Great Southern Mining Aims for Maiden Gold Resource at Golden Boulder Prospect

Strategic Insights -

Great Southern Mining is pursuing a 7000-metre RC drilling program at its Golden Boulder prospect in the Eastern Goldfields, seeking to define a maiden gold resource. The program targets the north of the prospect, where 650m of semi-contiguous gold mineralisation has been identified. Great Southern also aims to extend the known mineralisation to the south along a prominent north-south structural trend that hosts Regis Resources' Rosemont mine, which has produced over 2 million ounces of gold. The company has a suite of high-grade results from previous campaigns, including notable intersections of 5m at 14.57g/t gold and 1m running at 70.94g/t.

Key Takeaways:

  • Great Southern Mining is conducting a 7000-metre RC drilling program at its Golden Boulder prospect to define a maiden gold resource.
  • The program targets the north of the prospect, where 650m of semi-contiguous gold mineralisation has been identified.
  • Great Southern aims to extend the known mineralisation to the south along a prominent north-south structural trend that hosts Regis Resources' Rosemont mine.
  • The company has a suite of high-grade results from previous campaigns, including 1m running at 70.94g/t gold.
  • The drilling program is supported by a $4 million cash payment from the sale of the Southern Star mining licence to Regis, with potential for up to a further $5 million depending on the discovery of economic mineralisation and gold pricing thresholds.
  • Great Southern has also secured $337,500 in co-funded drilling grants from the West Australian Government's Exploration Incentive Scheme (EIS) for deep diamond drilling at its Ogilvies prospect.
  • The company plans to use the bulk of the funding for two deep diamond holes at Ogilvies to define the stratigraphic and structural controls on the high-grade gold mineralisation.
  • The EIS co-funding will also be used for a 900m diamond hole to test base metals and platinum group element targets at the Diorite Hill layered intrusive complex at the East Laverton project.

Statistics:

  • 7000 metres: Drilling program at Golden Boulder prospect
  • 650m: Semi-contiguous gold mineralisation identified in the north of the prospect
  • 2 million ounces: Production at Regis Resources' Rosemont mine
  • 5m @ 14.57g/t gold: Notable intersection from previous drilling
  • 1m @ 70.94g/t gold: Notable intersection from previous drilling
  • $4 million: Cash payment from sale of Southern Star mining licence to Regis
  • $5 million: Potential additional funding depending on discovery of economic mineralisation and gold pricing thresholds
  • $337,500: Co-funded drilling grants from West Australian Government's Exploration Incentive Scheme (EIS)
  • 1,600 metres: Total depth of two deep diamond holes at Ogilvies prospect
  • 900m: Depth of diamond hole to test base metals and platinum group element targets at East Laverton project

Sources:

  • [Great Southern Mining]
  • [ASX-listed Regis Resources]
  • [West Australian Government's Exploration Incentive Scheme (EIS)]