Southern Cross Gold Extends Bonanza Grade Streak in Victoria, Achieving Positive Re-Rating

Southern Cross Gold Ltd (ASX: SXG) shares are expected to continue their rally this morning, following more bonanza grade gold hits from the Rising Sun prospect.

Rising Sun is located within the wholly-owned Sunday Creek Project in Victoria.

Geologically, the project is located within the Melbourne Structural Zone in the Lachlan Fold Belt.

Southern Cross continued success has pushed its market capitalisation to around the $550 million mark at $2.83 a share.

A more than five-fold increase from a year ago.

Trend is your friend

Michael Hudson, managing director, commented:

“At Sunday Creek, the trend is your friend, with drill hole after drill hole continuing to demonstrate continuity, extremely high-grades and new discoveries.

“This time drill hole SDDSC118 demonstrated continuity across multiple structures, while defining three new vein sets and drilling the deepest, and one of the best, intersections at Sunday Creek with 3.6 metres at 124.8 g/t gold from 1,120.4 metres, in a large 80 metre down dip extension below previously defined mineralisation.”

In other highlights, the hole recorded two top 10 results for Sunday Creek, including 0.7 metres at 604 g/t gold.

Sunday Creek compares favorably with global leading hit rates for this stage of the project’s development.

Southern Cross is fully-funded with $12.5 million in cash and permitted.

The company is also involved in a proposed merger with Mawson Gold Ltd (TSX: MAW), and a dual-listing.

 

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