Join our daily newsletter At The Bell to receive exclusive market insights
Southern Cross Gold (ASX:SXG) has hit an intercept grading more than 24 grams per tonne of gold through drilling at the Sunday Creek gold-antimony project in Victoria, identifying a zone with even higher-grade mineralisation in this area close to the historic Golden Dyke mine.
One hole in the drilling program intercepted 5.5 metres at 25.4 grams per tonne (g/t) of gold in a 200 metres Down-Dip Extension at Golden Dyke, with a zone of 1.4 metres grading 101.1 g/t within this.
The discovery means known mineralisation at the site has been extended 100 metres to 200 metres deeper than previous drilling: Which in turn suggests the high-grade gold vein sets continue to depth at Golden Dyke.
This ‘aforementioned hole revealed mineralisation up to 550 metres vertically below surface historic mine workings, with up to nine zones comprised of gold grading above 20g/t, with peak values of up to 196 g/t, plus five intercepts of antimony over 2% (with a top grade of 4.1%).
Managing director Michael Hudson said the results pointed to the value of this gold project – which is located an hour from Melbourne – and its potential into the future.
“These results from Golden Dyke continue to validate our conviction that Sunday Creek represents one of the most significant global gold discoveries in recent years,” he said.
“The consistency and grade of mineralisation we’re seeing at depth matches or exceeds what we’ve found closer to surface, and importantly, these results fall entirely outside our January 2024 exploration target area.”
SXG shares spiked upwards on the news, and at 12:52 AEDT, traded at $3.02 – a rise of 7.09% since market open.
Join the discussion: See what HotCopper users are saying about SXG and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
