AUS
NZ
UK
CA
USA
IND
Summary
- Great Southern Mining is engaged in gold exploration through its highly lucrative and fully owned Cox’s Find Gold Project.
- GSN has initiated the extensive Reverse Circulation (RC) and Diamond drill program at its Cox’s Find Project.
- Previous RC drilling had highlighted remnant high-grade gold mineralisation remains with other significant results. GSN is currently planning of a reconnaissance exploration drill program.
- GSN stock surged significantly intraday.
Mineral exploration company, Great Southern Mining Limited (ASX:GSN) is focused on gold exploration through its 100% owned Cox’s Find Gold Project which is an amazing gold exploration opportunity for the Company and is located in the Laverton district of Western Australia. Other than this, GSN has considerable land assets in Eastern Western Australia as well as Northern Queensland.
Previous Update: Great Southern Mining Ready to Get the Boots on the Ground; Porphyry Targets Identified at Edinburgh Park
The Company has been channelising its efforts towards the advancement of its Cox’s Find Project and has undertaken various activities like RC drill that have produced significant results. On 10 June 2020, GSN announced the commencement of the extensive Reverse Circulation (RC) and Diamond drill program, which is designed to build on the Company’s recent drilling success at the historic high-grade gold mine, at its Cox’s Find Project.
Following this announcement, the GSN stock skyrocketed by 23.5% on 10 June 2020.
Previously, RC drill results indicated remnant high-grade gold mineralisation remains with sections of the underground development still untested with the following standout RC results:
- 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.
Quarterly Update: Great Southern Mining Reports March Quarter: Significant Progress in WA and North QLD
Break up of Drilling Program
With the expectation for the diamond drill rig to arrive on-site within a week, GSN has started with the initial phase of the 9000m drilling program using the RC drill rig on site. Moreover, the drilling program shall commence in two phases,
- Phase one consisting of approximately 5000m of RC drilling and 500m of diamond core drilling focusing on delineating the extent of the high-grade mineralisation previously announced
- Phase two consisting of 4000m of RC drilling focusing on several of the near-mine untested geological ‘look-alike’ targets
During the course of these two phases of drilling, a 3000m drill program will also be undertaken at GSN’s Mon Ami Gold Project that is located 80km to the south and 12km from Laverton, Western Australia.
Further, the RC drilling is designed to test the lateral extensions of the known mineralisation as well as testing the down plunge extension on the high-grade quartz lode that was historically mined.
Long Section of Cox’s Find Underground Working Highlighting Target Areas Of Upcoming Drill program (Source: Company's Report)
Moreover, the diamond drilling is intended to target the recently discovered unmined high-grade panel of mineralisation intersected between level five (132mbgl) and level six (158mbgl) to get an idea of the structural controls of the high-grade mineralisation.
In addition to this, there has been no diamond core drilling undertaken in the main lode of Cox’s Find and, this will be the maiden drill program of this nature to be undertaken by GSN.
Current Developments and Way Forward for GSN
GSN is optimistic that this program will offer invaluable insights into the structural setting of the high-grade mineralisation and will aid in the refinement of the geological model and facilitate in upcoming drill programs at Cox’s Find and for forthcoming untested targets.
Plan View of Cox’s Find Highlighting Structural Targets (Source: Company's Report)
In addition to this, phase two of the drilling program will emphasise on numerous new near-mine exploration targets that offer untested geological ‘look-alike’ analogues for the Cox’s Find orebody that were identified and now field validated. Currently, the ranking of the targets is under progress and planning of a reconnaissance exploration drill program is underway as all three targets call for follow up work.
By the end of the day, the GSN stock settled at a price of $0.105, up 23.5% as compared to its previous closing price, inching closer to a new 52-week high. GSN market capitalisation stood at $34.35 million (as on 10 June 2020).
