REG - Great Southrn.Copper - Survey at Especularita Defines Multiple Targets

Great Southern CopperAnnouncement

12/09/2023 07:00

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RNS Number : 0817M  Great Southern Copper PLC  12 September 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.

 

12 September 2023

 

 

Great Southern Copper plc

("GSC" or the "Company")

 

 

Regional Stream Sediment Survey at Especularita Defines Multiple Targets for
Follow-Up

 

Drone-mag Survey Completed and Interpretation of Results in Progress

 

Great Southern Copper plc (LSE: GSCU), the company focused on copper-gold
exploration in Chile, is pleased to provide an update of its regional
exploration programmes at Especularita including the results of its recently
completed stream sediment sampling survey.

 

Highlights:

·    Results received for 658 samples collected from second and third
order stream catchments

·    Numerous multi-element zonation patterns and anomaly hotspots are
evident project-wide

·    Porphyry, high-sulphidation epithermal and intrusive-related metal
signatures and zonation patterns are identified for follow-up exploration
programmes

·    Drone magnetics survey complete and interpretation work in progress

·    Permitting for proposed drilling at Abundante and Teresita is in
progress

 

Exploration Update:

GSC recently received final assay results for its regional stream sediment
sampling programme at Especularita which commenced in Feb 2023(1) and was
designed to provide broad-scale gold, base metal, and trace element
geochemistry across the Especularita project area. The results from the survey
defined multi-element zonation patterns within and surrounding the extensive
area of lithocap alteration and has identified targets for follow-up
prospect-scale Cu-Au exploration.

 

The Company has also completed its first drone-magnetic survey at Especularita
which is designed to provide detailed coverage of the Company's drill-ready
targets at Teresita and Victoria(2) and regional information for target
generation. The survey comprised 482 flight lines, at a 50m line-spacing, for
a total of 1,480 line-km surveyed. A selected area over the Abundante mine
prospect(3) was surveyed at 25m spaced line intervals. Interpretation of the
magnetic data is in progress by ExploreGeo of Perth, WA.

 

Prospect-scale exploration at Especularita is continuing at the Victoria and
Aurelia prospects where the Company is undertaking mapping and soil sampling
activities. Planning and permitting for scout drilling programmes at the
Teresita and Abundante prospects is also in progress.

 

Next Steps:

The stream sediment assay data outlines a significant number of anomalies and
metal-zonation patterns that require follow-up exploration (Figures 1D). All
anomalies will be field checked with mapping and sampling programmes to assess
their potential as exploration prospects/targets.

 

Sam Garrett, Chief Executive Officer of Great Southern Copper, said: "This
comprehensive stream sediment survey at Especularita has been very effective,
and together with other regional datasets, is helping the Company complete
reconnaissance-scale exploration across its large project footprint.

 

"The results from the survey have delineated new target areas for follow-up
exploration. Multi-element zonation patterns identified in the data are
consistent with the geochemical signatures for porphyry Cu, epithermal Au, and
intrusive-related Cu-Au types of mineralisation. Using these results, the
Company will now commence a regional follow-up mapping and sampling campaign
with the aim of delineating prospect-scale targets for scout drilling.

 

"In addition, we are awaiting the interpretation report from the completed
drone magnetics survey, which will be used together with the stream sediment
survey data to further refine our targeting. We are also progressing through
the permitting and approvals process for our planned scout drilling programmes
at Teresita and Abundante.

 

"It is pleasing to see the continued progress and encouraging results at
Especularita and we look forward to updating the market further in due
course."

 

 

Background:

Large-scale mineral systems and mineral deposits such as those associated with
porphyry, high-sulphidation epithermal, IOCG, and intrusive-related Cu-Au
systems, for example, often exhibit zoned metal distributions as well as zoned
alteration patterns. Different deposit types may also exhibit characteristic
metal "signatures", such as Cu-Mo-Pb-Zn anomalies in porphyry Cu systems,
which can help differentiate them from other deposit types. These elements may
be used as "pathfinder elements" in the exploration for such deposits. Added
complexity in metal distribution patterns may also occur where adjacent
deposit systems (clusters) interact with or overprint one another.
Understanding of the metal zonation in a mineral system, therefore, is useful
for target vectoring and the design of suitable exploration programmes.

 

Reconnaissance exploration at GSC's Especularita project to date has found
evidence of the potential for porphyry-type Cu-Au mineralisation plus
associated base-metal skarn, tourmaline breccia-hosted Cu-Au and high
sulphidation epithermal type Au-Ag mineralisation. In addition,
intrusive-related mesothermal style vein-breccia Cu-Au deposits are also
recognised in outcrop. While the Especularita project encompasses an area of
approximately 140 km(2) (almost 50 times larger than the area of the City of
London) the entire mineral system, or mineral field, centred at Especularita
is measured over an area greater than 300 km(2).

 

For such large project areas with heavily indurated terrane sampling of stream
sediment material using very low detection limits provides explorers with an
effective first-pass geochemistry tool to quickly narrow the search area for
potential mineral deposits. Interpreting surface geochemistry results may be
complicated by the effects of intense supergene weathering and deep oxidation
which typically result in a depletion of metal contents at surface which,
therefore, may not reflect the true hypogene metal content at depth
potentially resulting in poor exploration outcomes. The stream sediment data,
combined with geological mapping allow GSC the opportunity to interpret and
"map out" metal zonation patterns (or metal depletion patterns) in rocks that
would otherwise be interpreted to be "barren" and in this way identify new
exploration targets in areas that may have been previously overlooked.

 

 

Sampling and results:

A total of 658 stream sediment samples were collected from second and third
order streams across the Especularita project area (Figure 1). Approximately
4-6kg of sediment material, dry-sieved to ‑2mm, was collected at each sample
location represented by a composite of 3-4 sample sites collected over a 20m
length of stream bed. Individual samples were each allocated a unique sample
number using a ticket-book system and the location recorded with a hand-held
GPS unit (WGS84 zone 19S datum, UTM coordinate system). Once the sample was
collected, all sampling equipment (sieves, shovels) were cleaned with a brush
and cloth before collecting the next sample in order to minimise contamination
between sample locations.

 

Samples were transported from the field and delivered by Company employees to
ALS Laboratories in Santiago where they were prepared for analysis (weighed,
dried, crushed and pulverised). A subsequent 200g split of each sample pulp
was then forwarded to the ALS geochemical laboratory in Lima, Peru, where
samples were 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).

 

The Especularita stream sediment assay results highlight numerous anomalies
and anomalous trends for a broad spectrum of target and path-finder elements
including Au-Ag-As-Ba-Bi-Cu-Fe-Mn-Mo-Pb-Sb-Te-W-Zn. Metal zonation patterns,
as well as hotspot anomalism, are clearly evident across the project and are
interpreted to reflect variations in mineralisation style, geology and
alteration type, as well as weathering and oxidation profiles. In particular,
metal zonation patterns in the Especularita data are interpreted to be
representative of:

 

1.      High-sulphidation Epithermal type mineralisation: Coincident
Sb-Pb-As-Ag-Bi-Te anomalism is a recognised trace element signature for
epithermal type mineralisation. At Especularita, Sb-Pb-As-Ag-Bi-Te anomalism
is broadly coincident with the high-sulphidation, advanced argillic alteration
which defines the "Cerro Colorado" lithocap (Figure 1B).

 

2.      Porphyry Cu-Au / breccia-hosted mineralisation: Coincident
Cu-Mo-Zn+Mn anomalism at Especularita is indicative of potential porphyry
Cu-Au type mineralisation. This assemblage occurs in 3-4 clusters, or
hotspots, typically located at the granodiorite-volcanic contact and/or
marginal to the lithocap alteration. Au-Cu is relatively depleted in creeks
draining the lithocap alteration which is interpreted to represent a
combination of inherently low values in advanced argillic alteration, together
with supergene leaching of near-surface sulphides (Figure 1A).

 

3.      Intrusive-related Cu-Au mineralisation: Coincident Au-W-Fe
anomalism is closely associated with the granodiorite intrusive which hosts
known intrusive-related, mesothermal style Au-base metal vein breccia swarms
(such as at the Company's Teresita prospect(1,4,5)). Streams draining the
hornfelsed volcanics surrounding the granodiorite are typically anomalous in
Zn-Fe which is consistent with distal type IR vein-breccias such as those
recognised at the Victoria prospect(1,4,6,7) (Figure 1C).

 

References:

1.    RNS 3666Q (20 Feb 2023): Exploration update at Especularita and San
Lorenzo.

2.    RNS 7231B (06 Jun 2023): Magnetic surveys commence at Especularita.

3.    RNS 2962G (18 Jul 2023): High grade Cu in rock chip samples up to
3.39% Cu from Abundante mine prospect

4.    RNS 2146H (22 Nov 2022): Early exploration at Especularita identifies
multiple Cu-Au targets and completion of drilling at San Lorenzo.2

5.    RNS 5675F (11 Jul 2023): High grade Cu-Au in rock chip samples from
Teresita up to 5.97% Cu and 13.7g/t Au.

6.    RNS 2868U (27 Mar 2023): Float sampling at Victoria prospect
completed with grades up to 2.1% Cu and 4.29g/t Au.

7.    RNS 0445V (03 Apr 2023): Rock chip assay grades up to 6.9% Cu and
1.85g/t Au in outcrop from Victoria prospect.

 

 

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 deposits in Chile. The Company has the option
to acquire rights to 100% of two projects that are prospective for large scale
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 Carmen de 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 exploration and evaluation work programmes
targeting both large tonnage, low to medium grade Cu-Au 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.

 

 

Figure 1: Especularita stream sediment thematic maps for Cu (A-porphyry
signature), As (B-epithermal signature) and W (C-IRGS signature). Stars
indicate location of current prospects. A compilation of the metal
distribution pattern for epithermal targets (Ag-As-Bi-Sb-Te) is illustrated by
figure D and highlights the close relationship of stream anomalies with
epithermal signature with NW faults and the high sulphidation lithocap
alteration (grey outline). Ag=green, As=yellow, Bi=blue, Sb=purple, Te=red.

 

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