Great Southern Mining's Duketon Gold Project: Promising Drilling Results
GSN (GSN) Share Update October 2024 Tuesday 29th
Great Southern Mining Reveals Promising Drilling Results at Duketon Gold Project
Great Southern Mining Limited (ASX: GSN) has announced promising results from its recent drilling campaign at the Duketon Gold Project, revealing high-grade gold intercepts that extend the mineralized zone significantly.
Instant Summary:
- Completed 15-hole reverse circulation drilling at Duketon Gold Project.
- High-grade gold intercepts at Golden Boulder prospect.
- Extended mineralized zone by 85 meters to 370 meters total strike.
- Soil geochemical surveys completed at Amy Clarke and Mon Ami Gold Projects.
- Joint venture with Gold Fields at Edinburgh Park Project continues geophysical surveys.
Drilling Success at Duketon Gold Project
During the September quarter, Great Southern Mining (GSN) completed a targeted 15-hole reverse circulation drilling campaign at its 100% owned Duketon Gold Project in Western Australia. The campaign focused on the Golden Boulder prospect, where shallow, high-grade gold was intercepted.
Significant results include 4 meters at 5.64 g/t Au from 63 meters, with an even higher-grade section of 2 meters at 9.89 g/t Au. Another notable intercept was 2 meters at 7.01 g/t Au from 18 meters. These results have extended the higher-grade mineralized zone by 85 meters, bringing the total strike length to 370 meters.
Exploration and Geophysical Surveys
The Duketon Project also saw the completion of soil geochemical surveys at the Amy Clarke and Mon Ami Gold Projects. These surveys aim to test structural targets identified through aeromagnetic geophysics, with analysis currently underway.
In Queensland, at the Edinburgh Park Project, joint venture partner Gold Fields continued induced polarization geophysical surveys. These efforts focus on the Leichhardt Creek and Rocky Ponds target areas, enhancing the project's potential for copper-gold porphyry systems.
Corporate Developments
GSN reported a cash balance of A$0.877 million at the end of September 2024. The company also announced its success in the Australian Federal Government’s Junior Minerals Exploration Incentive, securing up to A$1.5 million in refundable tax credits for eligible shareholders.
The promising drilling results at the Duketon Gold Project are likely to boost investor confidence in Great Southern Mining's exploration potential. The extension of the mineralized zone and high-grade intercepts could lead to a positive re-evaluation of the company's asset base, potentially driving stock price appreciation.
Investor Reaction:
Analysts are expected to react positively to the high-grade intercepts and the expansion of the mineralized zone at Duketon. The ongoing geophysical surveys and joint ventures may also be viewed as strategic moves to enhance project value.
Conclusion:
Investors should keep an eye on further developments at the Duketon Gold Project and the upcoming analysis of geochemical survey results. Great Southern Mining's continued exploration success could present significant opportunities for growth and value creation.