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Significant gold assay results from underground channel sampling by Bluebird Merchant Ventures at Kochang project, South Korea


ASX Announcement 24 May 2018


An exciting new underground channel sampling program has been completed by Southern Gold’s development partner, Bluebird Merchant Ventures, at the Kochang Gold Project in South Korea.


  • A total of 1,331 meters of vein was sampled at 5-meter intervals with 425 channel samples and 100 grab samples collected. 
  • Best channel samples returned were 0.24m @ 65.8g/t Au and 170 g/t Ag and 0.18m @ 69.2 g/t Au and 80 g/t Ag from the 245 Level (Table 1). 
  • Hydrothermal quartz veining and brecciation was mapped and sampled over 700m strike length within old workings and sampling was conducted over 2 levels of the 4 main levels that comprise the historical workings. 
  • Average grade along the 9 development drives from channels sampling was 5.9 g/t Au and 31 g/t Ag with average vein width of 0.42m (Table 2). 
  • Partially stoped panels were observed with in-situ stockpiles being sampled with best assays from grab samples of 17.4g/t Au and 165 g/t Ag and 13.5g/t Au and 36g/t Ag on the 245 Level (Table 3).

Bluebird Merchant Ventures Moves Forward at Kochang 

Southern Gold Ltd (“Southern Gold”) advises that its development partner, London Stock Exchange listed Bluebird Merchant Ventures Ltd (“Bluebird”), has completed its initial sampling program of the Kochang Gold Project in the Republic of Korea (Figure 1 and Photo 1).

Bluebird is currently investing a total of US$1 million in the advancement of the historic Gubong and Kochang Gold Mines and earn 50% project equity principally by defining a development framework to advance the projects on a capital cost of less than US$10 million. See Southern Gold ASX release dated 27 March 2017 for further details.

Managing Director, Mr Simon Mitchell: “We are very pleased to report the underground sampling results from the Kochang Gold Project which were completed by our development partner Bluebird Merchant Ventures. Bluebird has done a great job of confirming the scale and distribution of the mineralisation at Kochang and this work forms a very effective base from which to advance the project towards production.”

“While there remains much work to be done before we get to that point, we are very pleased with the grade tenor, the consistent nature of the mineralisation along the drives and the fact the system is open in multiple directions. This all reinforces the economic potential of the project which will be the subject of further studies.”

Click here to view the full announcement 

Bluebird RNS: Kochang Underground Sampling Results Reported

ASX Announcement 16 May 2018 

Bluebird Merchant Ventures release to London Stock Exchange;

Kochang Gold Project 

  • Potential early production source identified
  • Initial programme demonstrates impact of sorting 
  • Estimates of operating costs and hence potential operating profit

Bluebird Merchant Ventures Ltd Public Release 

Southern Gold Ltd (“Southern Gold”) advises that its development partner, London Stock Exchange (LSE) listed Bluebird Merchant Ventures Ltd (“Bluebird”), has released some information through the LSE information distribution platform, RNS. The information in this latest RNS is regarding Southern Gold’s Kochang Gold Projects in South Korea where Bluebird is currently earning a 50% equity interest. The RNS can be accessed via the London Stock Exchange website at:

https://bluebirdmv.com/2018/05/15/kochang-underground-grab-sample-results/

Neither the sampling results or statements in this RNS have been independently validated or verified by the Southern Gold board and therefore Southern Gold is not to be regarded as reporting, adopting or endorsing the information in the RNS. The sampling results announced by Bluebird are not reported in accordance with the JORC Code 2012.

Bluebird is currently investing a total of US$1 million in the advancement of the historic Gubong and Kochang Gold Mines principally by defining a development framework to advance the projects on a capital cost of less than US$10 million. The report and development framework are due to be submitted to Southern Gold in mid-2018. Refer to Southern Gold ASX release dated 27 March 2017 for further details.

Southern Gold Limited: Company Profile 

Southern Gold Ltd is a successful gold explorer and producer listed on the Australian Securities Exchange (under ASX ticker “SAU”). At the Cannon project near Kalgoorlie we are currently developing a small underground operation where Northern Star Resources Ltd holds a five year right-to-mine. Southern Gold is also looking to develop a much larger mine, Gubong, in South Korea within the next 12-18 months with development partner London-listed Bluebird Merchant Ventures.

We are also active explorers. Around Kalgoorlie Southern Gold is testing projects such as Glandore, Transfind Extended and Cowarna looking for additional small high grade open pit-able gold resources to maintain cash flow. In South Korea, Southern Gold also owns a portfolio of high grade gold projects that are a combination of decommissioned gold mines with orogenic gold mineralisation and greenfield epithermal gold targets. Backed by a first-class technical team, including renowned geologist Douglas Kirwin, Southern Gold’s aim is to find world-class epithermal gold deposits.

In essence, Southern Gold looks to monetise the small gold deposits while we search for the bigger ones

Click here to view the full announcement

Bluebird RNS: Excellent Metallurgical Test Results for Gubong

ASX Announcement 11 May 2018

Bluebird Merchant Ventures release to London Stock Exchange;

Gubong Gold Project 

  • Excellent results from initial metallurgical test work 
  • Recovery of more than 90% of the gold 
  • Results imply that extraction will not be complex or expensive

Kochang Gold Project 

  • Underground sampling programme results expected next week

Bluebird Merchant Ventures Ltd Public Release 

Southern Gold Ltd (“Southern Gold”) advises that its development partner, London Stock Exchange (LSE) listed Bluebird Merchant Ventures Ltd (“Bluebird”), has released some information through the LSE information distribution platform, RNS. The information in this latest RNS is regarding Southern Gold’s Gubong and Kochang Gold Projects in South Korea where Bluebird is currently earning a 50% equity interest.

Bluebird’s RNS, as released to the London Stock Exchange, is attached. 

The results or statements in this RNS have not been verified by the Southern Gold board as at the time of writing.

Bluebird is currently investing a total of US$1 million in the advancement of the historic Gubong and Kochang Gold Mines principally by defining a development framework to advance the projects on a capital cost of less than US$10 million. The report and development framework are due to be submitted to Southern Gold in mid-2018. See Southern Gold ASX release dated 27 March 2017 for further details.

Southern Gold Limited: Company Profile 

Southern Gold Ltd is a successful gold explorer and producer listed on the Australian Securities Exchange (under ASX ticker “SAU”). At the Cannon project near Kalgoorlie we are currently developing a small underground operation where Northern Star Resources Ltd holds a five year right-to-mine. Southern Gold is also looking to develop a much larger mine, Gubong, in South Korea within the next 12-18 months with development partner London-listed Bluebird Merchant Ventures.

We are also active explorers. Around Kalgoorlie Southern Gold is testing projects such as Glandore, Transfind Extended and Cowarna looking for additional small high grade open pit-able gold resources to maintain cash flow. In South Korea, Southern Gold also owns a portfolio of high grade gold projects that are a combination of decommissioned gold mines with orogenic gold mineralisation and greenfield epithermal gold targets. Backed by a first-class technical team, including renowned geologist Douglas Kirwin, Southern Gold’s aim is to find world-class epithermal gold deposits.

In essence, Southern Gold looks to monetise the small gold deposits while we search for the bigger ones.

Click here to view the full announcement

Quarterly Activities Report 31 March 2018 

ASX Announcement 30 April 2018 

Highlights 

Western Australia 

  • Agreement was reached in January with Westgold to advance the Cannon underground project. A $1.5 million cash payment was made in exchange for a 5 year right-to-mine to be followed by production payments starting at $160/oz for the first 15,000oz gold and $180/oz thereafter. 
  • Westgold Resources subsequently sold its wholly-owned subsidiary HBJ Minerals Pty Ltd to Northern Star Ltd with the Cannon Right-to-Mine remaining in place with the transfer of ownership. Northern Star will provide an updated Cannon development schedule in the coming quarter. 
  • A series of RC drill programs totalling over 3,600m has commenced in March and will conclude in Mid-April targeting the Pryde and Logan Banded Iron Formation (BIF) targets at the Cowarna project, a bio-geochemical anomaly at Monument South and the Transfind Extend Project at Glandore. 
  • These programmes follow up on significant rock chip samples from the Cowarna Project with 3.78 g/t Au and 1.52 g/t at the Nightcrawler prospect and 8.93 g/t and 1.59 g/t at the Transfind Extended project.

South Korea 

  • In March, Southern Gold’s joint venture partner, Bluebird Merchant Ventures (BMV), has re-opened the Kochang mine and commenced underground survey, mapping and sampling. 
  • BMV has also commenced dewatering at the flagship Gubong Gold Project that will allow metallurgical test work to complete the feasibility study that is now underway.
  • The South Korean portfolio continues to grow and add value with several new tenements granted, including: 

– Aphae (100% SAU, Muan 109): Historic gold mine production of 115kg of gold, with recent mine mullock samples grading 6.08g/t Au. “Walkup” drill target to be tested in the coming field season. 

– Hampyeong (100% SAU, Naju 136): Newly discovered kilometre-scale epithermal quartz veins, including the Nabi and Saseun Vein Zones grading up to 13.4g/t Au, 27.70g/t Ag. “Walk-up” drill targets to be tested in the next 2-3 months in an area that has never been drilled.

  • Project Generation ongoing, identifying and adding highly prospective targets to the portfolio that are typically drill-ready (e.g. Aphae). 
  • An second phase underground sampling program at the Weolyu Project has been planned and will start in the coming field season.

Cannon Underground, Kalgoorlie, Western Australia 

On the 23 January 2018, Southern Gold announced a five year right-to-mine agreement with Westgold Resources Ltd (‘Westgold’) wholly-owned subsidiary, HBJ Resources Ltd (‘HBJ’), over the Cannon Gold Mine 35km east of Kalgoorlie, WA (Figure 1). A $1.5 million upfront payment was received by Southern Gold from Westgold as per the agreement. Additional future payments are expected based on gold production on a per ounce basis - see Table 1. (also see ASX Release 23 January 2018, ‘Southern Gold’s Cannon gold mine in WA to proceed to underground phase’ for details).

On the 8th of March 2018, Westgold announced it had reached agreement with Northern Star Ltd (‘Northern Star’) on the sale of Westgold assets in the Kalgoorlie region. The transaction close was on 3 April 2018 with management of the assets passing to Northern Star, including the 5 year right-to-mine at Cannon.

Click here to view the full announcement 

Bluebird RNS: Ongoing Progress at Gubong and Kochang Gold Projects

ASX Announcement 17 April 2018 

Bluebird Merchant Ventures release to London Stock Exchange;


Kochang Gold Project

  • Underground mapping and sampling completed 
  • 400 samples sent to SGS for analysis with results in 3 weeks

Gubong Gold Project 

  • Water treatment plant commissioned 
  • Metallurgy work at Gubong being progressed

Bluebird Merchant Ventures Ltd Public Release 

Southern Gold Ltd (“Southern Gold”) advises that its development partner, London Stock Exchange (LSE) listed Bluebird Merchant Ventures Ltd (“Bluebird”), has released some information through the LSE information distribution platform, RNS. The information in this latest RNS is regarding Southern Gold’s Gubong and Kochang Gold Projects in South Korea where Bluebird is currently earning a 50% equity interest. The RNS can be seen on their website at:

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BMV/13604840.html

The results or statements in this RNS have not been verified by the Southern Gold board as at the time of writing. 

Bluebird is currently investing a total of US$1 million in the advancement of the historic Gubong and Kochang Gold Mines principally by defining a development framework to advance the projects on a capital cost of less than US$10 million. The report and development framework are due to be submitted to Southern Gold in mid-2018. See Southern Gold ASX release dated 27 March 2017 for further details.

Click here to view the full announcement 


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