REG - Great Southrn.Copper - Results up to 6.9% Cu and 1.85g/t Au at Victoria

Great Southern CopperAnnouncement

03/04/2023 07:15

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RNS Number : 0445V  Great Southern Copper PLC  03 April 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 AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

03 April 2023

 

Great Southern Copper plc

("GSC" or the "Company")

 

 

Rock Chip Assay Grades up to 6.9% Cu and 1.85g/t Au in Outcrop from Victoria
Prospect

 

Mapping identifies multiple mineralised vein-breccia structures

 

Great Southern Copper plc (LSE: GSCU), the company focused on copper-gold
exploration in Chile, is pleased to announce results from its mapping and
sampling activity at the Victoria prospect, one of several prospects currently
under evaluation at the Especularita Project.

 

Highlights:

·    Assay grades in rock chips up to 6.9% Cu and 1.85g/t Au from
outcropping vein-breccias,

·    25% of outcrop samples assay over 1% Cu and 50% of samples assay over
0.3% Cu

·    Multiple outcropping vein breccias have been mapped over a 1000 x
600m area

·    Potential for additional vein-breccia structures under shallow cover

·    No previous drilling in the target area

·    Exploration to define drill targets underway

 

Victoria is one of several prospects currently under investigation within
GSC's Especularita Project. The prospect comprises a field dominated by
copper-mineralised float (surface boulders) located adjacent to the southern
margin of the Colorada advanced argillic lithocap. The mineralised float is
characteristic of high-grade, structurally-controlled vein breccias.

 

A trial programme of float sampling indicates that the vein-breccia material
is highly anomalous in copper and gold with assays grading up to 2.1% Cu and
4.29g/t Au (as reported in the Company's release on 27 March, 2023(1)).
Subsequent mapping to locate the potential source of the high-grade copper
mineralisation has identified outcrops of structurally-controlled vein-breccia
in multiple locations over an area of approximately 1000 x 600 m. In several
locations the mineralized structures are identified by the presence of
artisanal mine workings.

 

Sam Garrett, Chief Executive Officer of Great Southern Copper, said: "The
company is very pleased to report these results from our follow-up mapping and
sampling work at Victoria.

 

The high-grade copper identified in outcrops and artisanal mine dumps strongly
validates these mineralised structures as an exciting exploration target for
GSC. Follow-up exploration efforts will now be designed with the aim of
defining exploration drill targets for Victoria.

 

We now have exploration teams working on three prospects within our
Especularita Project area - Victoria, Teresita and Aurelia - as well as a
reconnaissance team collecting stream sediment samples across the entire
project footprint. Our 100% Chilean crews are working very hard and delivering
exciting results and I thank them for their efforts. Their results continue to
support our understanding that Especularita is part of a district-scale
mineralised system demonstrating potential for the full spectrum of both
porphyry and intrusive-related copper-gold type deposits."

 

Victoria prospect results

 

Prospect-scale geology mapping in the vicinity of the copper-anomalous boulder
field at Victoria has identified six vein-breccia structures including
quartz-sulphide matrix breccias hosted in hornfelsed volcanics, and
quartz-carbonate-sulphide matrix to carbonate matrix-supported breccias hosted
in granodiorite. Beneath the shallow gravel cover the geology of the prospect
area is dominated by hornfelsed andesitic volcanic that is apparently
fault-bound to the north against the Colorada advanced argillic lithocap
(Figure 1). To the west and south the gravel overlaps the regionally extensive
granodiorite intrusive. Both the granodiorite and volcanics exhibit evidence
of overprinting by anastomosing quartz-carbonate+sulphide-filled structures.

 

The vein-breccia structures typically strike in a NNE-NE orientation over a
distance of up to 400m and vary in outcrop width from 3 to 20m. Outcrop in the
prospect area is obscured by shallow scree and colluvium which has the
potential to bury additional mineralised structures - confirmed by several
shallow artisanal pits and workings.

 

Thirty-six rock chip samples were collected from outcrop and mine dump
material across the prospect area with 50% of samples assaying over 0.3% Cu
and 25% over 1% Cu (Figure 1). Approximately 20% of samples are anomalous in
gold and silver with grades ranging up to 1.85g/t Au and 84.8g/t Ag. Weakly
anomalous Pb, Zn and Ba is also noted.

 

Copper mineralisation in the outcropping structures typically occurs as
variable amounts of coarsely disseminated chalcopyrite-pyrite-specularite
hosted within a multi-phased breccia matrix of massive to crustiform silica
(Figure 2). Partial oxidation of the chalcopyrite to pitch limonite and other
Cu oxides is evident in most locations. Leaching of copper from surface
outcrops is also evident where strongly oxidised boxwork textures are
coincident with lower copper grades. The highest-grade copper assay (6.9% Cu)
was reported from an outcrop of chloritised hornfelsed andesite with
mineralisation occurring as green and black Cu oxides on fracture surfaces
(Figure 3).

 

Late carbonate is commonly seen to infill the open-space quartz veins and
overprint the silicification event as anastomosing veins and breccias. These
later carbonate-dominant structures typically have low Cu and Au grades (eg.
<100ppm Cu).

 

Planning is now underway for the next phase of exploration at Victoria which
is designed to identify targets for prospect-scale reconnaissance drilling.
This work will include further detailed mapping and sampling complimented with
trenching and magnetic and induced polarization geophysical surveys.

 

Figure 1: Geology map of Victoria prospect with rockchip and float copper
geochemistry with preliminary interpreted vein orientations.

 

 

Figure 2: Outcrop of quartz-sulphide matrix vein breccia (l), coarse
disseminated chalcopyrite hosted in quartz matrix breccia.

 

Figure 3: Green and black oxide copper mineralisation on fractures in
hornfelsed andesitic volcanics from artisanal mine spoil.

 

 

 

References:

1.    Float Sampling at Victoria Prospect Completed - 27/03/2023

 

Enquiries:

 

 Great Southern Copper plc
 Sam Garrett, Chief Executive Officer        +44 (0) 20 4582 3500

 SI Capital Limited
 Nick Emerson                                +44 (0)14 8341 3500

 Gracechurch Group
 Harry Chathli, Alexis Gore, Matthew Piercy  +44 (0) 20 4582 3500

 

Notes for Editors:

 

About Great Southern Copper

 

Great Southern Copper is a mineral exploration company focused on copper-gold
deposits in Chile. The Company has the option to acquire rights to 100% of two
projects that are prospective for large scale porphyry and intrusive-related
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 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 a two-year exploration and evaluation work
programme targeting principally large tonnage, low to medium grade porphyry
style 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 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.

 

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