Great Southern Mining Wraps Up A Successful Quarter, Plans Significant Progress at Priority Projects in the Next Quarter

  • Aug 04, 2020 AEST
  • Team Kalkine
Great Southern Mining Wraps Up A Successful Quarter, Plans Significant Progress at Priority Projects in the Next Quarter

Summary

  • GSN has commenced 2020 drilling program at Cox’s Find Project, with an initial phase comprising of 5,000 meters already completed.
  • GSN has identified visible gold from diamond hole 20CFRCD0004 at Cox’s Find
  • GSN has also commenced a 3,000m RC drill program at the Mon Ami project, and several gold-bearing shoot extensions have been identified.
  • Second phase of hyperspectral processing at Edinburgh Park identified three large high priority porphyry mineralisation alteration systems.
  • GSN also completed a $3.15m placement through the issue of 70m shares and 20m listed options to fund 2020 exploration programs.

Mineral exploration company, Great Southern Mining Limited (ASX:GSN) has reported a highly engaging and progressive quarter, ended June 2020. Subsequently, Great Southern Mining is already on its toes in the present quarter. GSN completed a significant capital raise to fund exploration drilling at Cox’s Find and Mon Ami as well as continued greenfield exploration in Queensland during the June quarter.

GSN has made remarkable progress across its project portfolio in Western Australia as well as Queensland over the last three months, and various activities have returned significant results highlighting the prospective nature of the projects and adding value to the portfolio.

Visual Gold Identified at Cox’s Find

A two-phase drilling program commenced at the 100% owned Cox’s Find project during the quarter to test the lateral extensions of the known mineralisation as well as testing the down plunge extension on the high-grade quartz load that was historically mined. This drilling program consisted of:

  • initial phase of just over 5,000m of Reverse Circulation (RC) drilling over 27 holes and 5 Diamond pre-collars, and
  • around 500m of HQ size diamond core within five diamond holes.

HQ diamond core of 20CFRCD004 (Source: ASX Announcement)

HQ diamond core of 20CFRCD004 (Source: ASX Announcement)

Interesting Read: Great Southern Mining Surges 23% on the Back of Commencement of Drilling at Cox’s Find Project

All five diamond drill holes had been drilled with hole 20CFRCD0004 having visual gold identified in the interpreted main Cox’s Find lode with a spectacular gold intersection of 5.65m @ 80.0 g/t Au from 160.05m including a bonanza intercept of 1.1m @ 404.0 g/t Au from 164.6m.

Moreover, during this first phase of drilling, one near-mine target had initial scout holes drilled.

GSN has received laboratory assay results for the first six RC holes and remaining results from the program and awaited.

Presently, Phase 2 of the current drill program is underway with a focus on multiple new, untested near mine gold exploration targets with geological look-alike analogues to the historical Cox’s Find mine.

More At: Jackpot Gold Intersection for Great Southern Mining from Diamond Hole at Cox’s Find Gold Project

Additional Tenure Applications at Cox’s Find

Another significant move after the June quarter was the lodgement of applications over four strategic and highly prospective tenements lying immediately adjacent to the Cox’s Find Gold Project in Western Australia. The tenements include:

  • Tenement E38/3518 over an area of ~50 km2
  • Tenement P38/4523 over an area of ~0.25km2
  • Tenement P38/4524 over an area of ~0.25km2
  • Tenement P38/4525 over an area of ~0.40km2

GSN is of the view that the tenement applications once granted shall contribute towards the extension of Cox’s Find Project tenure 16-fold to a total of 54km². Moreover, this would also comprise of more than 2km of access to the evidently identifiable mineralised trends that host both the Garden Well and Rosemont gold deposits.

Edinburgh Park Project

Additional processing of hyperspectral data was undertaken during the quarter to assist with identifying illuminations of indicative geological alteration systems related to porphyry and Intrusive Related Gold Systems (IRGS).

GSN identified nineteen illumination targets consistent with porphyry mineralisation alteration systems. Moreover, three targets are considered to be high priority targets due to the scale of the alteration zones apparent in the hyperspectral data. A further ten smaller scale illuminations are considered to be secondary targets.

Source: ASX Announcements

These targets identified have been allowing a focused field exploration program around the highly prospective systems.

Around 652 soil samples were collected, and 11 rock chip samples were completed on a widely spaced grid under the geochemical mapping and sampling program. The geochemical mapping program is the first systematic gold-focused exploration program undertaken in the area and was completed over highly prospective targets.

Details at: GSN Identifies a large Geochemical Soil Anomaly at Edinburgh Park Project, More Geochemical and Mapping Programs Planned

RC Drill program Commenced at Mon Ami Project Western Australia

At the Mon Ami project, GSN had commenced a 3,000m RC drill program in July 2020 after a successful 2018 RC drill program along the extensive shear zone. The 2018 RC drill program resulted in a maiden Mineral Resources Estimate of 59,000oz at an average grade of 1.7g/t, using a 1g/t cut-off grade.

Near the main shear zone, GSN has mapped the presence of several historic shafts along the shear which have extracted gold historically, and the presence of cross-cutting or NE splays.

In addition to this, GSN has identified several gold-bearing shoot extensions along strike and down plunge of the existing resource area, which are yet to be completely tested. GSN’s focus for the drilling shall be this extension along strike.

Related: Great Southern Mining Commences Drilling at Mon Ami Gold Project

Other developments on the financial front include the following:

After navigating through quite a successful quarter, GSN now looks forward to making significant progress with its priority projects and anticipates recurrent news flow as the results from GSN’s exploration programs emerge over the ongoing and coming quarter.

Subsequent to the announcement, GSN stock surged 3.226%, and settled at $0.160 with a market capitalisation of $63.41 million. The stock has delivered 229.97% within the last three months till 31 July 2020.

 


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