Great Southern Copper PLC (LSE:GSCU) is gearing up for a pivotal year as it focuses squarely on its flagship Especularita project in Chile, following a strong run of exploration results.
Plans are well advanced for a third round of drilling at the Mostaza copper-silver deposit, and follow-up work is expected at Viuda Negra, where early signs point to a gold-rich porphyry system, a geological setting often linked to large-scale discoveries.
“The demand outlook for copper and other critical metals remains strong, supported by global decarbonisation trends,” said chief executive Sam Garrett alongside full-year results.
"With a robust exploration pipeline and disciplined strategy, we believe GSC is well-positioned for the year ahead," he added.
Drilling at Mostaza returned copper grades of up to 10.4% and silver grades of 672 grams per tonne, figures that far exceed typical industry benchmarks.
Surface mapping, rock sampling and early geophysics have also helped outline a broader mineralised trend extending at least 500 metres from the old mine workings.
The company has now dropped its San Lorenzo and Monti projects, citing high holding costs and limited exploration upside. Garrett said the decision reflects a disciplined approach to capital allocation, keeping the focus on its most prospective ground.
At Viuda Negra, initial drillholes have intersected quartz-magnetite vein swarms and breccias, the kind of geological features found in Chile’s Maricunga belt, known for its gold-silver porphyry systems.
Assays are pending, and a second round of drilling is under consideration.
The results statement revealed that the company posted a loss of £1.96 million for the year to 31 March, slightly wider than the £1.84 million loss the year before.
This was largely due to higher exploration spending, following the raising of more than £3.5 million in fresh funding across three rounds during the year.