Shares in Great Southern Copper PLC (LSE:GSCU) rose 10% to 2.98p after the company announced the mobilisation of a third drill rig to its Cerro Negro prospect in northern Chile, stepping up exploration for copper, gold and silver.
The new reverse circulation (RC) rig will begin scout drilling along the Mostaza Fault Zone, around 1.5 kilometres south of the historic Mostaza mine, and will test newly identified oxide copper mineralisation in nearby volcanic rocks.
Recent surface samples from these zones returned grades of up to 2.56% copper and 293 grams per tonne of silver.
Chief executive Sam Garrett said the move represented “an exciting step-up” in exploration, allowing the company to test multiple high-priority targets more rapidly.
The 2,000-metre Phase III programme aims to expand the known mineralised footprint at Cerro Negro, where two diamond rigs are already drilling.
Garrett added that with copper and silver prices close to multi-year highs, the expanded programme should accelerate evaluation of the system’s broader potential and build on strong early results.