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- Gold and base metals explorer Great Southern Mining (GSN) has reported some high-grade gold hits from several holes at its Cox’s Find Gold Project in Laverton, WA
- The exploration work is still in early stages, but the company said part of the drilling sits outside of a historical main lode which was mined in the 1930s
- This is important because it means Great Southern has either discovered an extension of this main lode or a new high-grade shoot in the project area
- The company has started drilling some “look-alike” targets to this main lode, with results to be announced as they become available
- Nevertheless, of the nine holes reported on today, six had no significant results
- As such, despite the largely-positive announcement, GSN shares are trading over nine per cent lower and worth 14 cents each this afternoon
Gold and base metals explorer Great Southern Mining (GSN) has reported some high-grade gold hits from several holes at its Cox’s Find Gold Project in Laverton, WA.
Great Southern said its exploration work at Cox’s Find is still at an early stage, but this latest phase of reverse circulation (RC) drilling has returned some significant intersections of gold mineralisation inside a possible larger gold-hosting system.
The company said a specific lode in the project area was the focus of some historical mining in the 1930s. Importantly, one of the major intersections from this drilling program sits outside of this main lode. This means the new intersection is either an extension of this main lode or a new high-grade shoot in the project — a significant finding either way.
The best results from this round of drilling include a nine-metre intersection grading five grams per tonne of gold from 142 metres within a broader 16-metre zone grading 3.7 grams per tonne of gold from 138 metres. The company also struck a two-metre intersection grading 14 grams per tonne of gold from 146 metres.
Great Southern Chief Operating Officer Mark Major said today’s report is another great result for the company.
“It’s still very early in the exploration process with just over 8000 metres of drilling processed at Cox’s Find by GSN since acquiring it in 2019,” Mark explained.
“The knowledge acquired and the in-ground results have been excellent. We are now looking forward to finishing off the RC drilling, completing the diamond core processing and obtaining the assays for the other half of the program to undergo detailed interpretation,” he said.
Today’s assay results are the latest to be received by Great Southern after a 32-hole RC drilling campaign which tested the ground for a total of 5618 metres.
Looking ahead, Great Southern said it has identified several “look-alike” geological targets to the Cox’s Find orebody and it has already started RC drilling at two of these targets. Great Southern said results from this drilling will be announced as they come to hand.
Meanwhile, the company has finished a five-hole diamond tail drilling program at the Cox’d Find main lode. Assays for the diamond holes are still outstanding.
“When the company acquired the Cox’s Find deposit last year, we had a very positive view on the potential upside at the project given that it had seen virtually no exploration in the last 30 years and the exploration undertaken had been focused on shallow exposure and undertaken without systematic geological exploration,” Mark said.
“That view has been firmly supported by these early results from a limited program of drilling thus far,” he said.
Nevertheless, it seems shareholders might be put off by the fact that six out of the nine drill holes reported on today had no significant intersections.
Thus, despite the largely-positive results, Great Southern Mining shares are trading 9.38 per cent lower today at 14 cents per share.
