Great Southern Mining Ltd (ASX:GSN) has identified 19 new porphyry targets at its Edinburgh Park Project in north Queensland following hyperspectral imagery data obtained from a survey flown in October 2019, co-funded by Evolution Mining Limited (ASX:EVN).
Three of the targets are considered to be high-priority targets and a further 10 are secondary targets.
Shares hit a new 12-month high of 12 cents, which is also the highest price since September 2012 and four times the closing price on March 24, 2020.
The shares were as much as 28% higher from yesterday's close of 9.4 cents before some profit-taking took place later in the day.
Potential for Tier-1 deposit
Chief operating officer Mark Major said: “Exploration has significantly progressed the understanding of the Edinburgh Park indicating the potential for a Tier-1 deposit.
“Multiple large-scale epithermal systems have been identified along with new IRGS and porphyry mineralisation.
“Our attention is now focused on getting on the ground to follow up these targets.
“The company’s philosophy has been to employ modern ‘smarter’ exploration techniques to screen the whole project and allow a focus on the key targets, reducing time and expenditure.”
Project location highlighting regional geology, project tenure and location of prospects.
Major said: “We have close to 15 priority targets, several of which are at the Leichhardt Creek area, where our initial soil geochemical program is being undertaken.
“We look forward to seeing the assay results over this extensive porphyry stockwork system which has never been sampled for gold or silver.”
Leichhardt Creek prospect
A large geochemical soil program at the Leichhardt Creek prospect has commenced over a 10 square kilometre region to test for gold in association with the molybdenum and copper-bearing stockworks, in addition to sheeted vein or disseminated IRGS style mineralization.
The program includes 700 soil samples and is expected to be completed by end of June with assays received within three weeks of submission.
Geology and exploration targets at Leichhardt Creek showing the planned geochemical survey
Further geochemical sampling
Major said: “Additional geochemical and mapping programs are being planned over the other high priority areas following the Leichhardt Creek geochemical program.
“We are looking forward to staffing up and getting the boots on the ground to explore these exciting targets.”
The company has started a priority geochemical sampling program centred on the Edinburgh Castle prospect.
This will cover an area of about 75 square kilometres with an estimated 2,000 samples to be collected along the prominent structural corridor with multiple high and low sulphidation targets (including the high priority Fish Creek, Mt Dillon prospects) identified through hyperspectral alteration mapping.
The company is confident these prospects exhibit large geological alteration footprints consistent with Mt Carlton-style high-sulphidation epithermal mineralisation.
A sample grid is still to be defined, pending follow-up field investigations on multiple targets with reconnaissance on-ground mapping campaigns planned to begin in June.
New tenement acquisition
On April 1, 2020, the company made an application for a further exploration licence covering 229.4 square kilometres, which would increase its Edinburgh project tenement holding in the highly prospective region to more than 1200 square kilometres.
King Creek permit is to the east of Evolution Mining’s Mt Carlton Gold Project where gold prospectivity along a prominent structural trend has emerged, a structural zone which projects through the King Creek application area.