specular hematite as
fractures, disseminations, and replacements which typically weather
to copper and iron oxides near the surface. Copper mineralisation
occurs associated with all skarn alteration types, though appears
to be best developed in garnet skarn with assay grades up to 7.33%
Cu. Gold and silver values appear to be more erratic but locally
can reach up to 2.9 g/t Au(1) and 57.9g/t Ag.
The skarn altered and copper-mineralised horizons vary in width
from a few metres up to 20m thickness and have been individually
mapped over a strike length of at least 2km (Figure 4). The
cumulative strike length of skarn mineralisation mapped at Aurelia
to date is approximately 4.5km, although not all is located within
the Company's concessions. Additional mineralised skarn horizons,
evidenced by isolated artisanal mine workings distal to the main
Aurelia trend requires follow-up work and indicates potential for a
significantly larger system (Figure 3).
The Aurelia copper mineralised skarn system is located within
12km of the large El Espino Cu-Au skarn deposit (123 Mt @ 0.66% Cu
and 0.24 g/t Au)(2) which is owned by Chilean company Punta del
Cobre and is in the process of development.
References:
1. RNS 3666Q (20 Feb 2023): Exploration update at Especularita and San Lorenzo.
2. Lopez et al., (2014): Alteration patterns and structural
controls of the El Espino IOCG mining district, Chile. Mineralium
Deposita, v49 (2), pg 235.
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
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future events are forward-looking statements. They include
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and financial performance. Forward-looking statements include, but
are not limited to, statements preceded by words such as "planned",
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statements, opinions and estimates included in this report are
based on assumptions and contingencies which are subject to change
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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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