🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Metal Tiger notes Southern Gold plans to start diamond drill testing at Goseong copper-gold-silver mine district in February 2023

Published 17/10/2022, 07:55 pm
© Reuters. Metal Tiger notes Southern Gold plans to start diamond drill testing at Goseong copper-gold-silver mine district in February 2023
GC
-
HG
-
SI
-
TIRU
-
MTRM
-

Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR), the AIM and ASX listed investor in natural resource opportunities, noted that investee company Southern Gold Limited plans to start diamond drill testing at the historic Goseong copper-gold-silver mine district in South Korea in February 2023.

The company said Southern Gold revealed the news in a statement that provided initial assay results from new tenement applications staked over the Goseong copper-gold-silver mine district comprising 25 new exploration licence applications over 70 square kilometres.

Southern Gold said significant rock chip samples from historic mines returned grades up to 8.15 grams per ton (g/t) gold (Au), 265g/t Ag and up to 3.32% copper (Cu), and samples from areas peripheral to the known district returned grades up to 0.82 g/t Au, 198 g/t Ag and 3.32 % Cu, indicating the potential for a sizable mineralised system.

The area is unexplored by modern-day methods, with the only known historical drilling by Government agency KORES reporting downhole results (not true widths) of 21 metres @ 2.5 g/t Au and 54 g/t Ag, and 6.2 metres @ 54 g/t Ag and 1.03% Cu, the company noted.

Southern Gold said mineralisation is hosted in quartz veins and breccias within mine workings up to 800 metres long, and sulphide mineralogy and published peer-reviewed research indicates a hydrothermal-magmatic origin for the veins, indicating the potential for deeper, intrusive-hosted and/or porphyry-style copper-gold-silver, and skarn mineralisation.

Exploration activities are underway to define targets for scout drill testing, including plans to conduct a drone airborne magnetic survey, soil sampling, and detailed mapping and sampling, the company added.

Drilling at Goseong, starting in February 2023, is to be followed by diamond drilling at epithermal gold-silver projects Deokon and Dokcheon. Sites to identify potential larger mineralised structures for drill testing are being prioritised using a ground-based gravity survey at Deokon and drone magnetics at Dokcheon, Southern Gold added.

Metal Tiger is interested in 40,794,000 Southern Gold shares, representing approximately 19.1% of Southern Gold’s issued share capital, and 7,284,500 2-year A$0.18 warrants.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.