Great Southern Copper (LON: GSCU) has found rock chip samples at Teresita in Chile that have up to 5.97% copper and 13.7g/t gold. This will help to yield drill targets. The standard listed copper gold explorer is one of the highest risers on the Main Market with a 6.25% gain to 1.275p.
Terestia is on the Especularita copper gold project area in northern Chile. There were 160 rock chip samples. There is high grade copper gold mineralisation in outcropping quartz-carbonate vein-breccias. There will be further results from rock chip samples and soil sampling.
High-resolution aeromagnetic surveys commenced in June. There will be magnetic surveys of the Teresita and Victoria prospects. The interpretation of the magnetic survey will commence when results of the survey and soil sampling are available, so there could be analysis of the magnetic survey published by August.
Great Southern Copper floated in December 2021 after a new President was elected in Chile. It raised £3.52m at 5p/share and the uncertainty about the government’s plans for the mining sector hit the share price.
In May, £500,000 was raised at 1.2p/share, which was then a premium to the market price, and there was a warrant attached to each share exercisable at 2.4p each. A further £500,000 was raised through a convertible loan facility with Foreign Dimensions with a conversion price of 1.2p/share with warrants attached.