FOCUSSED on the exploration and development of gold in WA, Southern Cross Goldfields has identified a significant gold target in the Marda gold belt.
The Thresher prospect was found during systematic regional auger drilling soil sampling programmes within its 4000 square kilometres of tenements in the Marda belt, 150km north of Southern Cross. Lying in a structurally complex geological position, the newly defined gold anomaly was defined by plus 40 parts per billion across a strike length of 800m with a plus 100ppb core across 400m.
Thresher is close to the Evanston Shear Zone, which has anomalous gold occurrences over its 30km strike length; is parallel to an adjacent magnetic unit and may be on the flank of a local fold near the core of the Broadbents Anticline. Southern Cross will complete a rotary air blast program over Thresher in March.
Meanwhile, the company’s financing for the development of its Marda gold project has progressed.
According to a company statement, “due diligence on the project for short-listed financiers is nearing completion, after which financing options will be addressed with short-listed parties”.
The project’s activities “have advanced strongly in parallel with financing activities, including the completion of several important environmental and engineering studies in support of statutory approvals”.
It is estimated that the company has resources of about 600,000 ounces of gold, which is mainly in the Marda region.
The company is also finalising the $5 million Sandstone gold project acquisition from Troy Resources, which is “advancing positively with most third party agreements required as part of completion for the transaction now signed off”.
The Sandstone gold project included a 1100sqkm tenement portfolio with a resource base of 14.5 million tonnes at 1.5 grams per tonne for 720,000 ounces of gold.
At the acquisition of Sandstone, Southern Cross doubled its resource inventory to about 1.3 million ounces.