Great Southern Mining Ltd (ASX:GSN) has a capital raising announcement pending and has been granted a trading halt by the ASX.
This trading halt will remain in place until the start of regular ASX trading on Friday, May 8, 2020, or when an announcement is released to the market, whichever occurs earliest.
The company's securities last traded at 4.8 cents, up from 3.2 cents at close on March 9.
Exploration advances
Great Southern is progressing exploration plans at its gold projects in Western Australia and North Queensland.
During the March quarter, the company completed structural mapping and analysis from drilling at the Cox’s Find Gold Project in late 2019.
Several untested gold exploration targets have been identified as ‘lookalike’ systems exhibiting the same analogues as the Cox’s Find mine.
Encouraging results include:
- 5 metres at 31.23 g/t from 134 metres, including 1-metre at 143.0 g/t,
- 2 metres at 36 g/t from 146 metres, including 1-metre at 68 g/t,
- 5 metres at 14.54 g/t from 140 metres, including 2 metres at 28.85 g/t,
- 8 metres at 9.43 g/t from 73 metres, including 1-metre at 44 g/t, and
- 6 metres at 7.90 g/t from 132 metres, including 1-metre at 35.9 g/t.
Great Southern has defined a combined gold exploration target at Cox’s Find around these analogues of 260,000 to 480,000 tonnes at a grade range between 15-25 g/t.