Great Southern Copper PLC (LSE:GSCU) has reported “tremendously significant” high-grade assay results from its Phase I drilling at the Cerro Negro project’s Mostaza Mine in Chile.
The programme’s first diamond drill hole, CNG25 DD001, intersected 20 metres at 3.31% copper (Cu) and 269.89 grams per tonne silver (Ag) from 27m depth, including 7m at 5.72% Cu and 489.57g/t Ag from 31m depth, with a peak grade of 6.79% Cu and 583g/t Ag.
These assays are significantly higher than historical drill hole EDH25, which previously reported 25.33m at 0.53% Cu.
"This is a tremendously significant result for both copper and silver,” chief executive Sam Garrett said in a statement.
“These exceptional and exciting assay grades demonstrate that the former Mostaza mine has the potential to be a high-grade high-value Cu-Ag deposit.”
“Drill hole CNG25 DD001 was designed specifically to verify the width and grade of mineralisation reported in historical drill hole EDH25, which reported 25.33m of 0.53% Cu.
“Drill samples for EDH25 were assayed at uncertified local facilities in the early 1980's so it was important to confirm the veracity of these results from the outset.
“Assay grades for CNG25 DD001 are significantly higher than the historically reported EDH25 results and if this is confirmed in other GSC drill holes, it could have a positive impact on the potential economics of the Mostaza resource.”
Garret added: “We are hopeful that the remaining GSC holes at Mostaza will return further exciting results and look forward to updating the market. Planning for the next phase of drilling plus metallurgical test work is already underway."
At Cerro Negro, the mineralised zone remains open in all directions.