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Great Southern Mining has entered into an earn-in agreement with major producer Gold Fields, allowing Gold Fields to earn a 75% interest in the Edinburgh Park project located in Queensland. In order to earn this interest, Gold Fields will spend up to $15 million on exploration over a six-year period, with a minimum of $2.5 million to be spent within the first two years.
The Edinburgh Park project covers an area of 1,750 square kilometers and is situated in close proximity to the Mt Carlton gold-silver-copper mine, which has produced approximately 1.7 million ounces of gold equivalent. The project is considered to be highly prospective for gold-copper porphyries, high and low sulphidation epithermal gold-silver-copper systems, and intrusive related gold.
Great Southern Mining has identified up to 29 exploration targets within the project area, but the scale and potential of these targets require significant drilling programs that can be cost-prohibitive for junior explorers. By partnering with Gold Fields, Great Southern Mining aims to expedite the exploration process and unlock the potential of the Edinburgh Park project.
Under the earn-in agreement, Gold Fields has already identified several targets within the project and intends to commence drill testing after the northern Queensland wet season in 2024. In addition to the exploration expenditure, Gold Fields will subscribe for approximately 38.5 million ordinary shares in Great Southern Mining, representing a 5.4% stake in the company.
The earn-in agreement with Gold Fields allows Great Southern Mining to focus its resources on its other projects, including the Duketon Gold Project and the East Laverton nickel-gold project in Western Australia. The Duketon Gold Project is located along trend from Regis Resources’ deposits and has shown promising results in recent aircore drilling programs, while the East Laverton project is planning a moving loop electromagnetic survey later in the year.
Overall, the earn-in agreement with Gold Fields provides Great Southern Mining with the expertise and funding necessary to accelerate exploration and potentially discover tier one mineral deposits at the Edinburgh Park project. It also allows the company to allocate resources to its other promising projects in Western Australia
