Southern Cross Gold Ltd (SXG) is a Victorian gold exploration company whose 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. 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.
SXG listed on the ASX via an initial public offering on 16 April 2022 as a spin out from TSX listed Mawson Gold Ltd. Through nearly $6 million already invested in over 9,000m drilled in over 30 holes at our properties, SXG arrived on the ASX with a pre-existing advanced exploration track record having made two bona fide discoveries at the Sunday Creek and Whroo properties that demonstrate continuous high-grade mineralisation at depth.
This was further confirmed two weeks after listing when we announced our best drill results at our 100% owned Sunday Creek project from Hole 33 for 119.m @ 3.9g/t AuEq from 107m at the Apollo Shaft prospect. Sunday Creek is located only 60kms north of Melbourne and all drilling has occurred in an 800m strike underneath historic workings in the area. This represents less than 10% of the 11km long mineralised trend at Sunday Creek 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.