Great Southern Copper PLC (LSE:GSCU) told investors it is expanding its footprints in Chilie, with the signing of two binding letters of intent (LOI).
These agreements effectively add the Cerro Negro and Artemisa prospects to the company’s existing Especularita project.
Cerro Negro was previously explored by Antofagasta and is host to the high-grade Mostaza copper-silver deposit, whilst Artemisa brings further exploration potential adjacent to the company’s existing targets.
The LOIs give the company the opportunity to earn 100% ownership of the properties through annual option payments over four to five years.
With an expanded footprint, the company plans to rapidly advance exploration efforts.
"It has taken years of patient work to bring these strategic concessions into GSC's Especularita project and we are very excited to commence exploration of these compelling targets in conjunction with our existing target pipeline,” chief executive Sam Garrett said in a statement.
"Both the Cerro Negro and Artemisa prospects provide us with key geological insights into the potential for porphyry copper-type mineralisation occurring at depth beneath the Colorada lithocap and expand the area available for exploration.”
Garrett added: "We plan to assess rapidly both properties with detailed sampling, geophysics and metallurgy programmes to complete proof-of-concept scout drilling of both targets within the next 12 months, including possible deep-drilling targeting buried porphyry copper systems."
Meanwhile, giving a more detailed view of the geological context, Garrett highlighted: “Both the Cerro Negro and Artemisa prospects provide us with key geological insights into the potential for porphyry copper-type mineralisation occurring at depth beneath the Colorada lithocap and expand the area available for exploration.
“Cerro Negro includes the historical Mostaza mine with high-grade Cu-Ag hosted in advanced argillic altered rocks as expected below the base of the lithocap and above a porphyry copper.
“Artemisa includes breccia-type copper mineralisation exposed beneath extensive lithocap alteration.
"The Colorada lithocap is vast, one of the largest under-explored lithocaps in Chile's coastal metallogenic belt, and could potentially conceal one or more porphyry copper centres.
“We know from the Carmen de Andacollo Cu-Au mine to the north that similar alteration zones can be associated with large copper deposits, and these two new prospects provide yet more evidence that such mineralisation could exist at Especularita.”