Great Southern Copper cheers ‘very positive’ period of exploration

Great Southern Copper PLC (LSE:GSCU) chief executive Sam Garrett cheered a “very positive first half” as the explorer filed its interim results covering the six-month period ended 30 September 2023.

“We continue to make strong progress across our prospects and in particular at Especularita where our exploration campaigns have delivered encouraging results and helped to delineate promising prospects for further exploration,” he said in a statement.

“In addition to these projects, during the period we also took our first foray into lithium with the acquisition of an option over the Monti-lithium project, a highly prospective project in a tier one jurisdiction within the world’s second largest lithium producing country, Chile.

Garrett added: “As the green energy transition continues to progress, we expect to continue to see accelerating demand for critical minerals such as copper and lithium and we believe this provides the ideal economic context as we continue to advance our projects.”

At the Especularita, the company’s exploration activities have yielded encouraging results, with high-grade copper and gold prospects identified.

During the period, the company received results from mapping and sampling activity at various prospect locations – with previously announced highlight assays including grades up to 6.9% copper (Cu) and 1.85 grams per tonne (g/t) gold (Au) at the Victoria prospect area, and 5.97% Cu and 13.9g/t Au from the Teresita area.

Also, a stream sediment sampling survey completed at Especularita is said to have “set the stage” for regional exploration campaigns.

Since the period’s end, meanwhile, the company has conducted a drone-magnetics survey at Especularita, adding further identified prospects.

Elsewhere, at the San Lorenzo project, reconnaissance sampling at the newly acquired Suyay prospect (featuring grades of up to 4.13g/t Au and 1.75% Cu) is said to be “indicative of potential porphyry-type mineralisation”.

These exploration efforts are part of the company’s strategy to target resources essential for the green energy transition.

At the recently acquired Monti lithium project the company sees an opportunity for a strategic expansion into lithium, which is now a critical component in battery technology and renewable energy.

Here, it has an option to take up the project spanning some 235 square kilometres for a total of US$2.26 million, payable in 2026.

The company today also noted its healthy cash position, following a recent £1.9 million equity raise which is expected to fund ongoing exploration and development activities across the project portfolio.

Another notable feature of the first half was the appointment of Martin Page as the company’s new chief financial officer.

Page’s extensive experience in the natural resources sector is anticipated to provide valuable insights and guidance as the company continues to grow and expand its operations.