Western Australia based mineral exploration company, Great Southern Mining Limited (ASX:GSN) has significant land holdings in the world-renowned gold districts in Western Australia as well as Queensland and aims to become a leading gold exploration Company in Australia.
During the quarter ended 31 March 2020, the Company has been actively engaged in the advancement of its projects while focusing on generating and securing shareholder wealth through efficient exploration programs.
Great Southern Mining has seen some significant progress at its 100% owned Cox’s Find Gold Project in Western Australia as well as Edinburg Park Project in Queensland.
Let us explore the Company’s progress at its projects during the quarter.
Cox’s Find Gold Project of GSN is said to be a shear held Archaean orogenic gold deposit located in the Duketon Greenstone Belt and is believed to be a significantly lucrative opportunity for the Company. GSN’s activities at the Project have revealed significant and encouraging results for the Company to carry out further exploration activities.
Mapping and Drilling Program
Great Southern Mining had undertaken a mapping and drilling program during December 2019, from which the Company, along with its consultants, had identified multiple high-priority structural targets during the quarter.
The significant drilling results that validated high-grade mineralisation included the following:
- 19CFRC013 - 5m at 31.23 g/t gold from 134m, including 1m at 143.0 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
- 19CFRC002 - 8m at 9.43 g/t gold from 73m, including 1m at 44 g/t
- 19CFRC011 - 6m at 7.90 g/t gold from 132m, including 1m at 35.9 g/t
The geological interpretation resulting from the drilling helped the Company to identify several untested gold Exploration Targets that are similar systems and exhibit the same analogues as that known at the Cox’s Find mine with signs of mineralisation, within the mineralisation and alteration footprint of the Cox’s Find deposit.
Great Southern has been able to outline a shared gold Exploration Target at Cox’s Find around these analogues of 260,000 to 480,000 tonnes at a grade range between 15-25 g/t gold while these conceptual targets are based on numerous lines of evidence including
- Geological mapping
- Geophysical data interpretation
- Geochemical anomalism
- Historical drilling
- Historical underground workings
- Cox’s Find orebody itself
The Cox’s Find high-grade mineralisation model forms the basis for the Exploration Target at Cox’s Find while GSN assumes similar tenor and extent and grade to that defined at the Cox’s Find orebody and similarly confined within a 200m depth extent from the surface on each structural repeat.
Application for Additional Tenement
In addition to this, following the success of the maiden drilling program, GSN had also applied for a highly strategic tenement, E38/3476 which is expected to broaden the potential of Cox’s Find strike while offering additional prospective tenure.
GSN looks forward to taking advantage of the limited exploration that has taken place at the Project to determine a mineral resource and progressing its exploration on these targets.
Let us now get a detailed view of GSN’s activities at Edinburgh Park Project during the quarter.
Hyperspectral Survey with EVN
A hyperspectral survey over its 100% owned Edinburgh Park and Johnnycake Projects located in North Queensland was undertaken by GSN in partnership with Evolution Mining Limited (ASX:EVN), for which GSN had received raw, and semi-processed hyperspectral data during the quarter.
Through the help of a specialist consultant, GSN undertook the processing of this data to identify illuminations of indicative geological alteration systems with initial interpretation focused on epithermal style mineralization systems and the results received included the following:
- Identified a significant number of illumination targets exhibiting indicative geological alteration footprints consistent with Mt Carlton-style high-sulphidation epithermal mineralization
- Five of the identified targets are considered to be high priority targets and a further ten secondary epithermal
- Interpretation of multiple sizeable low-sulphidation veins or vein set targets within larger target areas
GSN believes that the targets generated through the initial hyperspectral interpretation shall allow a focused field exploration program around the highly prospective systems.
Currently, there is an ongoing interpretation of the hyperspectral data for other styles of gold mineralisation zones known to exist in this district.
The survey that was designed to gather substantial geophysical data to assist with target delineation have reinforced field observations at a number of known prospects (e.g., Fish Creek, Mt Dillon) and identified many new significant high-sulphidation hydrothermal centres or ‘hot spots’.
The hyperspectral survey is part of GSN’s philosophy of conducting modern ‘smarter’ exploration techniques to screen the whole of project for evidence of new economic mineral system.
The Company also witnessed some changes to corporate affairs during the quarter. These include:
- Appointment of Mr Mark Major as Chief Operating Officer of the Company on 27 February 2020
- Issued a total of 800,000 Fully Paid Ordinary Shares and 2,000,000 Listed Options to advisers in relation to competing for tenement applications
- Released a Cleansing Prospectus during March 2020 resulting in the issue of 100 Fully Paid Ordinary Shares and 100 Listed Options on 1 April 2020.
At the end of the quarter, GSN’s cash balance stood at $421,493 and had 332,962,338 Fully Paid Ordinary shares issued as at 31 March 2020.
On 4 May 2020, the GSN closed the day’s trade at a price of $0.045 with a market capitalisation of $15.7 million.