Southern Gold Limited (ASX:SAU) has announced that managing director Simon Mitchell, who has been with the company since early 2015, has resigned.
Mitchell will remain in the role until October 29, 2021 and will assist with any transition requirements with the new managing director in due course.
He intends to pursue other opportunities in the resources sector.
Significant contributions
Southern Gold chairman Greg Boulton said: “Simon has been with the company for nearly 7 years and in that time been instrumental in ensuring the company navigated the difficult 2015-2017 years as well as the strategic move to explore for epithermal gold-silver systems in South Korea, a country Simon has a long association with.
“In recent years Simon has managed to raise significant capital for the exploration effort, as well as recently securing the A$13.7 million deal with BMV, and so has put the company’s balance sheet into a very strong position.”
Global recruitment firm engaged
Southern has engaged a global recruitment firm to conduct a search process for the right candidate to lead the company’s strategy of focusing on gold exploration in South Korea.
Boulton added: “We now begin the important process of securing a new managing director and I look forward to working with our executive search firm to find the right person to take the company to the next stage of its strategic development.”
Drilling at Nettle zone
In June, Southern Gold started drilling at the Nettle zone at its 100%-owned Deokon Project in South Korea to target the newly mapped structural intersection with coincident peak gold soil anomalies from a multi-prospect scale soil survey.
The combination of a prospective structural trap, competent host rock in the area at depth, silica-illite-adularia-pyrite alteration and high-grade gold-silver in outcrop and low-sulphidation geochemical signature, represents a compelling drill target at Nettle.
The company is also continuing work on its other South Korean projects, including Daeam and Geum Mar.