Great Southern Mining Ltd (ASX:GSN) has issued 6 million shares to executive chairman John Terpu following his decision to exercise the listed options acquired under the rights Issue held in August 2019.
The early exercise of the listed options for $300,000 follows Great Southern’s highly encouraging 2020 drilling program at the Cox’s Find and Mon Ami gold projects in Western Australia.
“Considerable exploration upside”
Terpu said: “The company has enjoyed outstanding exploration success with incredibly high-grade, visible gold coming from one of our first diamond holes at Cox’s Find.
“Following our 2020 drilling program at both Cox’s Find and Mon Ami, the projects still have less than 15,000m of drilling total.
“Add to this the recently announced prospectivity and scale of the new tenement applications adjacent to Cox’s Find and there is considerable exploration upside for the Company in 2021.”
Review of strategic tenement applications
Last week, Great Southern completed an in-house review of four strategic and highly prospective tenement applications immediately adjacent to Cox’s Find Gold Project.
The review concluded that the combined tenement package represents an increase to the Cox’s Find Project of 47.5 square kilometres and includes over 12 kilometres of access to the clearly identifiable mineralised trends that host both the Garden Well and Rosemont gold deposits owned and operated by Regis Resources Limited (ASX:RRL).