Quarterly Activities Report - 31 March 2019
>Gubong and Kochang JV operating companies formed and permit to develop for both projects submitted and currently under assessment. The joint ventures are fully funded until the end of June 2019.
>Beopseongpo project gathers pace and is potentially a very significant new discovery. Multiple vein zones are apparent with exceptional mapped strike continuity and high-level multiphase textures supporting a possible world-class low- sulphidation epithermal exploration target. Individual vein zones can be traced for up to 1.4km and individual vein true widths range exceed 5m within broader veined corridors. Multiple “walk up” drill targets have been defined with recent surface sampling results pending.
>Preparation underway for surface and underground drilling at Weolyu South.
>Deokon project growing as new Eastern Target zone identified from float sample of 78.6 g/t gold and 13,000 g/t silver. Further, previously unreported channel sampling from Shin Adit included best results of 0.3m @ 9.4 g/t gold and 2,047 g/t silver and 0.6m @ 6.72 g/t gold and 260 g/t silver.
>Neungju project is also gathering pace. It requires follow-up detailed geological mapping and sampling of the intensely hydrothermally altered and quartz veined, multi-phase dacitic to rhyodacite flow dome. This project remains a high priority target.
>Additional tenement granted at Aphae, Muan 99, consolidating the north eastern extension of the mineralisation.
Corporate/ Western Australia
>Southern Gold raises $1.75 million in funding with sophisticated investors.
>Southern Gold consolidates Cannon and Georges Reward Mining Leases for preparation of new Cannon Underground Mining Reserve, pending shortly.
>PCF Capital Group to run formal sale process over all the WA assets, including the Cannon Gold Mine.
To read the full announcement please download the pdf below:Quarterly Activities Report March 2019 and 5B appendix