REG - Great Southrn.Copper - Diamond Drilling Programme Complete at Cerro Negro

Great Southern CopperAnnouncement

18/02/2025 07:15

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RNS Number : 4946X  Great Southern Copper PLC  18 February 2025

 

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 AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

18 February 2025

 

Great Southern Copper plc

("GSC" or the "Company")

 

Diamond Drilling Programme Completed at Mostaza Mine, Cerro Negro Project

 

All holes intersect visible copper mineralisation. Planning for Phase II
drilling commenced

 

Great Southern Copper plc (LSE: GSCU), the company focused on
copper-gold-lithium exploration in Chile, is pleased to provide an update on
its Phase I diamond drilling programme at the Cerro Negro project in northern
Chile, where drilling at the historical Mostaza mine commenced on 5 January
2025(1).

 

Highlights:

 

·    Phase I drill programme completed with nine diamond holes drilled for
1,002.6 m

·    Drilling targeted high-grade, structurally-controlled
high-sulphidation style Cu-Ag mineralisation with the aim to;

o  confirm historical drilling grades and widths beneath the Mostaza open pit
(Lens 2),

o  test extensions of Lens 2 mineralisation to depth and along strike of
historical drill intercepts, and

o  test beneath outcropping Lenses 3-4 mineralisation along trend to south of
the mine

·    All holes intersected visual evidence of copper mineralisation
comprising abundant disseminations, veins, crackle-vein networks and
breccia-hosted chalcocite-bornite-chalcopyrite in zones up to 32.3m downhole
width* (Figures 1 and 2)

·    Samples for all holes DD001 - 009 have been dispatched to ALS
laboratories for assaying. Assay results for initial holes are anticipated in
the coming weeks

·    Planning and permitting for the next phase of drilling is in
progress. Work is likely to include metallurgical testing

 

Sam Garrett, Chief Executive Officer of Great Southern Copper, said: "Our
Phase I diamond drilling programme at the Mostaza copper-silver mine has been
very successful and we are eager to receive our first assay results.

 

Planning and permitting is already underway for the second phase of drilling
which is proposed to include further resource and exploration drilling plus
metallurgical test-work. Geophysics surveys are also being considered to
assist with exploration for buried extensions and repetitions of the
high-grade mineralised lenses and for deeper porphyry type copper
mineralisation.

 

We also anticipate results for the scout RC drilling programme at Viuda which
targeted potential porphyry style mineralisation."

 

Diamond drill campaign at Cerro Negro

 

Phase I diamond drilling at the Mostaza Cu-Ag mine is now completed with nine
holes drilled for a total of 1,002.6m. Drilling targeted high-grade, high
sulphidation style Cu-Ag mineralisation hosted in structurally-controlled,
anastamosing lodes or "lenses" with the aim to;

 

I.     Confirm historical grades and thicknesses of historical drilling
(CNG25-DD001),

II.    Resource drill holes to test the extent of Lens 2 mineralisation at
depth and along strike of historical drill intercepts (holes CNG25-002 - 005),
and

III.   Exploration drill holes to test beneath outcropping Lens 3-4
mineralisation along trend to south of the mine (holes CNG25-006 - 009)

 

All holes intersected copper mineralisation and a summary of the visual
mineralised intervals includes;

 

CNG25 DD001: 20m* of visible copper mineralisation from 27.00 to 47.00m

CNG25 DD002: 4.3m* of visible copper mineralisation from 38.90 to 43.20m
(off-set by dyke)

CNG25 DD003: 18.8m* of visible copper mineralisation from 36.60 to 55.40m
(thickening with depth)

CNG25 DD004: 3m* of visible copper mineralisation from 28.70 to 31.70m
(off-set by dykes/faults)

CNG25 DD005: 23.5m* of visible copper mineralisation from 32.90 to 56.40m
(thickening with depth)

CNG25 DD006: 8.6m* of visible copper mineralisation from 124.40 to 133.06m

CNG25 DD007: 32.3m* of visible copper mineralisation from 87.00 to 119.30m

CNG25 DD008: 21m* of visible copper mineralisation from 4.5 to 25.5m

CNG25 DD009: 12.6m* of weak visible mineralisation from 44.3 to 56.9 and 4.7m*
from 109.3 to 114m

 

In all cases mineralisation is of high-sulphidation style and mineralogy and
occurs as abundant disseminations, veinlets, crackle networks and breccia
matrix fillings of hypogene chalcocite, bornite, chalcopyrite and lesser
pyrite, associated with minor quartz-baryte gangue and intense
quartz-alunite-dickite/pyrophyllite alteration that overprints earlier
pervasive illite-montmorillonite alteration(2) (see Figures 1 and 2).

 

Zonation in the copper mineralogy is evident with mineralisation in the
northern holes (DD001-005, Figure 1) being dominated by chalcocite-bornite and
the southern holes (DD006-008, Figure 2) being higher in chalcopyrite and
bornite. This mineralisation is visually comparable to that evidenced in the
bottom of the Mostaza open-pit and historical ore stockpiles where rock
sampling by GSC returned assay grades up to 4.64% Cu and 177ppm Ag(3).

 

The mineralisation and its associated alteration occur in structurally
controlled "lenses" or "lodes" of felsic porphyry, "tuffisite" and polymictic
rock-flour matrix breccia. In places the lenses may be bounded by faults
and/or cut by narrow inter-mineral to late-mineral andesitic dykes with
intensely clay-altered margins.

 

These are preliminary observations, and detailed core logging and geological
interpretation is ongoing.

 

Next steps:

Detailed geological and geotechnical logging of the core, including
petrographic and spectral studies, is now underway and will be used to assist
in the planning of future drill programmes and improve the understanding of
the mineralising system at Cerro Negro. Core samples for holes CNG25 001 - 009
have been despatched to ALS Laboratories for analysis with the last samples
delivered on 14(th) February. Results for initial holes are anticipated within
the coming weeks.

Planning and permitting for the next phase of drilling at Mostaza has
commenced and is expected to include resource and exploration drilling.
Metallurgical studies of drill core, stockpiles and tailings is also being
planned.

 

Figure 1: Cerro Negro Project, Mostaza Mine: Photographs of drill core from
CNG25 DD001. Left: Crackle and veinlet hosted chalcocite-bornite (cc-bo; black
mineral) cutting illite and locally quartz-alunite-dickite/pyrophyllite
altered polymictic breccia (30.4m depth). Right: 5cm thick vein of
steely-black chalcocite (cc) mineralisation (33.2m depth). Bottom: Intense
crackle and disseminations of black chalcocite (cc) in polymictic breccia
(36.7 to 37.2m depth). All drill core is HQ diameter 6.35cm thick. Note: core
photos illustrate examples of the style and textures of copper mineralisation
observed within the mineralised intervals and are not necessarily
representative the entire mineralised zone.

 

 

 Figure 2: Cerro Negro Project, Mostaza Mine: Photographs of drill core from
CNG25 DD007, over 200m south of mineralisation shown in Figure 4. Upper Left:
chalcopyrite (cpy) dominated breccia matrix within intensely silicified rock
(113m depth). Upper Right: intense disseminated, crackle and breccia matrix
mineralisation of purple bornite (bo) and yellow chalcopyrite (116.4 to 118.4m
depth). Lower Left and right: Intense dissemination and breccia infill by
bornite-chalcocite, bo-cc, (90.4m depth) and chalcopyrite, cpy, (103m depth).
All drill core is HQ diameter 6.35cm. Note: core photos illustrate examples of
the style and textures of copper mineralisation observed within the
mineralised intervals and are not necessarily representative the entire
mineralised zone.

 

 

Figure 3: Cerro Negro Project, Mostaza Mine: Long section of Lens 2 with
circles showing the location of where phase 1 drillholes are projected to
intersect the hanging wall of the mineralised lens. The exact intersection
points are subject to confirmation. Completed drill holes are shown with their
final end-of-hole (EOH) depths. The apparent thickness of visible copper
mineralisation is shown in bold below each intersection point. Note that
mineralisation remains open at depth and along strike. Historical resource
blocks, underground mine workings, and channel sample and drillhole assay
results (coloured) are shown for reference. (GSCU has not been able to
independently verify the historical channel sample or drill hole assay
results).

 

Figure 4: Cerro Negro Project, Mostaza Mine: Plan map showing the approximate
locations of mineralised lenses at surface, historical drill holes, and
current GSC drilling. Note the scale.

 

Cautionary note:

*Apparent thickness: There is not sufficient geological information to
calculate true thickness of mineralised intercepts at this time.

 

Photographs of core and mineralisation are for visual purposes only to assist
in explanation and description of mineralisation styles and textures observed
in the core and do not convey any information as to the copper assay grade of
the mineralisation photographed or the mineralised zones as a whole. The
company will report assay grades when they are received from the laboratory
and have been assessed, verified and certified.

 

 

References:

1.            RNS 2189S (06 January 2025): Diamond drilling
commences at Cerro Negro

2.            RNS 7484V (04 February 2025): Drilling extends copper
mineralisation at Mostaza

3.            RNS 3120K (31 October 2024): Cerro Negro Results Up
To 4.64% Cu and 177ppm Ag

 

 

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 (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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