Southern Gold adds new projects to South Korea exploration portfolio
Southern Gold Limited (ASX: SAU) (Southern Gold or the Company) is pleased to provide preliminary assay results on the progress of its exploration program in South Korea during FY22 and July 2022.
Highlights
- Project generation fieldwork grows exploration portfolio with 71 new licence applications lodged, increasing licences granted and under application to 153, covering 429km2 as of July 31.
- Southern Gold’s increased footprint follows intensive data compilation, target generation, reconnaissance fieldwork and rock sampling over several prospective Cretaceous-age Basins.
- Several promising Brownfields and Greenfields projects added to portfolio, including four new Brownfields projects containing or adjacent to historic gold mines.
- Encouraging results include outcrops grading 13.3 g/t Au, 10.55 g/t Au from Geoje Island Angsan Project, adjacent to historic Geoje epithermal Cu-Au mine. Copper grades up to 2.6% from historic mine dumps, together areas of widespread alteration and anomalous Mo-Cu-Au, highlight potential for multiple mineralisation styles within this project.
- Sangju Project includes 14 licence applications across an historic goldfield with numerous mines and workings, with assays returning 41.4 g/t Au and 12.2 g/t Au from waste dumps.
- Rock float of 14.3 g/t Au and 748 g/t Ag received from Gasado North Project, 4km north of the currently operating Gasado epithermal gold-silver mine.
- Historical drilling by Government agency KORES at Gampo project reported downhole results (not true widths) of 11.2m @ 10.2 g/t Au and 11.0 g/t Ag, highlighting the prospectivity of this project.
- Fieldwork has increased understanding of key geologic controls on mineralisation, including the close association between clay deposits and precious metal mineralisation, confirmed by leading epithermal gold expert Jeff Hedenquist during a May site visit.
- Exploration has recognised larger-scale mineralised systems and the potential for the discovery of a wider range of precious metal deposits other than epithermal gold, including intrusive-hosted, porphyry-style, disseminated, skarns, diatremes and breccia pipes.
Summary
Southern Gold put a hold on exploration activity on pre-existing projects while the Company focuses on growing its exploration portfolio and generating new exploration projects to add to its current licence portfolio with the aim of developing a quality pipeline of targets for future drill testing, currently planned for Q3 FY23.
During September-November 2021, Southern Gold completed a major data compilation and targeting study with the aim of generating targets for reconnaissance exploration, centred on the Haenam Basin which hosts several SAU projects and the only currently operating epithermal gold-silver mine in South Korea at Gasado Island.
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