Great Southern Copper PLC (LSE:GSCU) shares advanced, rising 8% to 3.56p, after reporting new high-grade copper and silver assay results from Phase I drilling at the Mostaza Mine, Cerro Negro, Chile.
The latest results confirm the continuity of mineralisation at the project, and, the grades exceed those seen in historical drill data.
"These outstanding results confirm that high-grade Cu-Ag mineralisation is continuing to depth and along strike and demonstrate that the former Mostaza mine has the potential to be a high-grade high-value Cu-Ag deposit,” chief executive Sam Garrett said in a statement.
"Two diamond drill rigs are now on site - one targeting strike and depth extensions of the Mostaza pit mineralisation and a second rig is exploring the structural trend to the south following up earlier drilling of holes DD006-009.”
He added: "We have entered a very exciting phase of exploration at Cerro Negro and have a lot of work to do as we progress to demonstrate the potential economic viability of this exciting deposit."
The mineralization remains open in all directions, the company highlighted, and, more assay results from Phase I drilling are pending.
Also, Phase II diamond drilling has begun, with the aim to expand on the current resource and test new exploration targets.
Drill results in detail
The company reported significant intersections from diamond drill holes CNG25 DD002 - DD005. Key results included:
DD005: 12.0m at 4.24% Cu and 369.5 g/t Ag from 40m, including 7.0m at 5.08% Cu and 449.6 g/t Ag from 45m.
DD003: 13.0m at 2.48% Cu and 198.1 g/t Ag from 39m.
DD002: 4.2m at 1.73% Cu and 126.5 g/t Ag from 38.9m.