The company is cashed-up for its drilling campaign too, having recently sold its Southern Star mining licence to Regis and received the initial $4 million cash payment. Potential for up to a further $5 million depends upon discovery of economic mineralisation and gold pricing thresholds.
Management last week revealed it had locked in $337,500 of co-funded drilling grants from the West Australian Government’s Exploration Incentive Scheme (EIS) and plans to use the bulk of the funding, $220,000, towards two deep diamond holes at its Ogilvies prospect within Golden Boulder’s target zone.
The company says the two diamond holes will be critical in defining the stratigraphic and structural controls on the high-grade gold mineralisation found near surface.
The two deep holes totalling 1,600 metres, will probe the potential of the gold system at depth, revealing the rocks and structures running through Great Southern’s piece of the Rosemont Shear. They will provide vital data in its quest for a significant discovery at the project.
The remaining $117,500 EIS co-funding will fund a 900m diamond hole to test base metals and platinum group element targets within the Diorite Hill layered intrusive complex at its East Laverton project.
The EIS diamond drilling will begin early next year, following the RC program at Golden Boulder and a 7000m air-core (AC) drill campaign taking place at its highly prospective Amy Clarke target, also part of the Duketon project.
Shallow AC drilling and soil geochemistry has defined a 5km surface gold anomaly at Amy Clarke with drilling back in 2021 returning 8m at a solid 6.73g/t from 32m, including an excellent 4m slice grading 12.5g/t and 4m going 2.13g/t from surface.
Notably, Great Southern has full ownership of the Duketon gold project and its East Laverton base metals – platinum group element project.
With a solid wad of cash in the bank, a plethora of targets currently being tested and many more prospects to feel the hard edge of the drill-bit in coming months, Great Southern may be worth keeping an eye on.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
