Great Southern Mining (ASX: GSN) engages in increasing shareholder wealth through efficient exploration programs and strategic acquisitions of projects with significant land holdings in the world-renowned gold districts of Laverton in Western Australia and the Mt Carlton Region of North Queensland.
Latest Results from RC Drilling Campaign
Recently, GSN made a strategic decision to substantially expand and speed up the maiden drilling program at its 100% owned Cox’s Find Gold Project. Considering the Project’s attractive exploration opportunity for its shareholders and investors, GSN Doubled the Drilling Program at Cox’s Find Gold Project.
On 26 November 2019, the Company received results from the first 3 Reverse Circulation (RC) holes, and the program is progressing well with drilling expected to be completed by the end of November 2019.
Figure 1 Significant drill intercepts (Source: Company's Report)
Highlights from the drilling program include:
- So far, drilling had intercepted;
- 2m @ 9 g/t from 76m in hole 19CFRC001,
- 3m @ 16 g/t (including 1m @ 44 g/t) from 74m in hole 19CFRC002,
- 2m @ 36 g/t (including 1m @ 68 g/t) from 146m in hole 19CFRC004,
- All holes were visibly intersecting quartz reef consistent with the ‘Cox’s Find style’ mineralisation;
- The historic underground workings undertaken by Western Mining Corporation (W.M.C.) produced ~76,000 ounces of gold at an average recoverable gold grade of 22.6 g/t between 1936 and 1942;
The preliminary RC drill program is focused on shallow high-grade gold mineralisation adjacent to the historic underground developments, where the drill targets were identified from the integration and modelling of historic mining and exploration data.
GSN’s Chairman John Terpu Commented:
“The exceptional quality of the intersections in these first three drill holes provides confirmation that the mineralisation style and grade is consistent with what was mined by W.M.C. This gives the Company confidence in its exploration model that significant high-grade mineralisation exists beyond the original development”
GSN Projects and Activities
The Company owns and operates its projects in Western Australia;
- South and East Laverton – GSN 100%
- Cox’s Find – GSN 100%
and North Queensland
- Edinburgh and Johnnycake Projects – GSN 100%
- Palmer River Project – GSN 100%
The Company’s current focus is on the West Australian tenements, regional-scale activities in the North Queensland region that took place throughout 2019 and resulted in the discovery of the Rocky Ponds breccia pipe in early May 2019, located within 20 km of Evolution Mining’s Mt Carlton operation.
To know more about GSN’s projects and its activities in the last 18 months you can read HERE.
During the quarter ended 30 September 2019, the Company had executed the formal sale and purchase agreement for the acquisition of the Cox’s Find Gold Mine and surrounding Mining tenure (three granted Mining Leases with 100% interest) and made a cash payment of $150,000, in addition to the cash payment of $50,000 made in June 2019.
Source: Company's Report
Following the rights issue and placement to institutional and sophisticated shareholders in October 2019, the Company is well funded to undertake the planned exploration programs.
To learn more about the progress of GSN during the quarter ended 30 September 2019, read: Placing a Lens over the Quarterly Activities of GSN.
The GSN stock last traded on 27 November 2019 at a price of $0.078, close to its 52-week high price of $0.080. The stock has a market capitalisation of $26.32 million and has increased by 27.42% in the last one month.
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