The Great Southern Mining (ASX: GSN) explores for gold and other minerals in Western Australia and Queensland.
Great Southern Mining has reported exceptionally high-grade gold. Hence, the precious metal was found 200 metres south of the known extent of mineralisation at the Southern Star deposit in Western Australia.
Therefore, the company undertook an extensional reverse circulation drilling program adjacent to the deposit at its Duketon Gold Project, which lies 45 kilometres north of Laverton.
Specifically, GSN completed 3,421 holes as part of the maiden programme and extended the work with a further nine holes over 1,142 metres in the areas that required follow up drilling. Three existing holes were also re-entered and extended by 93 metres.
Great Southern recorded 17 metres at seven grams of gold per tonne from 111 metres. This includes two metres at 56.7 grams per tonne and one metre at 109 grams per tonne of gold.
Why is the Great Southern Mining Stocks trading high today?
The recent discovery of high-grade gold has been in an area that had seen no previous drilling. That is promising and exciting news for GSN. Thus, this demonstrates that the 12-kilometre strike of this well understood mineralised trend is likely to hold more ounces on GSN tenure.
Looking ahead, the firm is anticipating further assay results from the centre and northern end of Southern Star to be available for release to the ASX shortly. Based on the intercept above, GSN has begun planning for high-priority follow-up drilling as soon as possible.
GSN’s main projects are within 30 kilometres of operating mills. This sets the company apart from its peers. The closer to operating mills, the increased likelihood that any deposits discovered will be economic. This provides the company development options and avenues to potential asset monetisation which other companies lack.
Great Southern Mining share price performance has been incredible for the last six months. Hence, the company’s share returned not less than 41%. Pleasingly, today has been an absolute win for the shareholders which saw GSN share price skyrocket by 27.12%.
Great Southern Mining share price ended the day at 7.5 cents. It was a busy trading day with tremendous volume with eleven million shares exchanged.
