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Southern Cross Gold hits new vein at Sunday Creek, extends known mineralisation

The date of: 2023-07-05
viewed: 0

source:SMALL CAPS

Victorian explorer Southern Cross Gold (ASX: SXG) has again extended the known mineralisation at its Sunday Creek old-antimony project after intersecting a new vein.

The six drill holes all reported some of the highest grades so far.

Hole 067 intersected 0.6m at 161.6 grams per tonne gold equivalent, or 87.6g/t gold and 46.8% antimony, with two higher grade intervals, one returning 54.0% antimony, the other 140.0g/t gold.

Most of project core area still to be drilled

The company says the new vein, found west of the Rising Sun area, indicates the prospectivity and opportunity for further high-grade discoveries across the Sunday Creek ground.

Southern Cross notes that the majority of the core area remains undrilled at this stage.

Sunday Creek is located 54m from the operating Costerfield gold-antimony mine owned by Canadian gold-antimony miner Mandalay Resources.

Scale of mineralised system continues to grow

“Sunday Creek delivers again,” said managing director Michael Hudson.

“All holes reported here demonstrate continuity of mineralised structures from near surface to 700m vertical depth.”

Mr Hudson added that the company is now focusing on a dual strategy of exploration into new areas while it refines and de-risks other areas.

“The hit rate of gold at Sunday Creek remains impressive.”

The Australian company is aiming to become the first locally owned producer here of antimony while also processing high-grade gold mineralisation.

Hit rate stacks up globally

Three rigs are working at Sunday Creek, and five holes are currently being geologically processed and analysed.

A fourth rig is being updated and is expected back at the project site around the end of the month.

The company says the hit rate at Sunday Creek compares favourably with leading global hit rates.

So far, 134 holes have been drilled for a total 26,476m.

Of that total, 31 separate intersections have returned high grade results.

Antimony a critical metal

The project has an 11m mineralised trend that extends beyond the main drill area and is defined by historic workings and soil sampling.

Antimony is considered by the US Department of Defence to be a critical metal as it is needed to produce everything from armour-piercing bullets and explosives to nuclear weapons as well as sundry other military equipment, such as night vision goggles.

China now dominates antimony supply, producing 145,000 tonnes per annum. The second largest producer is Canada, with 7,000tpa.



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