Southern Cross Gold Ltd (SXG) is a Victorian gold exploration company that listed on the ASX via an initial public offering at $0.20/share on 16 May 2022 as a spin out from TSX listed Mawson Gold Ltd.
The Company’s primary assets include three high-grade, epizonal gold exploration projects (Sunday Creek, Redcastle and Whroo) within 471 sq km of granted tenements in the heart of a new Fosterville-style high-grade search space in the Melbourne Zone of central Victoria. We own 132.64 hectares of freehold land in and around the current drill area at our 100% owned Sunday Creek project. Through a strategic 10% ownership of ASX listed Nagambie Resources Ltd, we own a right of first refusal over an additional 3,300 sq km tenement package also in the Melbourne Zone.
13,500 metres have already been drilled at the Sunday Creek project in less than two years which has already demonstrated its potential to be a truly significant exploration discovery in Victoria with fifteen (15) >100 cumulative grade x metres (“AuEq g/t x m”) holes now intersected from over 40 holes drilled on the property.
In May we announced results from Hole 33 for 119.2m @ 3.9g/t AuEq from 107m at the Apollo Shoot prospect at Sunday Creek. In August we released the results of two follow up holes (38 and 39) above and below Hole 33 that hit 15.3 metres @ 4.2 g/t AuEq and 42.0 metres @ 4.8 g/t AuEq respectively. Mineralisation remains open at depth and along strike.
The current drill area at Sunday Creek represents less than 10% of the 11km long mineralised trend at the property where over 10kms of which has never had a drill hole to test the mineralisation under prolific historic workings.
SXG is targeting a Maiden Resource Estimate in the near future from its Sunday Creek project, however, its two other Victorian projects, Redcastle and Whroo, both offer exploration upside, again, underneath historic workings where tens of thousands of ounces were produced in the 19th century at grades of ounces per tonne.
The Redcastle project (70% SXG) abuts directly to the north Mandalay Resource’s Costerfield tenement and lies on the same 2Moz mineralised corridor as the Costerfield mine, the world’s seventh highest grade gold mine and the fifth largest producer of antimony, a critical metal that is also present at SXG’s properties in significant amounts. Redcastle has over 17kms of mineralised veins but the deepest drill hole previously reached only 80m down.
SXG’s northern most Victorian project is Whroo where it is currently earning up to 70% from its JV partner, ASX listed Nagambie Resources. Whroo has a 14km mineralised trend stretching east to west that offers huge exploration potential. SXG’s first hole beneath the historic Balaclava open pit mine hit 0.6m @ 49.7g/t Au which will be further tested in H2 2022.
* 09 December 2022 (AUD)
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