Great Southern Mining share price jumps 13% as drilling commences at Cox's Find

The Great Southern Mining Ltd (ASX: GSN) share price is flying higher today after the small-cap ASX miner announced the commencement of drilling at its Cox's Find Project.

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The Great Southern Mining Ltd (ASX: GSN) share price is flying higher today after the small-cap ASX miner announced the commencement of drilling at its Cox's Find Project.

Great Southern Mining is a mineral exploration company with a focus on gold. It has landholdings in the gold districts of Laverton in Western Australia and the Mt Carlton region of North Queensland.

What did Great Southern Mining announce?

This morning, Great Southern Mining revealed it has commenced the extensive reverse circulation (RC) and diamond drill program at its 100%-owned Cox's Find Project. 

Cox's Find is an orogenic gold deposit located in the Duketon Greenstone Belt in the Laverton District of WA. It is located within 12 kilometres of Regis Resources Limited (ASX: RRL)'s multi-million ounce Garden Well.

Limited exploration has been conducted at the Cox's Find Project since mining activities ceased in the early 1940s. The mine produced approximately 107,000 tonnes at an average grade of 22 grams per tonne (g/t) gold for 77,000 ounces.

In late 2019, Great Southern Mining completed its maiden RC drilling program at Cox's Find, comprising 17 RC holes for 2,658 metres. According to the company, results from this maiden program highlighted that the remnant high-grade gold mineralisation remains.

Standout results from this program (announced last year) include:

  • 8 metres at 9.43 g/t gold from 73 metres;
  • 2 metres at 36 g/t gold from 146 metres;
  • 5 metres at 45.54 g/t gold from 140 metres;
  • 6 metres at 7.9 g/t gold from 132 metres; and
  • 5 metres at 31.23 g/t gold from 134 metres.

The commencement of the new drilling program announced today will build on these recent results.

"This will be the first intensive drill program targeting the down plunge extensions of the deposit and the first diamond drill program targeting the high-grade lode," said CEO Mark Major.

"This program should enhance our structural understanding of the deposit and assist with advancing the forthcoming drill programs at the Cox's Find deposit and support targeting repeat structures within our tenure," Mr Major added.

Great Southern Mining noted that the RC drill rig is on-site and it has commenced drilling the initial phase of the 9,000-metre drilling program. Meanwhile, the company expects the diamond drill rig to arrive on-site within a week.

At the time of writing, the Great Southern Mining share price is up 12.94% for the day to 9.6 cents. This takes the company's current market capitalisation to just under $40 million.

In other news in the gold space, large-cap ASX gold shares are charging higher today after the gold price rebounded overnight.

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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