Great Southern Copper PLC (LSE:GSCU) has found indications of a new untested porphyry copper/gold system from drilling, mapping and sampling at its new Viuda prospect at Especularita in Chile.
In a statement, GSC said the indications are for high-grade mineralisation associated with stockwork and vein breccia, with rock samples from artisanal workings containing up to 3.5% copper, 13.85g/t gold and 56.6g/t silver.
Ten samples out of 55 taken returned assay grades greater than 1.0% copper.
Mapping of the area suggests a large-scale porphyry copper-type geology and alteration of a scale similar to other known copper/gold deposits, such as Bajo de Alumbrera.
GSC acquired Viuda earlier this year as part of the Artemisa option agreement that now forms the broader Especularita project.
Sam Garrett, GSC’s chief executive, said: "The discovery of additional porphyry style Cu-Au-Ag alteration and mineralisation at Viuda is very exciting and further emphasises the potential of the Especularita project to host multiple porphyry copper centres.
"While we prepare for drilling at Mostaza, it is encouraging to know that our targeted exploration programme is resulting in more grass-roots prospects being elevated to drill-ready status, thus providing the company with an enviable pipeline of drill-target opportunities."