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Great Southern Mining Announces Multiple New Near Mine Targets at Cox’s Find; Stock Surges 17 %

  • February 11, 2020 03:43 PM AEDT
  • Team Kalkine
Great Southern Mining Announces Multiple New Near Mine Targets at Cox’s Find; Stock Surges 17 %

With major land holdings in the globally-renowned gold districts of Laverton, Western Australia based Metals & Mining player Great Southern Mining Limited (ASX:GSN) strives to become a top gold exploration company in Australia.

Gold MTF non-AMP

The Company’s 100% owned, Cox’s Find Gold Project is a shear hosted Archaean orogenic gold deposit and has been producing significant results from its maiden drilling program.

For more about GSN projects, follow: Tracing the Projects and Progress of Great Southern Mining Limited

Recently, GSN announced drilling results that establish the remnant high-grade mineralisation (up to 143 g/t gold) in unmined development panels between level 5 and 6 (between 130m and 170m depth) and validate the historical mining output with significant results including:

  • 19CFRC002 - 8m at 9.43 g/t gold from 73m, including 1m at 44 g/t.
  • 19CFRC004 - 2m at 36 g/t gold from 146m, including 1m at 68 g/t.
  • 19CFRC009 - 5m at 14.54 g/t gold from 140m, including 2m at 28.85 g/t.
  • 19CFRC011 - 6m at 7.90 g/t gold from 132m, including 1m at 35.9 g/t.
  • 19CFRC013 - 5m at 31.23 g/t gold from 134m, including 1m at 143.0 g/t.

Following the announcement, the Company’s stock price increased by 17.647% during the day’s trade on Monday, 10 February 2020 and settled at a price of $ 0.059 with a market capitalisation of $16.99 million. On 11 February 2020, at the time of this writing, the stock was trading 1% up at $ 0.060.

John Terpu, GSN’s Chairman commented:

GSN and its consultants developed a geological model though which several exploration targets have been identified that provide untested geological ‘look-alike’ analogues for the Cox’s Find orebody with evidence of mineralisation and within the mineralisation and alteration footprint of the Cox’s Find deposit.

  • GSN and its consultants have identified multiple high-priority structural targets with an estimated gold Exploration Target* around these analogues of 260,000 to 480,000 tonnes at a grade range between 15-25 g/t A;

For drilling results announced in January 2020, read: High-Grade Intersections At Cox’s Find Feeding Great Southern’ s Aspirations

Multiple lines of evidence like geological mapping, geophysical data interpretation etc. have facilitated the development of the conceptual targets which includes remnant mineralisation intersected in recent drilling and strike extensions.

Based on the Cox’s Find high-grade mineralisation model are the Exploration Target at Cox’s Find, and the major assumption on each structural repeat is similar to the tenor and extent and grade that was defined at the Cox’s Find orebody and similarly confined within a 200m depth extent from the surface.

According to GSN, the probable mineralisation and gold contained within the Exploration Target is presently conceptual in nature, and there exists insufficient exploration to determine a mineral resource with no certainty that further exploration work will result in the determination of mineral resources.

  • The recent lithological and structural mapping along with the interpretation of high-resolution magnetic data and calibration with the recent drilling data supports the target generation;

Enhanced Geological Model

Gold-bearing reefs at Cox’s Find constitute orogenic hydrothermal quartz reefs hosted predominantly within a favourable chert /shale horizon, and the gold has been historically extracted from a major reef, ‘the Main lode’ which is typically 0.5 to 3.0m in width and consists of distinct smokey blue-grey quartz.

In the current drilling program, Gold grades intersected within the Main Lode show a range from <5g/t up to 143 g/t over 1m downhole lengths and are broadly consistent with the Main lode that exclusively supported historic production at the Mine averaging ~22 g/t gold and suggest the development of 1 or more high-grade shoots within the unmined panels.

GSN conducted a high-resolution magnetic, and radiometric survey and detailed structural and lithological mapping of the Cox’s Find open pit along with the RC drilling program wherein observations from the geology exposed in the pit strongly suggest that

  • the ore shoots are localised in fold hinge dilations and
  • therefore display ‘pinch-and-swell’ geometry along strike within the preferred host chert-shale horizon,
  • with some localised control exerted by the presence through-going shear planes.

These geological controls manifest between narrow (10’s of metres) steeply to moderately plunging high-grade ore shoots.

The steeply east-dipping shear zones intersect a moderately east-dipping folded, sheared, and boudinaged layer of metasedimentary rock, comprised of chert, silt, and shale forms the Cox’s Find gold deposit.

The shear zones are interpreted to be the primary control on mineralisation at Cox’s Find, acting as both

  • the conduits of Au-bearing hydrothermal fluid into the deposit and
  • imparting (dextral) shear or drag on the Coxs find formation, leading to dilation and veining.

GSN’s structural model explains that the Cox’s Find orebody remains open at depth.

  • Shear zones intersect the main Cox’s Find lode at an oblique angle 25-35°, locally deforming and rotating the host lithologies into a more SSE orientation;

The point where these structures pass down through the underground deposit, they are interpreted to thin out the host-lode and create a pattern of thicker panels or lenses of better mineralisation compartmentalised by higher-strain Shear Zones containing narrow, discontinuous mineralised veins.

Source: Company's Report

The Company also reported its activities for the quarter ended 31 December 2019.

The Road Ahead

  • The Exploration Target model shall continue to be verified through surface geochemical characterisation followed by reconnaissance exploration drilling;
  • An auger geochemistry program will be commenced shortly to support structural targeting and identify the extent of the hydrothermal alteration;
  • This is also anticipated to aid in the interpretation of shear zones, which shall allow the Company to fine-tune the drilling program;
  • Drilling is anticipated to commence shortly with approval of updated DMIRS Programs of Work (PoW) for the drilling programme to test and validate the Exploration Target prior to definition drilling;

GSN is of the view that limited exploration has been conducted on the project since the cessation of mining activities in the early 1940s and excellent potential for the Cox’s Find Mine has been identified through the preliminary review of the project.

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