Great Southern Copper PLC (LSE:GSCU) has signed a binding purchase option agreement for the Artemisa concession group in the company's Especularita project area in northern Chile.
Comprising five concessions, 1,665 ha will be added to the Especularita Project.
Terms of the purchase give GSC the right to earn 100% of mining rights subject to payment of annual option and concession fees with the area highly prospective for porphyry copper, gold and iron ore style deposits.
In particular, the acquisition extends GSC's Victoria IRGS [gold] prospect 2km to the west and 1.5km south with abundant artisanal mining and high-grade gold and copper in rock chip samples up to 3.5% copper and 0.5g/t gold, said the statement.
GSC's Lipa lithocap-porphyry copper/gold target 2km to the west is also extended with evidence of artisanal mining of hydrothermal breccia.
Sam Garrett, GSC’s chief executive, said: “Preparations for drilling approvals are already underway for scout RC and diamond drilling programmes to commence as soon as permitting allows.”