Southern Cross Gold (ASX:SXG) is still spinning 4 drill rigs across its Sunday Creek Project in Victoria even as it announces a gold-antimony exploration target for the area.
The $186.8 million market capitalisation company says the estimated range of potential mineralisation for the exploration target lies between 4.4 million tonnes and 5.1Mt grading between 7.2 grams per tonne (g/t) gold equivalent and 9.7g/t AuEq for 1-1.6Moz AuEq.
This target covers just 620m of the Sunday Creek area, which accounts for only half of the known strike of the main drill area and represents less than 10% of the 11km strike of the dyke host across the project.
The exploration target encompasses the Rising Sun and Apollo areas within Sunday Creek, from where Southern Cross continues to drill along-strike and down-dip.
Southern Cross Gold Managing Director Michael Hudson says Sunday Creek is a ‘rare’ discovery.
“This exploration target is the first early opportunity to demonstrate the scale and high-grade potential as suggested by the last year of successful drilling.
Notably, the exploration target is constrained to the current drill footprint at Apollo and Rising Sun, as they contain sufficient drilling to determine continuity and infer grade ranges.”
“This exploration target is the first early opportunity to demonstrate the scale and high-grade potential as suggested by the last year of successful drilling”
Hudson adds that the company expects further drilling to continue to expand the ‘multi-million-ounce potential’ and ‘high-grade tenor’ of Sunday Creek.
Given that around 50% of the project area has not been drilled to the intensity required to include in this latest Exploration Target, Southern Cross says there is still potential to further increase the overall gold-antimony endowment of Sunday Creek.
Looking ahead, Southern Cross is eyeing native title and cultural heritage surveys — alongside other necessary licences, approvals, and exploration and testwork programs — to move to a Mineral Resource Estimate (MRE) for Sunday Creek.
Southern Cross Gold had $7.95 million cash at hand as of 30 November 2023, according to a recent investor presentation.
Write to Joshua Smith at Mining.com.au
Images: Southern Cross Gold
