Great Southern Finds Large Copper-Gold Porphyry System

The company says the find “has the hallmarks of a promising large-scale gold-copper-molybdenum-rich porphyry system.”

Great Southern Mining (ASX:GSN) has identified a large copper-gold porphyry system at its Edinburgh Park project in Queensland.

The discovery comes from a prospect at Edinburgh called Leichardt Creek, and follows recent geological mapping and sampling. According to the company, the system covers over 6 square kilometers.

Rock chip samples brought back results of 0.56 percent copper, 0.12 grams per tonne (g/t) gold and 0.45 percent molybdenum.

“This is the first time that a company has systematically explored the outcropping mineralization at Leichardt Creek. Whilst the prospect is still at an early stage of exploration, it has the hallmarks of a promising large-scale gold-copper-molybdenum-rich porphyry system,” Great Southern Executive Chairman John Terpu said in a statement.

“The scale of the opportunity is one of regional significance to the area. A discovery of this nature has the potential to be transformational for the company.”

Great Southern has geophysical surveys planned for Q1 2019, and regional mapping and geochemical programs are currently ongoing. According to Terpu, the company’s goal over the year is to identify multiple targets through systematic exploration and targeted drilling.

The company has a number of exploration assets under its belt, including two in Queensland and a third in Western Australia. Alongside Edinburgh Park in Queensland is the Johnnycake project, with Mount Lucky near Laverton in Western Australia.

In the last year, Great Southern has also added the Mount Weld and Mon Ami projects to its lineup. Both assets are in Western Australia and are situated near Mount Lucky; exploration began at Mount Weld in November 2018, and the company released a maiden resource estimate for Mon Ami that same month.

The gold project racked up a resource estimate of 1.1 million tonnes at 1.7 g/t gold for 59,000 ounces in the inferred category; the estimate was calculated with a 1 g/t gold cut off.

Great Southern’s share price skyrocketed 16 percent on Wednesday (February 6) following the news, ending the day of trading on the ASX at AU$0.029.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.

Highlights

Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News