Drilling Results at Teresita & Abundante Prospects

Great Southern Copper PLC

09 April 2024

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

9 April 2024

Great Southern Copper plc

("GSC" or the "Company")

Drilling Results at Teresita and Abundante Prospects

Results confirm Intrusive-related and breccia-hosted mineralisation systems with all drill holes intersecting anomalous gold and copper mineralisation

Great Southern Copper plc (LSE: GSCU), the company focused on copper-gold-lithium exploration in Chile, is pleased to announce that final results have been received and assessed for its scout RC drilling programmes at the Abundante and Teresita prospects.

Highlights:

·    All assay results received for 1018m reconnaissance drilling comprising 15 scout RC holes completed across two prospect areas at GSC's Especularita prospect

·    All scout RC holes intersected anomalous gold and copper mineralisation

·    Results strongly support and validate the IRGS target model at Teresita and provide significant impetus for follow-up exploration

·    Significant intercepts (including previously reported results)¹ include;

§ ESP23RC002: 17m at 0.52% Cu from 24m

·    Incl, 4m of 0.97% Cu from 30m

§ ESP23RC004: 21m at 0.31% Cu from 19m

·    Incl, 1m of 1.83% Cu from 38m

§ ESP23RC010: 20m at 0.57g/t Au, 5.48g/t Ag and 0.43% Cu from 35m

·    Incl, 3m at 1.1 g/t Au, 8.71g/t Ag and 0.79% Cu from 39m and,

·    And 3m at 1.65g/t Au, 9.03g/t Ag and 0.69% Cu from 48m

§ ESP23RC015: 6m at 0.48% Cu from 7m, and

·    Incl, 1m at 2.12% Cu from 10m

·    Coincident anomalous As-Bi-Co-Sb-Te provides important pathfinder geochemistry for follow-up exploration at Teresita and further supports the IRGS model

Next Steps:  

Assay results from scout RC drilling have confirmed the IRGS model type for mineralisation at Teresita where high-grade gold and copper is hosted in quartz-sulphide veins that are over-printed near surface by late-stage carbonate veining. Individual veins within the broader Teresita system "pinch and swell". However, quartz-sulphide veins may become more coherent with depth below the surface carbonate alteration. Gold and copper grades vary throughout the system. Evidence of high-grade cores to the veins with broader lower-grade haloes is encouraging. Anomalous Ag-As-Bi-Sb-Co-Te pathfinder geochemistry is significant from an exploration perspective.

Follow-up exploration at Teresita will focus on delineating the vein targets in more detail for Phase 2 prospect-scale drilling programmes. This work may include detailed grid-based soil geochemistry across the whole system and geophysics (magnetics, IP, EM).

Sam Garrett, Chief Executive Officer of Great Southern Copper, said: "The mineralised vein system at Teresita is very large - comprising multiple veins over 5km in cumulative strike length - and these exciting early reconnaissance drill results give us strong impetus to aggressively advance our exploration of this system.

"The results strongly support our interpretation that the quartz-sulphide-carbonate vein system at our Victoria prospect also represents another IRGS target, adding a second exciting large-scale project to our portfolio. Additionally, the potential to discover additional systems in the district is also significant as our regional exploration programmes continue.

"With the Victoria and Aurelia copper-gold prospects also advancing toward drill-ready status, our drilling pipeline is looking very strong. Due diligence work at our newly acquired Cerro Negro and Artemisa prospects is in progress and will likely add new high-priority drill targets to the pipeline, all of which gives the Board and our stakeholders a lot to look forward to."

Drilling programme and sampling:

GSC has recently completed two scout RC drilling programmes at the Teresita and Abundante prospects comprising a total of 15 drill holes for 1,018 metres (Figure 1). Assay results for holes ESP23RC001 to ESP23RC010 where reported previously¹ and final assay results have now been received for holes ESP23RC011 to ESP23RC015. The programmes targeted surface mapping and rock chip geochemistry results and were designed to confirm the interpreted IRGS and breccia styles of mineralisation. Collar details for the drill holes are summarised in Table 1 below.

The RC drilling method employed at Especularita generates between 35 - 40kg of rock cuttings, or "chips", per metre. Representative samples for each metre of the cuttings are collected in large, individually numbered plastic bags, which are then weighed and transferred to a riffle splitter where they are separated (or split), and homogenised, three times into two duplicate samples of approximately 5kg each. GSC personnel then ticket and label one of the ±5kg samples using preprinted ticket books.

Finally, standard reference materials (SRM's or Standards), blanks, and duplicate samples are inserted into the sample sequence for the purpose of quality assurance / quality control (QAQC). The second ±5kg sample is used for geological description and stored for reference. An additional reference selection of cuttings for each metre is also retained in labelled boxes as a record of the geology of the drill hole.

At the completion of each hole the representative 5kg samples were transported as a batch from the field and delivered by Company employees to ALS Laboratories in Santago or La Serena where they are prepared for analysis (weighed, dried, crushed and pulverised). A subsequent 200g split of each sample pulp is then forwarded to the ALS geochemical laboratory in Lima, Peru, where samples are assayed for gold (30g fire assay with ICP-AES finish, ALS code AU-ICP21) and 48 major, base and trace elements by ICP-MS following a four-acid digest (ALS code ME-MS61).

RC drilling was selected for this initial proof-of-concept stage as it is faster and cheaper than diamond drilling and allows for the rapid testing of more targets for the same cost.

Hole ID	East UTM	North UTM	Alt (m)	Inc	Az	EOH (m)
ESP23RC001	299342	6550360	1026	-60	145	96
ESP23RC002	299342	6550364	1025	-60	125	42
ESP23RC003	299345	6550362	1025	-70	125	100
ESP23RC004	299349	6550363	1027	-60	100	150
ESP23RC005	299371	6550379	1012	-60	280	48
ESP23RC006	299389	6550358	1007	-60	100	48
ESP23RC007	299940	6550588	971	-60	135	84
ESP23RC008	300019	6550684	949	-60	135	72
ESP23RC009	300511	6551081	960	-60	315	72
ESP23RC010	300245	6551789	915	-60	90	84
ESP23RC011	300055	6551961	944	-60	300	42
ESP23RC012	300141	6551857	949	-60	310	36
ESP23RC013	299978	6550571	972	-60	315	72
ESP23RC014	300040	6551194	927	-60	300	42
ESP23RC015	299979	6551678	948	-70	300	30

Table 1: Drill collar details for Teresita-Abundante scout drilling programmes, Especularita project.

Teresita drilling:

At Teresita 534m of drilling was completed in nine RC scout drill holes (ESP23RC007 to ESP23RC015) to test for Au-Cu mineralisation in quartz-carbonate vein-breccias. The Teresita quartz-carbonate vein swarm has a cumulative strike length over 5km and rock chip samples returned grades up to 13.7g/t Au² and 7.22% Cu³.

Reconnaissance scout holes were drilled to test the continuity, thickness, and grade of quartz-carbonate vein-breccias below the surface outcrops, where they vary from less than a metre to several metres in width and from barren to mineralised. Holes ESP23RC007, RC008 and RC013 tested the Central Vein, hole RC009 the Grossa Vein, hole RC010 the Gato Negro vein, hole RC014 the Pampa Vein, and finally, holes RC011, RC012 and RC015 tested the Michaela veins (Figure 1). All holes intersected the mineralised veins at depth with anomalous Au (>0.1g/t Au) and Cu (>0.1% Cu) grades reported in assay results for all holes (Table 2).

Holes RC007, RC008 and RC013 targeting the Central Vein intersected an anastomosing sheeted quartz vein zone with sporadic, weakly anomalous Au and Cu, separate to a barren carbonate-only zone. Hole RC009 at Grossa cut a weakly anomalous quartz-carbonate vein and a deeper barren granular quartz zone.

At Gato Negro, hole ESP23RC010 cut well mineralised chalcopyrite-pyrite-quartz-carbonate vein-breccia between 35-55m down-hole (Figure 2). Significant gold, silver, and copper intervals reported previously¹ include;

·    20m with 0.57 ppm Au, 5.48 ppm Ag, 0.43% Cu from 35m, including:

o  7m with 0.68 ppm Au, 4.33 ppm Ag, 0.42% Cu from 35m including

§ 3m with 1.1 ppm Au, 8.71 ppm Ag, 0.79% Cu from 39m including

·    1m with 2.03 ppm Au, 15.65 ppm Ag, 1.31% Cu from 40m, and

o  9m with 0.73 ppm Au, 8.06 ppm Ag, 0.59% Cu from 46m, including

§ 3m with 1.65 ppm Au, 9.03 ppm Ag, 0.69% Cu from 48m.

Holes targeting the Michaela veins all intersected narrow quartz-sulphide veins near surface with hole ESP23RC015 intersecting high-grade copper mineralisation including (Figure 3);

·    1m of 2.12% Cu and 0.083g/t Au from 10m

Figure 1: Collar location map for scout RC drillholes at Teresita and Abundante with rock chip gold assays, Especularita.

 

Figure 2: Examples of cross-sections for scout RC holes (l) ESP23RC010 targeting Gato Negro vein, and (r) ESP23RC015 targeting the Micaela vein, Teresita prospect, Especularita.

Drillhole	Intercept	From metres	To metres	Length metres	Au g/t	Cu %	Target	Type
ESP23-RC001	from	29	30	1	0.004	0.140	Abundante	Breccia
ESP23-RC001	from	34	36	2	0.004	0.138	Abundante	Breccia
ESP23-RC001	from	44	45	1	0.009	0.104	Abundante	Breccia
ESP23-RC001	from	88	90	2	0.283	0.008	Abundante	Breccia
ESP23-RC002	from	18	19	1	0.049	0.160	Abundante	Breccia
ESP23-RC002	from	24	41	17	0.017	0.521	Abundante	Breccia
ESP23-RC002	including	30	34	4	0.017	0.965	Abundante	Breccia
ESP23-RC002	and	39	40	1	0.102	1.375	Abundante	Breccia
ESP23-RC003	from	18	20	2	0.027	0.126	Abundante	Breccia
ESP23-RC003	from	25	26	1	0.008	0.154	Abundante	Breccia
ESP23-RC003	from	88	89	1	0.007	0.401	Abundante	Breccia
ESP23-RC004	from	13	15	2	0.032	0.127	Abundante	Breccia
ESP23-RC004	from	19	40	21	0.009	0.305	Abundante	Breccia
ESP23-RC004	including	38	39	1	0.097	1.825	Abundante	Breccia
ESP23-RC005	from	14	15	1	0.004	0.140	Abundante	Breccia
ESP23-RC006	from	5	8	3	0.020	0.126	Abundante	Breccia
ESP23-RC006	from	14	15	1	0.175	0.151	Abundante	Breccia
ESP23-RC007	from	4	12	8	0.020	0.279	Central	Vein
ESP23-RC007	from	24	26	2	0.142	0.036	Central	Vein
ESP23-RC007	from	29	30	1	0.009	0.138	Central	Vein
ESP23-RC007	from	45	46	1	0.009	0.198	Central	Vein
ESP23-RC008	from	51	52	1	0.176	0.049	Central	Vein
ESP23-RC008	from	60	61	1	0.105	0.080	Central	Vein
ESP23-RC008	from	65	66	1	0.131	0.025	Central	Vein
ESP23-RC009	from	21	23	2	0.259	0.106	Grossa	Vein
ESP23-RC010	from	35	55	20	0.572	0.426	Gato Negro	Vein
ESP23-RC010	including	37	42	5	0.901	0.540	Gato Negro	Vein
ESP23-RC010	and	40	41	1	2.030	1.305	Gato Negro	Vein
ESP23-RC010	and	48	51	3	1.651	0.690	Gato Negro	Vein
ESP23-RC010	including	50	51	1	1.800	0.710	Gato Negro	Vein
ESP23-RC010	and	53	54	1	0.261	1.120	Gato Negro	Vein
ESP23-RC010	from	59	60	1	0.015	0.248	Gato Negro	Vein
ESP23-RC010	from	67	68	1	0.140	0.009	Gato Negro	Vein
ESP23-RC010	from	71	72	1	0.162	0.354	Gato Negro	Vein
ESP23-RC010	from	82	83	1	0.132	0.013	Gato Negro	Vein
ESP23-RC011	from	23	25	2	0.021	0.395	Micaela W	Vein
ESP23-RC012	from	1	2	1	0.010	0.115	Micaela E	Vein
ESP23-RC013	from	59	60	1	0.209	0.054	Central	Vein
ESP23-RC013	from	62	63	1	0.291	0.061	Central	Vein
ESP23-RC014	from	4	8	4	0.046	0.122	Pampa	Vein
ESP23-RC015	from	7	13	6	0.042	0.482	Micaela S	Vein
ESP23-RC015	from	10	11	1	0.083	2.12	Micaela S	Vein

Table 2: Anomalous intersections for Teresita-Abundante scout RC drilling programme. Note: down-hole intercept lengths do not necessarily represent true-widths.

References:

1.    RNS 6635G (13 March 2024): 10-15m wide vein intersected at Teresita.

2.    RNS 5675F (11 July 2023): High grade Cu-Au in rock chip samples from Teresita.

3.    RNS 2146H (22 Nov 2022): Early exploration at Especularita identifies multiple copper targets and completion of drilling at San Lorenzo.

Enquiries:

Great Southern Copper plc
Sam Garrett, Chief Executive Officer	[phone]
SI Capital Limited
Nick Emerson	[phone]
Gracechurch Group
Harry Chathli, Alexis Gore, Henry Gamble	[phone]

Notes for Editors:

About Great Southern Copper

Great Southern Copper PLC is a UK-listed mineral exploration company focused on the discovery of copper-gold and lithium deposits in Chile. The Company has the option to acquire rights to 100% of two projects in the under-explored coastal belt of Chile that are prospective for large scale copper-gold deposits. In addition, the Company has the option to acquire rights to 100% of a lithium project located in the Salar de Atacama district of Chile. Chile is a globally significant mining jurisdiction being the world's largest copper producer and the second-largest producer of lithium.

The two, early-stage Cu-Au projects comprise the San Lorenzo and Especularita Projects, both located in the coastal metallogenic belt of Chile which hosts significant copper mines and deposits, including Teck's Carmen de Andacollo copper mine, and boasts excellent access to infrastructure such as roads, power and ports. Significant historical small-scale and artisanal workings for both copper and gold are readily evident in both exploration project areas.

The Company's Monti Lithium project is strategically located in the pre-Andean region of Salar de Atacama which is Chile's premier lithium-producing region with well-established lithium mining operations and infrastructure.

Great Southern Copper is strategically positioned to support the global market for copper and lithium - both critical battery metals in the clean energy transition around the world. The Company is actively engaged in exploration and evaluation work programmes targeting both large tonnage, low to medium grade Cu-Au and Li deposits as well as high-grade Cu-Au deposits.

Further information on the Company is available on the Company's website: https://gscplc.com

Competent Person Statement  

The information in this announcement that relates to exploration results is based on and fairly represents information reviewed or compiled by Mr Sam Garrett, a Competent Person who is a Member of the Australian Institute of Geoscientists and a Fellow of the Society of Economic Geologists. Mr Garrett is the CEO and a shareholder of Great Southern Copper PLC. Mr Garrett has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Garrett has provided his prior written consent to the inclusion in this announcement of the matters based on information in the form and context in which it appears.

This announcement includes information that relates to Exploration Results prepared and first disclosed under the JORC Code (2012) and extracted from the Company's previous LSE announcements as noted, and the Company's Prospectus dated 20 December 2021. Copies of these announcements are available from the LSE Announcements page of the Company's website: www.gscplc.com.

The Company confirms that it is not aware of any new information or data that materially affects the information included within the Prospectus dated 20 December 2021.

Forward Looking and Cautionary Statements

Some statements in this announcement regarding estimates or future events are forward-looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward-looking statements include, but are not limited to, statements preceded by words such as "planned", "expected", "projected", "estimated", "may", "scheduled", "intends", "anticipates", "believes", "potential", "predict", "foresee", "proposed", "aim", "target", "opportunity", "could", "nominal", "conceptual" and similar expressions. Forward-looking statements, opinions and estimates included in this report are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward-looking statements may be affected by a range of variables that could cause actual results to differ from estimated or anticipated results and may cause the Company's actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward-looking statements. So, there can be no assurance that actual outcomes will not materially differ from these forward-looking statements.

 

END