Great Southern Copper PLC (LSE:GSCU) told investors it is “very pleased” with the latest batch of exploration results from the Abundante prospect, part of the Especularita project in Chile.
High-grade samples found in historical mine workings provide sufficient encouragement for the exploration team to fast-track this area for follow-up work, the company highlighted in a stock market statement.
"We are rapidly achieving our goal at Especularita of generating a pipeline of high-grade copper prospects - Teresita, Victoria, Aurelia and now Abundante - that will become targets for reconnaissance drilling programmes,” said chief executive Sam Garrett.
“It is exciting to see that the four prospects identified to date all represent different styles of mineralisation, further highlighting the significant potential of the Especularita project."
Garrett added: “We are very pleased to receive our first set of exploration results for the new Abundante prospect at Especularita.
“The acquisition of this project is the result of many years of patient and diligent work by our concession management team and I would like to thank them for their continued efforts.”
Today’s exploration results comprise 33 samples from rock chip and channel chip exploration, of which more than 60% had grades in excess of 0.5% copper and 39% of all samples had over 1% - the highlight sample had up to 3.39% copper.
Providing a more detailed description of the geology, Garrett said: “The geology of the prospect displays characteristic evidence of being a tourmaline breccia pipe, many of which are known to host high-grade copper deposits.
“Furthermore, tourmaline breccia pipes are often known to occur in clusters.
“Therefore, the company will fast track its exploration efforts at Abundante, including a detailed in-fill drone magnetics survey now in progress, to advance this prospect for scout drilling.”