Great Southern Mining Secures A$9M from Regis, Advances Multi-Project Drilling with Govt Grants
Great Southern Mining has sold a key mining license to Regis Resources for up to A$9 million and is progressing multiple drilling programs across its Australian projects, supported by government grants and a strategic alliance.
- A$9 million sale of Mining License M38/1299 to Regis Resources
- Strategic data sharing alliance formed with Regis Resources
- Ongoing diamond and aircore drilling at Edinburgh Park, Amy Clarke, and Golden Boulder
- Secured up to A$337,500 in government co-funded drilling grants
- Cash balance of A$4.5 million at quarter end
License Sale and Strategic Partnership
In a significant development for Great Southern Mining (GSN), the company completed the sale of Mining License M38/1299 to Regis Resources Ltd for up to A$9 million. This includes a A$4 million upfront payment already received and contingent payments tied to gold price thresholds and resource milestones. The license hosts the Southern Star prospect, located near Regis’ Ben Hur mine, underscoring its strategic value.
Beyond the transaction, GSN and Regis have established a strategic data sharing alliance aimed at accelerating exploration success across the prolific Duketon Greenstone Belt. This collaboration could unlock new discoveries by leveraging combined geological insights and data.
Exploration Progress Across Multiple Projects
GSN is actively advancing several drilling programs. At the Edinburgh Park Project in Queensland, diamond drilling targets large-scale geophysical anomalies indicative of porphyry gold-copper and epithermal gold deposits. Three holes totaling 2,208 metres have been completed at the Leichhardt Creek prospect, with assays pending. Drilling continues at the Megan Veins and Molongle targets, both showing promising surface gold mineralisation.
In Western Australia, aircore drilling at the Amy Clarke Prospect within the Duketon Gold Project has recently concluded, covering over 8,000 metres. This program aims to test extensive structural and geochemical gold anomalies that align with known mineralised trends nearby. Assay results are awaited.
Meanwhile, a substantial reverse circulation drilling campaign has commenced at the Golden Boulder prospect, focusing on defining a maiden JORC Mineral Resource and extending known mineralisation along a key structural trend. Historical data suggests significant gold potential, but prior drilling was limited in depth and scope.
Government Support and Financial Position
GSN secured up to A$337,500 in co-funded drilling grants from the Western Australian Government’s Exploration Incentive Scheme. This funding supports deep diamond drilling at Golden Boulder and the East Laverton Project, targeting platinum group elements and associated base metals. These grants reduce exploration risk and enhance the company’s ability to test high-priority targets.
Financially, GSN ended the quarter with a solid cash position of A$4.5 million, bolstered by the license sale proceeds. Operating and exploration expenditures remain consistent with ongoing development activities, and no new equity was issued during the period.
Outlook and Next Steps
Great Southern Mining’s portfolio spans significant tenements in the Duketon Greenstone Belt and East Laverton region, with a focus on gold, nickel, copper, and platinum group elements. The company’s current drilling programs and strategic partnerships position it well to advance resource definition and discovery potential. Market participants will be keenly awaiting assay results from recent drilling campaigns, which will provide critical insights into the scale and grade of mineralisation.
Bottom Line?
As assays and drilling results unfold, Great Southern Mining’s strategic moves and government-backed exploration set the stage for potential resource growth and value creation.
Questions in the middle?
- What will the assay results from Edinburgh Park and Amy Clarke reveal about the scale of mineralisation?
- How will the contingent payments from the Regis Resources license sale impact GSN’s financial outlook?
- What discoveries might emerge from the government-funded deep drilling at Golden Boulder and East Laverton?
