Southern Gold Limited (ASX: SAU) ('Southern Gold' or the 'Company') is pleased to provide an update on its drilling activities in South Korea and results from its drone magnetics and soil surveys over the Goseong CuAu project.
Southern Gold Managing Director Robert Smillie said: 'We are very pleased with the completion of drilling at Deokon, and I look forward to receiving assay results later this month. The SAU team has done a great job to continue the drilling momentum by advancing our new Goseong Cu-Au project to drilling status since pegging the ground in September last year. 'Following a comprehensive program of mapping, drone magnetics and soil sampling, the team has put together compelling targets in what is an exciting new Cu-Au project for SAU, and we look forward to the results of this program in the coming weeks.'
Deokon Drilling Update
Drilling has progressed well at Deokon with three holes for 721.2 metres drilled. A fourth planned hole has been deferred to a future date due to nearby pastoral activity and will be drilled in a subsequent drill round. Drillholes DKDD014 (187m.4) and DKDD015 (331.4) tested along-strike extensions at the Main Deokon Mine, and drillhole DKDD016 (202.4) was completed last week at the Thorn-Nettle target. Strong Si-illite-pyrite alteration of rhyolite-andesite volcanics was logged in all the Deokon holes for most of the intervals with zones of moderate veining increasing downhole, highlighting the extent of the Deokon epithermal system. Assay results are scheduled to be reported later this month.
Goseong Cu-Au Drilling and Background
Drilling commenced this week of a four-hole diamond drill program for 900 metres at targets at the Goseong Cu-Au project, pegged by SAU in September last year. 1 A comprehensive field program since acquiring the project has included drone magnetic survey2 and soil sampling; results are reported below. The Goseong mining district was South Korea's main copper producing region from 1915-1945 and 1970- 1992 with 11 producing underground mines. Mineralisation is hosted in epithermal-mesothermal quartz veins and breccias within mine workings mapped over 2km strike length. Most of the historical workings were crosscut and drive adits with little evidence for shafts and mapping indicates that no veins were pursued below the valley floor. Most veins observed were mined over a vertical range of 100m reflecting the topography with the '150M vein' sitting on a higher ridge mined over a vertical range of 250m.
Drone Magnetic Survey Results
In November 2022 SAU engaged Korea Institute of Geology and Mining (KIGAM) to fly a drone magnetic survey covering 17km2 and 270-line km over the Goseong, Won Geum and 150m vein systems and northern the Bupo prospect. Processing of the data was undertaken by KIGAM and image generation was conducted by Southern Geoscience Consultants. The survey results have greatly assisted in refining drill targets through provision of additional lithological, structural information, as well as evidence for potential direct mineralisation at the Bupo prospect.
Drill Targets
Two holes for 400m are designed to test two potential shoots beneath the Goseong mine and beneath the zones with the most mapped historical workings which have been mapped over a length of over 1,700m. Field mapping has highlighted extensive workings to the NW of the main Goseong mine with fieldwork to the southwest also mapping out workings in sheeted sub-parallel veins. Assay results from underground workings and mine dumps returned up to 5.0% Cu and 3.4% Au. With historical mining not extending beneath the valley floor there is excellent opportunity for finding depth extensions and sub-parallel lodes from these drill holes. One hole for 200m is planned for the Daedok prospect which was mined for approximately 300m over two levels, with at least two other historical adits found targeting smaller subsidiary lodes along the beach. Recent rock chip sampling assayed up to 7.96g/t Au, 136g/t Ag and 3.19% Cu. A grid-based B-horizon soil survey with 100m line spacing and samples collected at 50m intervals returned assay results up to 191ppb Au, 10.4ppm Ag, 2300ppm Cu, 6700ppm Pb and 18.7ppm Bi.
Contact:
Tel: 08 8368 8888 0416
Southern Gold Ltd is a successful mineral explorer listed on the Australian Securities Exchange (under ASX ticker 'SAU'). Southern Gold owns 100% of a substantial portfolio of high-grade gold-silver, Li and REE projects in South Korea. Backed by a first-class technical team, Southern Gold's aim is to find world-class precious and critical metals deposits in a jurisdiction that has seen very little modern exploration.
Competent Person's Statements
The information in this report that relates to Exploration Results (Rock chips, Magnetics Survey & Soil Surveys) has been compiled under the supervision of Mr. Scott Randall (MAusIMM). Mr Randall is an employee of Southern Gold Limited and a member of the Australasian Institute of Mining and Metallurgy has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Mineral Resources and Ore Reserves. Mr Randall consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. The information related to the historical exploration results from Goseong Project is extracted from the report entitled 'Southern Gold stakes new ground in historic copper-gold-silver mining district - Plans underway to advance to drill testing at three projects in 2023' created on 17th of October 2022 and is available to view on www.southerngold.com.au. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The information related to the historical exploration results from Goseong Project is extracted from the report entitled 'Southern Gold commences geophysical surveys at Goseong and Deokon projects, South Korea' created on 28th of November 2022 and is available to view on www.southerngold.com.au. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
Forward-looking statements
some statements in this release regarding estimates or future events are forward looking statements. These mayinclude, without limitation: Estimates of future cash flows, the sensitivity of cash flows to metal prices and foreign exchange rate movements. Estimates of future metal production and Estimates of the resource base and statementsregarding future exploration results. Such forward looking statements are based on a number of estimates and assumptions made by the Company and its consultantsin light of experience, current conditions and expectations of future developments which the Company believes are appropriate in the current circumstances. Such statements are expressed in good faith and believed tohave a reasonable basis. However, the estimates are subject to known and unknown risks and uncertaintiesthatcould cause actualresultsto differ materially from estimated results. All reasonable efforts have been made to provide accurate information, but the Company does not undertake any obligation to release publicly any revisions to any 'forward-looking statement' to reflect events or circumstancesafterthe date ofthis presentation or ASX release, except asmaybe required under applicable laws
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