REG - Great Southrn.Copper - Scout Drilling Completed at Abundante Prospect

Great Southern CopperAnnouncement

23/01/2024 07:15

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RNS Number : 5914A  Great Southern Copper PLC  23 January 2024

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.

 

23 January 2024

 

Great Southern Copper plc

("GSC" or the "Company")

 

 

Scout Drilling Completed at Abundante Prospect, Especularita

 

Visible copper mineralisation identified in four holes at Abundante and drill
programme commences at Teresita, targeting high-grade copper-gold ("Cu-Au")
vein breccia system

 

Great Southern Copper plc (LSE: GSCU), the company focused on copper-gold and
lithium exploration in Chile, is pleased to announce that the scout drilling
programme at the Abundante prospect has been completed and drilling has
commenced at the Teresita prospect.  Both prospects are within the Company's
Especularita Cu-Au project located in the coastal metallogenic belt of
northern Chile.

 

Highlights:

·    Six scout reverse circulation ("RC") holes completed for a total of
484m at Abundante, targeting breccia-hosted high-grade copper mineralisation

·    Copper mineralisation visually identified in four holes targeting the
breccia

·    All RC samples for the Abundante programme have been despatched for
assaying

·    Scout drilling has commenced at Teresita targeting high-grade Au-Cu
vein breccias

 

Six RC drill holes have been completed at the historical Abundante copper mine
where rock chip samples collected by the Company from mine walls and waste
dumps returned values up to 3.39% Cu and 0.15g/t Au in tourmaline
breccia(1,2). A total of 445 drill chip samples were collected and have been
sent to ALS Laboratories for assay.

 

The scout drilling programme has now progressed to the Teresita prospect where
RC holes are targeting high-grade Au-Cu mineralisation associated with
quartz-carbonate vein-breccias. The Teresita quartz-carbonate vein-breccia
system has a cumulative strike length over 5km and rock chip samples have
returned grades up to 13.7g/t Au(3) and 7.22% Cu(4).

 

Sam Garrett, Chief Executive Officer of Great Southern Copper, said:
"Preliminary target-concept drilling is now completed for the Abundante mine
prospect where the Company is targeting high-grade copper associated with
tourmaline breccia. All of the drill chip samples are at the laboratory and we
look forward to updating the market on the results when they become available.
The drilling has provided an effective first-pass test of the target with
copper mineralisation visible in all holes targeting the breccia and, once
assays are received, we will be in a position to plan the next phase of work.

 

"We are also excited to now have begun our second scout RC drilling programme
at Especularita, with drilling underway at the Teresita prospect. The Teresita
high-grade Au-Cu vein-breccia system is a very extensive and exciting target
and these holes are designed to validate the mineralisation style and provide
key information for any proposed follow-up drill programmes."

 

 

 

 

Abundante scout drilling programme:

Copper mineralisation at the historical Abundante mine is observed in outcrop
as coarse, blebby disseminations associated with tourmaline-quartz matrix
in-filling the fragments of intrusive breccia. Rock chip samples collected by
the Company from the exposed mine walls and mine dump material have returned
assay grades up to 3.39% Cu and 0.15g/t Au(1).

 

Holes ESP23RC001 - 004 all tested the breccia to a depth of approximately 50 -
100m below surface. Visible oxide and sulphide copper was variably identified
in cuttings from holes RC001, 002, 003 and 004 (Figure 1). Hole RC005 tested
the potential for horizontal strike extension of the breccia to the north and
holes ESP23RC006 and the bottom half of hole 004 tested a magnetic low anomaly
to the east of the outcropping breccia. Disseminated sulphide
(pyrite-chalcopyrite) mineralisation with associated quartz veinlets has been
noted in the chips for the deeper holes.

 

Of particular interest are holes RC002 and hole RC004 that both intersected
continuous breccia with visible Cu mineralisation over 10 and 31 metres
respectively, before ending in old mine workings in the case of RC002 and
crossing the east bounding fault in the case of RC004. Copper mineralisation
may therefore remain open at depth.

 

All samples for the Abundante drill programme comprising 445 drill chip
samples plus 80 control samples have been despatched to ALS laboratories for
preparation and assaying.

 

Figure 1: Representative RC drill cuttings (chips) from hole ESP23 RC002,
28-29m, showing abundant copper oxides in tourmaline matrix breccia. Coin is
approximately 2cm in diameter.

 

 

 

Teresita scout drilling programme:

Gold-copper mineralisation at Teresita is associated with a swarm of
structurally-controlled, anastomosing quartz-carbonate veins and vein-breccias
which are mapped over a cumulative strike length of up to 5km, although the
structures have the potential to be open further along strike. The veins are
hosted in diorite and additional veins may occur where outcrop is obscured by
shallow scree cover. Disseminated chalcopyrite mineralisation (with gold) is
preferentially hosted in quartz vein material which has been variably
overprinted and disrupted (brecciated) by later carbonate.

 

Drilling of the first hole at Teresita, ESP24RC007, is currently in progress
targeting high-grade assays from surface rock chip samples of the Central
Vein. Subsequent holes are also planned to test the Gato Negro and Grossa
veins.

 

Sampling and assaying of RC chip samples:

The RC drilling method employed at Especularita generates between 35 - 40kg of
rock cuttings, or "chips", per metre. Representative samples for each metre of
the cuttings are collected in large, individually numbered plastic bags, which
are then weighed and transferred to a riffle splitter where they are separated
(or split), and homogenised, three times into two duplicate samples of
approximately 5kg each. GSC personnel then ticket and label one of the ±5kg
samples using preprinted ticket books.

 

Finally, standard reference materials (SRM's or Standards), blanks, and
duplicate samples are inserted into the sample sequence for the purpose of
quality assurance / quality control. The second ±5kg sample is used for
geological description and stored for reference. An additional reference
selection of cuttings for each metre is also retained in labelled boxes as a
record of the geology of the drill hole.

 

At the completion of each hole the representative 5kg samples are transported
as a batch from the field and delivered by Company employees to ALS
Laboratories in Santago or La Serena 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 48 major, base and trace elements by ICP-MS following a
four-acid digest (ALS code ME-MS61).

 

RC drilling was selected for this initial proof-of-concept stage as it is
faster and cheaper than diamond drilling and allows for the rapid testing of
more targets for the same cost.

 

 

Cautionary Note:

The Company cautions that any reported observations of the occurrence of
visible copper in RC drilling chip samples does not infer any assumptions as
to the copper grade of those samples. Visual estimations of grade are
unreliable and are not compliant with JORC standards. The Company will make
full disclosure of anomalous copper grades once assay results have been
received and validated.

 

References:

1.    RNS 2962G (18 July 2023): Samples up to 3.39% Cu from Abundante
Prospect.

2.    RNS 6990V (05 December 2023): Scout RC drilling due to commence at
Especularita.

3.    RNS 5675F (11 July 2023): High grade Cu-Au in rock chip samples from
Teresita.

4.    RNS 2146H (22 Nov 2022): Early exploration at Especularita identifies
multiple copper targets and completion of drilling at San Lorenzo.

 

 

 

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
(http://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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