Great Southern uncovers several potential ‘repeats’ of the 21g/t Cox’s Find orebody, leaps +21pc
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Special Report: Great Southern Mining (ASX:GSN) has now established an exploration target in excess of 350,000 ounces for these high-grade, high-priority Cox’s Find lookalikes.
Great Southern’s maiden drilling program at Cox’s Find, which produced 77,000oz at eye-watering grades above 21g/t between 1935 and 1942, achieved a couple of very important things.
One, it confirmed there was remnant high-grade gold up to 143g/t in unmined parts of the underground mine, and corroborated historical production records.
Two, it gave the company a better understanding of the geology, which indicates that there is a lot more gold to dig up at Cox’s Find and the wider project area.
A new structural model indicates that the Cox’s Find orebody remains open at depth, for starters.
Great Southern says this mineralisation was “missed” by historic development, because the previous miner focused on the plunge of the orebody “without appearing to account for the influence of the controlling shear zones”.
Shear zones are the ‘conduits’ for gold mineralisation.
Several new, near-mine targets – geological ‘look-alike’ analogues for the Cox’s Find orebody – have also been defined by Great Southern and its consultants with an estimated exploration target of 260,000 to 480,000 tonnes at grades of between 15 and 25g/t gold.
A +5g/t orebody is generally considered high grade.
Now, an extensive Programs of Works to account for an expanded drilling and exploration program has been approved by the Department of Mines.
Investors loved the news, sending the stock up +20 per cent in morning trade.
A project-wide geochemical auger program and drill program will be commencing shortly, chairman John Terpu says.
“We have achieved our goal of confirming the presence of remnant historical ore and now have a better understanding of the geology,” he says.
“A robust geological model has been developed utilising all the recent drilling, geological mapping and new geophysical data.
“This work has assisted in defining our step-out drill targets around Cox’s Find and supported the potential of untested near-mine extensions of the current deposit.
“The company looks forward to progressing our exploration on these targets early this year.”
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