Drilling Commences at Viuda Prospect, Especularita
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.
25 November 2024
Great Southern Copper plc
("GSC" or the "Company")
Drilling Commences at Viuda Prospect, Especularita
Targets porphyry type mineralisation
Great Southern Copper plc (LSE: GSCU), the company focused on copper-gold-lithium exploration in Chile, is pleased to announce that its planned scout RC drilling programme has commenced at the Viuda prospect targeting porphyry style mineralisation.
Highlights:
· Scout RC drilling commences at Viuda prospect targeting porphyry style mineralisation,
· Programme plans for up to 8-10 drill holes totalling up to 800 - 1,500m,
· Drilling will test geochemistry, geology and geophysics targets,
· Initial hole, VIU24_RC001, confirms porphyry style alteration system from surface,
· Purchase Option Agreement allows for 100% ownership of Viuda,
· Viuda prospect is ideally located within easy access of roads, power and port infrastructure.
Drilling has commenced at the Company's Viuda prospect in Chile with the scout RC programme designed to test a porphyry model concept for the alteration and mineralisation mapped and interpreted from surface outcrops (Figure 1). The programme comprises up to 8 - 10 scout RC drill holes (800 - 1,500m) and will also test geochemical and geophysics (magnetics) anomalies reported previously1,2.
The first hole in the programme, VIU24_RC001, is in progress (Figure 2) targeting structurally-controlled mineralisation identified from mapping and sampling of artisanal mine workings and has intersected massive pyrite-albite-clay (PAC) alteration from surface which is early supporting evidence for a large-scale porphyry type alteration system at Viuda.
Sam Garrett, Chief Executive Officer of Great Southern Copper, said: "We are very pleased to have commenced our scout RC drilling programme at Viuda. Many months of hard work in preparing the permitting and authorisations required for drilling are complete and we now look forward to the results of this programme supporting our exploration efforts in the field.
The scout drill programme is designed to test our porphyry model for Viuda targeting both surface geochemistry, geology and magnetic anomalies identified from work completed by GSC earlier in the year. Already the first hole in this programme has been successful, confirming a large-scale porphyry type alteration system at Viuda with massive pyrite-albite-clay alteration identified from surface.
In addition, the permitting and approvals for drilling of our Cerro Negro prospect are anticipated to be completed within the week concluding a very busy and successful year for our team in Chile and I would like to thank them for their efforts. A drilling contractor has been arranged and construction of drill pads for the diamond drill programme is in progress."
Figure 1: Porphyry target model for GSC's Viuda prospect, Especularita Project, Chile.
Figure 2: GSC employees sampling RC drill chips from VIU24_RC001 (l), GSC geologist logging drill chips from VIU24_RC001 (r).
References:
1. RNS 2087I (15 Oct 2024); New Cu-Au exploration target identified at Viuda,
2. RNS 7037M (19 Nov 2024); Exploration results define Viuda drilling targets.
Enquiries:
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Great Southern Copper plc |
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Sam Garrett, Chief Executive Officer |
+44 (0) 20 4582 3500 |
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SI Capital Limited |
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Nick Emerson |
+44 (0) 1483 413500 |
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Gracechurch Group |
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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
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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