Great Southern Mining Limited (ASX: GSN) s into mineral exploration. The company is primarily engaged in evaluation and exploration of economic deposits for gold, silver and other minerals. It mainly focuses on Johnnycake project, consisting of two prospects Sledgehammer and Szarbs within the tenements. It is located around 40 kilometres north-west of Collinsville in Queensland.
Today (14 February 2019), the company has announced high-grade results received on rock chips obtain from its fully-owned Edinburgh Park Project which is located twenty kilometres north of the Mt CarltonMinein North Queensland.
Early exploration success through regional mapping and sampling has continued with the discovery of structurally controlled gossanous stockworks at the SW-1 Prospect in at Edinburgh Park. Mapping has delineated outcropping mineralisation and alteration presenting as a series of linear stock work breccia zones up to ten-meter-wide and over five-hundred meter in length. The SW-1 Prospect is located adjacent to the company’s recently announced Leichardt Creek Prospect and within one kilometre of the Rocky Ponds Prospect. Rock chip samples from weathered and oxidised gossanous outcrop confirmed the potential for economic grades of gold (up to 10.6 g/t), silver (up to 315 g/t) and copper (up to 1.95%) as well as elevated zinc and lead. Further mapping and sampling programs in progress to better define this new polymetallic prospect.
The Executive Chairman of the company, John Terpu, commented that the Edinburgh Park Project continues to deliver encouraging results that highlight the high prospects of the area. Exploration has now established multiple areas of hard rock prospects for gold, silver and base metals (Copper, Lead and Zinc) within a 5-kilometre radius and the results continue to build on the regional trends, where the company has already unearthed a large stockwork porphyry system and associated breccias.
Given Edinburgh Park is an early-stage Greenfield project, it is beginning to advance significantly on the back of continued early exploration success. The company has large amounts of contiguous tenure from 20 km to within 5 km of the Mt Carlton Mine. Only ten per cent of the tenure has been explored till date, and the company’s team is excited about the 2019 exploration programs planned on the vastly underexplored project.
Earlier On 11 February 2019, the company had disclosed that it has identified a new Breccia-hosted gold target at the Edinburgh Park Project at Queensland. Geological mapping and geochemical sampling indicated a high level of breccia hosted intrusive related gold system. The approvals and consents for the reverse circulation drilling and diamond drill testing for this prospect are being fast-tracked.
On the price-performance front, the stock of Great Southern Mining Limited last traded at $0.030 with a market capitalisation of $8.41 million. The stock has yielded a YTD return of 7.14% and posted negative returns of 40.0% and 25.0% and 3.23% over the last six months, three months and one-month period respectively. It has a 52-week high price of $0.065 and a 52-week low price of $0.025 with an average trading volume of ~206,212.
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