(Alliance News) - Great Southern Copper PLC on Wednesday said its newly-identified Suyay prospect, which is located within the San Lorenzo project area in Chile, has delivered high-grade gold and copper in rock chip samples.
Following recent reconnaissance sampling, the copper-gold exploration company focused in Chile said it recorded results of up to 4.13 grammes per tonne of gold and 1.75% of copper for samples of artisanal mine waste dumps and outcrop at Suyay.
Great Southern Copper identified "high-grade gold and copper associated with structurally-controlled quartz-sulphide stockwork zones within phyllic to advanced argillic (clay-silica-sericite) alteration when mapped over 2.5 kilometres".
It added the clay-silica-sericite alteration was identified as a spectral anomaly as part of a regional target selection survey.
The results indicate potential for gold-rich porphyry or intrusive-related style mineralisation, Great Southern Copper, with the prospect "ideally located" within the coastal metallogenic belt and with "convenient" access to road, power and port infrastructure.
Great Southern Copper said further spectral anomalies within the San Lorenzo project are now ready for reconnaissance exploration programmes.
"The high-grade gold-copper results from Suyay are highly encouraging and validate the strategy of targeted exploration of the spectral anomalies. The anomalous geochemistry combined with our early understanding of the geology and controls on mineralisation suggest that there is potential at Suyay for a high-level gold-rich porphyry or intrusive-related system," said Chief Executive Officer Sam Garrett.
"More detailed follow-up exploration is now being planned for Suyay which will include further prospect-scale mapping, rock and soil sampling programmes. Geophysical surveys, such as magnetics and induced polarisation, will also be considered subject to the results of the next phase of exploration work. In addition, Great Southern Copper holds a pipeline of similar spectral anomalies under concession at San Lorenzo which we will now start to validate with reconnaissance exploration programmes."
Great Southern Copper noted the Suyay prospect was recently acquired via auction as a block of eight concessions totalling 6.3 square kilometres within the broader San Lorenzo project.
Shares in Great Southern Copper last traded at 2.5867 pence each on Tuesday morning in London. On Wednesday late morning, they were quoted at 2.75p.
By Greg Rosenvinge, Alliance News reporter
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