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Southern Cross Gold (ASX:SXG) shares soar on “spectacularly wide” gold hit

ASX News, Materials
ASX:SXG      MCAP $261.9M
30 May 2022 14:02 (AEST)

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Southern Cross Gold (SXG) has reported a “spectacularly wide” intersection of gold-antimony mineralisation at its Sunday Creek project in Victoria.

Hole SDDSC033 was drilled to test a 120-metre gap between two mineralised shoots to the west of the Apollo shaft between two previously-drilled holes nearby.

SDDSC033 hit a 119.2-metre wide zone grading 3.2 grams per tonne (g/t) gold and 0.4 per cent antimony from 106.8 metres including 64 metres at 2.7 g/t gold and 0.2 per cent antimony from 110.7 metres.

Managing Director Michael Hudson said the result was “unprecedented” in terms of the width of high-grade mineralisation, with such a wide hit rarely, if ever, seen in the Victorian goldfields.

“A result of 119.2 metres at 3.9 g/t gold equivalent places the Sunday Creek project into a new realm and builds on what was already a remarkably successful drill program,” Mr Hudson said.

The same hole also intersected some higher grade zones of 5.1 metres at 17.7 g/t gold and 1.6 per cent antimony from 160.5 metres and 5.2 metres at 14.7 g/t gold and 4.8 per cent antimony from 189.9 metres.

Furthermore, the drill hole recorded eight intersections grading above 30 g/t gold with the highest grade gold result being 0.3 metres at 119.5 g/t gold and 0.7 per cent antimony from 161 metres.

The highest grade antimony result included 0.8 metres at 11.7 per cent antimony and 39.7 g/t gold from 192.2 metres.

Southern Cross Gold is continuing to drill at Sunday Creek, with 13 holes now intersecting mineralisation, and a further four holes have been completed with assays pending.

Following the latest results, the materials stock has commenced follow-up drilling to target wide and high-grade extensions to the mineralisation found in SDDSC033.

SXG shares have soared 130 per cent on the back of these results, with shares trading at 46 cents at 1:33 pm AEST.

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