Southern Cross Gold Ltd (ASX:SXG) Quarter Activity Report
Southern Cross Gold Ltd (“SXG”) has reported remarkable progress at its Sunday Creek project, evidencing its status as a major gold discovery. The latest quarter’s activities, which ended on 30 November 2024, highlight several significant drill results and key corporate developments.
Exceptional Drill Results
The company announced outstanding drill results, including high-grade intersections. Notable highlights include:
– **Rising Sun**: 0.16 m at 3,352.0 g/t AuEq and multiple high-grade zones.
– **Apollo**: 186.0 m at 9.6 g/t AuEq alongside the notable intersection of 0.5 m at 2,544.0 g/t AuEq.
– **Christina**: 1.7 m at 254.0 g/t AuEq, reaffirming the project’s high-grade potential.
Overall, the quarter showcased 154 drill holes completed since 2020, affirming significant mineralisation trends across a defined 1,350 m strike length. The results demonstrated a robust mineralising system that continues to enhance with depth.
Strategic Land Acquisitions and Approvals
The company has received Foreign Investment Review Board (FIRB) approval for acquiring Sparr Nominees Pty Ltd, including 921.22 hectares of land and A$18.75 million in cash. This acquisition increases SXG’s total landholding to 1,054.51 hectares.
Moreover, SXG acquired the remaining 30% of the Redcastle Gold-Antimony Joint Venture, seeking to consolidate their position in the highly prospective Victoria’s goldfields.
Future Exploration and New Initiatives
A large-scale induced polarisation geophysical survey commenced during this quarter, aiming to cover 6 km of strike extent to identify new drill targets. The company continues to explore the mineralised structures at both Sunday Creek and surrounding areas, revealing promising exploration avenues.
Financial Overview and Outlook
For the quarter, SXG reported cash outflows of A$1,117k from operations and A$4,853k from investing activities, leading to an ending cash balance of A$4,754k.
SXG is committed to enhancing long-term value for shareholders as exploration continues and project development progresses.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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