Southern Cross Gold Ltd Announces Successful Drilling Results at Rising Sun Prospect
SXG (SXG) Share Update November 2024 Tuesday 12th
Southern Cross Gold Confirms Continuity at Rising Sun with Close Spaced Drilling
Southern Cross Gold Ltd (ASX:SXG) has announced promising results from its recent close spaced drilling at the Rising Sun prospect, part of the Sunday Creek Gold-Antimony Project in Victoria, Australia.
Instant Summary:
- Successful confirmation of geological and grade continuity of high-grade vein sets.
- Discovery of additional gold-antimony mineralised vein sets.
- Ongoing exploration with 60 km of diamond drilling planned over the next year.
Drilling Program Success
Southern Cross Gold Ltd has released positive results from five navigational diamond drill holes at the Rising Sun prospect. The NAVI drill program aimed to confirm the predictability of mineralised vein structures and grades. The program successfully intercepted mineralised vein sets as planned, demonstrating the geological model's consistency.
Notably, the drill hole SDDSC050W2 confirmed the continuity of four high-grade vein sets, with highlights including 1.3 meters at 52.6 g/t AuEq from 730.0 meters. Additionally, SDDSC092W3 intercepted extensive untested mineralisation, further confirming geological continuity at 15 to 30 meters separation from mineralisation defined in the parent hole.
New Discoveries and Future Plans
The detailed drilling also led to the discovery of new gold-antimony mineralised vein sets, which were not previously tested by broader spaced drilling. This suggests potential for further mineralisation with increased drilling density.
Southern Cross Gold is committed to expanding and derisking this significant gold discovery. The company plans to conduct 60 km of diamond drilling over the next year, with twelve holes currently being processed and analysed, and an additional five holes in progress.
The successful confirmation of geological continuity at Rising Sun enhances the project's potential value, potentially boosting investor confidence. The discovery of additional mineralised vein sets could lead to an increase in resource estimates, positively impacting the company's stock.
Investor Reaction:
Analysts are likely to view these results favorably, as they confirm the predictability and potential of the Rising Sun prospect. The ongoing exploration efforts and planned drilling program may further strengthen investor confidence in Southern Cross Gold's growth strategy.
Conclusion:
Investors should keep an eye on Southern Cross Gold's ongoing exploration activities and future drilling results, as these could significantly impact the company's valuation and market position. The potential for further discoveries at the Rising Sun prospect makes this a project to watch.