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Southern Gold is well funded for the next two years after raising $10.2 million

In addition, laterally extensive zones The company announced a hit of 231m
of supergene gold mineralisation will be @ 0.83 g/t gold from 72m (including 54m Southern Gold raises
drilled at the Gap and Dune prospects. @ 1.69 g/t, 25m @ 3.36 g/t and 13.26m $10 million
Drilling is scheduled to commence in @ 3.25 g/t).
September 2020. The results were from the Ternera An oversubscribed $10.2 million equity
A programme of 3,000m was planned prospect, with Tesoro now doubling raising will allow Southern Gold Ltd to un-
for September, with supergene gold min- its drilling programme to a minimum dertake expanded drilling programme on
eralisation from previous drilling at Gap 10,000m. multiple targets and ramp-up project gen-
on a single section over 180m, including eration activity in South Korea over the next
30m @ 1.1g/t gold from 96m, 36m @ 0.4 Resource upgrade two years.
g/t from 124m and 36m @ 0.5 g/t from or Podium Metal Tiger plc and Flannery Family Of-
28m. fice supported the raising by investing $1.7
Drilling at Dune will test for extensions Podium Minerals Ltd is targeting a re- million and $1 million to maintain their re-
to the supergene mineralisation and de- source upgrade at the 1.14 moz Parks spective shareholdings of 17.1% and 10.4%.
fine possible vectors to primary miner- Reef PGM project in Western Australia Meanwhile, Crescat Capital LLC partici-
alisation. Previous broad-spaced drilling this month. pated with an investment of $2.5 million.
returned high-grade gold hits of 4m @ 7.1 The company recently confirmed drill “This was a good time to build quality in-
g/t from 216m, 10m @ 2.8 g/t from 94m targets in a new 1.2km extension of Parks stitutional investors into the Southern Gold
and 4m @ 3.3 g/t from 74m. Reef, with anomalous platinum, palladium, register. I especially welcome North Ameri-
gold and copper discovered in rock chip can institution Crescat Capital LLC, who is
Tesoro goes large at samples collected from the western exten- advised by Dr Quinton Hennigh, and given
El Zorro sion of Parks Reef. Quinton’s background in a similar explora-
RC drilling targeting the western exten- tion group in Japan, Irving Resources, I be-
Tesoro Resources Ltd has confirmed sion is part of the resource upgrade pro- lieve this is an excellent endorsement of our
large-scale gold potential at the El Zorro gramme currently underway. strategy into South Korea,” Southern Gold
project in Chile. managing director Simon Mitchell said.

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aUSTRaLIa’S PaYDIRT OCTOBeR 2020 Page 111