Southern Cross Gold Reveals Exceptional Bonanza Grade Strike in Victorian Goldfields

Southern Cross Gold Ltd (ASX:SXG) has unveiled what can only be described as one of the hits of the year in the Victorian goldfields.

This included the highest grade and best intersection at the Sunday Creek project to date of :

  • 1.0 metre at 2,318 g/t gold including 0.3 metres at 7,330 g/t gold.
  • Drilled within a broader interval of 455.3 metres at 7.2 g/t gold (uncut).

Cumulatively, 110 drill holes for 44,082 metres have been reported from Sunday Creek.

The project now contains a total of thirty >100 g/t AuEq x m and thirty-one 50 to 100 g/t AuEq x m drill holes utilising a 2 m @ 1 g/t lower cut.

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

Southern Cross has already received a very positive re-rating in the past 12 months on the back of exploration results.

In Victoria, most primary gold is found in quartz veins or reefs and can be nuggety in small pockets. However, were these grades to continue it could further lift the company’s valuation.

The news will keep coming, with seven drill holes at Sunday Creek being processed and analysed, with three holes in progress.

With close to $8 million in cash, the company is fully funded and permitted to execute its exploration strategy.

Southern Cross has an enterprise valuation of around $120 million.

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