Great Southern Mining Ltd (ASX:GSN) has secured an exclusive, irrevocable option over three large exploration license applications around its Cox’s Find Gold Project in the Laverton region of Western Australia.
Upon exercise of the option, GSN expects to substantially expand its land position in the Duketon Greenstone Belt from 47 square kilometres to 459 square kilometres.
Additional land includes the Golden Star Deposit which Duketon Mining Ltd (ASX:DKM) drilled in 2017-18 to demonstrate over 600 metres of continuous mineralised strike length, open in all directions.
Best prior drill intersections at Golden Star include:
- 15 metres at 6.5 g/t gold including 4 metres at 23.3 g/t;and
- 50 metres at 1.8 g/t including 5 metres at 9.2 g/t and 6 metres at 2.9 g/t.
“Cemented position in the Laverton goldfields”
GSN’s chief executive officer Sean Gregory said: “GSN has now cemented its position as a major gold explorer and developer in the Laverton goldfields.
“The Golden Star Deposit moves to the forefront of our project development pipeline and we plan to immediately commence project evaluation and drill targeting activities.
“Our exploration footprint in the immediate region has expanded by almost 10 times to now total 459 square kilometres, a tenement base we plan to aggressively explore.”
Golden Star Deposit
The Golden Star Deposit is 4 kilometres along strike to the south of the Ben Hur Deposit and 32 kilometres south of the Garden Well Mill, both owned by Regis Resources Limited.
Duketon Mining drilled the Golden Star Deposit in 2017-18, demonstrating over 600 metres of continuous mineralised strike length, open in all directions.
Mineralisation at Golden Star occurs as several stacked lenses within a sequence of foliated sheet-like gabbroic intrusive units and is associated with quartz veining and sulphide alteration between two strike parallel shear zones.
Plan view highlighting the large tenement application package under option and the highly prospective mineralised trends
Option details
GSN has secured an irrevocable and exclusive option to purchase three large exploration licenses from a private company, GC Explore Pty Ltd, upon the granting of the licenses.
The three exploration license applications are E38/3477, E38/3488, and E38/3501.
The total consideration for the option is A$75,000, with A$25,000 payable immediately and two milestone payments of A$25,000 due on the grant and transfer of the second and third exploration licenses.
Next Steps
The tenement applications were lodged in the first half of calendar 2020 and are progressing through the WA Mines Department’s expedited procedure.
License grant is currently anticipated in the first half of calendar 2021.
GSN plans to collate all of the historical data and immediately commence project planning activities to integrate this new exploration ground into our existing portfolio and commence aggressive exploration of it on an expedited basis.