Southern Cross Gold to take fundies, brokers on Sunday Creek site tour as IPO looks to close soon
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With its ASX listing only weeks away, Southern Cross Gold is keen to give brokers, fund managers and analysts a look into its operations.
The company is setting up a full-on site tour of its Sunday Creek, Whroo/Balaclava and Redcastle tenements on 19 May which will include an up-close look at operating drill rigs and the Nagambie drill core sheds.
Southern Cross’ initial public offering – to raise between $8-10m through the issue of 40-50 million shares at 20 cents per share – closes shortly, with managing director Michael Hudson telling Stockhead all the boxes have been ticked following a very strong response from investors.
This is thanks to some very well-located tenements and strong drill results within some of Australia’s richest historical gold fields that were spun-out from TSX-listed Mawson Gold.
Sunday Creek, the company’s wholly-owned flagship project, extends over 10km of old mines, soil sampling and early stage work.
The project already hosts eight 100 gram x metre intercepts drilled over an 1km strike down to 400 metres vertical depth and open, more than enough for it to be considered a bona fide discovery by at least one major gold company.
And if that wasn’t enough, drilling to date has covered just 10% of the identified strike, meaning that there is plenty of room for more gold to be found.
That’s just the pointy end of Southern Cross’ spear.
Its Whroo and Redcastle joint ventures with Nagambie Resources (ASX:NAG) – in which the company has a 10% stake – are also extremely alluring projects in their own right.
At the 14km historical Whroo goldfield, the deepest hole ever drilled only went to 100 metres, which the company believes missed the real prize.Its subsequent drilling to a vertical depth of just 200m returned the best result on the field since mining began – 167 years ago!
Meanwhile, Redcastle is interpreted to be an extension of the +2Moz Costerfield mine corridor that is just a few km to the south.
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.