This new hole contained seven intersections >100 g/t gold with one intersection containing a whopping 0.2 m at 4,190 g/t gold. Pic via Getty Images.
Mining
Southern Cross Gold knocks the ball out of the park with its best intersection to date, recording 331m at 6.8 g/t gold across 18 high-grade veins on a 200m down dip extension from previously best result at Sunday Creek.
Hot gold and antimony explorer Southern Cross Gold (ASX:SXG) is on the hunt for a multi-million ounce deposit at its Sunday Creek project in the Victorian Goldfields.
Shares in the company have lifted 300% since it was spun out of TSX explorer Mawson Gold in May last year.
That came initially off hits like 119.2m at 3.9g/t gold equivalent, 42m at 4.8g/t AuEq and 305m at 2.4g/t AuEq last year before the heat came off as gold explorers fell out of favour with investors.
But a drill hit early last month of 404m at 5.1g/t gold and 5.6g/t gold equivalent, intersecting 13 high grade veins, brought the market back to the party.
Shares are up 64% since the start of September as the company continues its mission to tap into the underexplored potential that made Fosterville, around an hour to the north, so successful.
The company has hit its ‘best drill hole’ to date in SDDSC082, a ‘spectacularly’ long and high grade intersection of gold-antimony mineralisation – 331.5m at 6.8 g/t gold from 413.6m in a 180m to 290m down dip extension of a previous drilled mineralised zone.
SDDSC082 contains the highest grades (up to 4,190 g/t gold) and includes three of the top five individual intersections from Sunday Creek.
The hit comes just weeks after making its previous best result recording 404.4m at 5.1 g/t gold including 0.4m at 2,670 g/t gold.
With four drill rigs on the go, SXG managing director Michael Hudson says there is more to come into their objective to demonstrate volume, scale and grade.
“Great projects generally keep getting better, and Sunday Creek is proving to be no exception
“The hole intersected 18 veins, an exceptionally efficient way to drill the mineralised system, with super high grades intersected in a new vein, only 400m vertically below the surface.
“This suggests the high-grade epizonal system is telescoping upwards to shallower levels, higher than previously understood,” he says.
“We are delighted by the continuity of the separate high-grade veins, with the main Rising Sun vein now traced from surface to 550m depth.”
Southern Cross looks forward to seeing the project continue to develop with four drill rigs currently operating and 19km of drilling planned from now through to April 2024, with many holes still in the laboratory.
This article was developed in collaboration with Southern Cross Gold, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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