Exploration Results Define Viuda Drilling Targets

Great Southern Copper PLC

19 November 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.

19 November 2024

Great Southern Copper plc

(GSC or the Company)

Exploration Results Define Targets for Scout Drilling Programme at Viuda

Drilling to target porphyry Cu-Au type system

Great Southern Copper plc (LSE: GSCU), the Company focused on copper-gold exploration in Chile, is pleased to announce that recent exploration at its Viuda prospect, including mapping, sampling and drone magnetics has successfully identified targets for initial scout drill testing.

Highlights:

• ​Geological mapping delineates zoned porphyry type alteration system at Viuda;
• ​Large scale of alteration system confirmed with remote sensing imagery;
• ​130 line km of drone magnetics survey completed and indicates potential outwardly zoned system with magnetic core;
• ​Oxidised quartz-sulphide stockwork, sheeted vein swarms and breccia systems represents initial drill target for porphyry copper-gold type mineralisation;
•  Results confirm Viuda as a high-priority target for porphyry Cu-Au in GSCs drilling pipeline;
• No evidence of historical drilling;
• Permitting and approvals for scout RC drilling have been received and the Company plans to commence drilling at the earliest opportunity,
• Final permitting and approvals for diamond drilling at GSCs Cerro Negro prospect are anticipated within the week with drilling to commence shortly thereafter.

Viuda prospect

The Viuda prospect, part of the Company's Especularita Project, is well located in the coastal metallogenic belt of Chile with easy access to mining support infrastructure including roads, power, towns and ports.

The prospect comprises 16km² of concessions centred upon a prominent hill of resistive silicified rock surrounded by a large bowl-shaped depression, or "bajo", of clay-altered volcanics and intrusives - a geological setting typical of many porphyry copper and copper-gold deposits. Earlier reconnaissance mapping and rock chip sampling by GSC at Viuda reported results up to 3.5% Cu, 13.85g/t Au and 56.6g/t Ag¹.

Sam Garrett, Chief Executive Officer of Great Southern Copper, said: "Since acquiring the Viuda prospect in May 2024, GSC has adopted an aggressive exploration plan to confirm Viuda as a porphyry copper-gold target and fast-track the prospect to drill-ready status within the Company's drilling prospect pipeline.

Prospect-scale mapping, Landsat imagery and results from a drone magnetics survey at Viuda define a 2km diameter, zoned alteration system that is consistent with porphyry copper-gold style mineralisation.

The alteration footprints of porphyry systems are typically very large, in this case 4km², and as such work at Viuda will now focus on vectoring toward potential mineralised centres which are often more difficult to identify at surface due to the effects of oxidation, weathering and erosion. Scout RC drilling is being planned to initially test areas of visible stockwork alteration plus assist with on-going geological interpretations and exploration in areas of deeper weathering with limited outcrop. Permitting and approvals for drilling has been received and the Company plans to commence drilling at the earliest opportunity."

Alteration mapping

A regional targeting survey employed by GSC utilised Landsat 8 and Aster remote sensing imagery to identify potential porphyry copper alteration signatures developed by the oxidation of iron sulphides and supergene weathering of alteration minerals to clay-sericite. The survey successfully identified the very large Colorado lithocap alteration system as well as known porphyry systems such as the Llahuin copper deposit (149Mt @ 0.41% Cueq²) 20km to the south (Figure 1). In addition, several smaller discrete anomalies, including the Company's Paclas and Viuda targets, were identified thus confirming the Especularita district as a potential porphyry cluster site with deposits aligned and/or associated with crustal-scale fault trends.

Prospect-scale mapping by GSC at Viuda has confirmed a large-scale, zoned alteration system centred on a small, remnant core of advanced argillic alteration which is surrounded by an extensive zone of albite-pyrite altered volcanics and intrusives measuring approximately 2km in diameter. Subsequent supergene weathering and oxidation of the albite-pyrite zone has resulted in a bowl-shaped, or "bajo", depression of clay-sericite-Fe-oxide (argillic alteration) which forms the distinctive and discrete colour anomaly in the spectral imagery (Figure 2). The argillic alteration zones outward to an epidote-chlorite (propylitic) dominated alteration assemblage also typical of the outer parts of porphyry systems.

Outcropping to sub-cropping quartz-Fe-oxide stockwork fracture and/or breccia zones are recognised on the north-western to southern flanks of the advanced argillic-altered dacite dome forming a partial doughnut-shaped annulus surrounding the intrusion (Figure 3, 4). Subcropping stockworks and float evidence of Maricunga-style quartz veining are also recognised in this area. Artisanal mining has been historically active in these areas with anomalous Au-Cu-Ag mineralisation in rock samples and float reported previously¹.

Drone magnetics survey

GSC recently completed a 130 line km drone magnetics survey across the Viuda prospect. Interpretation of the magnetic data is still in progress, however, initial work indicates that the magnetics is coincident with the broad mag-depleted argillic zone and the enveloping magnetite-rich propylitic alteration (Figure 2).

Magnetic lineaments indicate preferential NW-orientated structures and/or intrusives and dykes. A discrete magnetic high is partially coincident with the advanced argillic-altered dacitic lithocap, although this itself is non-magnetic suggesting a mag-high body situated at depth. The magnetic high is partially enveloped by an annulus of magnetic low coincident with the quartz-Fe-oxide stockwork fracture alteration mapped around the base of the lithocap.

Scout RC drilling:

Planning is in progress to test the Viuda prospect with scout RC drilling designed initially to target outcropping quartz-Fe-oxide stockwork and breccia alteration zones and secondarily to assist in geological understanding of areas where outcrop is subdued or under cover. In these areas the magnetics will also assist with drill targeting.

RC drilling is considered suitable for this phase of work due its lower cost and faster response time for geological and geochemical information.

Figure 1: Landsat 8 imagery of the Especularita mineral district highlighting iron-oxide hematite (red) alteration and clay-sericite alteration (yellow) characteristic of porphyry alteration signatures. The middle panel represents a compilation of Landsat 8 bands and emphasises the large-scale alteration systems related to GSC's Colorada lithocap project (Lipa, Victoria and Cerro Negro prospects) as well as the Paclas and Viuda systems. GSC's Especularita project concession areas are outlined in green polygons.

Figure 2: Compilation Landsat 8 clay-sericite-hematite-limonite-goethite image for Viuda prospect, Especularita (l). Limits of zoned alteration system indicated as advanced argillic (red polygon), argillic (yellow) and propylitic (green). Drone magnetics image (analytical signal) shown (r) with the same alteration zones indicated. Interpreted magnetic lineaments indicated as white lines.

Figure 3: Preliminary detailed mapping of Viuda prospect, Especularita Project, Chile.

 

Figure 4: Quartz-Fe-oxide stockwork fracturing (l) and breccia (r) evidenced in subcrop and artisanal mine workings surrounding the base of the Viuda advanced argillic altered dacite dome.

References:

1.    RNS 2087I (15 Oct 2024); New Cu-Au exploration target identified at Viuda,

2.    Southern Hemisphere Mining Ltd (SUH:ASX); Corporate presentation, October 2024

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 CompanyÕs 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