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- Southern Cross Gold (SXG) has debuted on the ASX after raising more than $9 million at 20 cents per share to support its projects in the historic Victorian goldfields
- It holds gold and antimony projects and joint venture interests in Victoria and Queensland
- Drill results from its flagship Sunday Creek project in Victoria have included wide zones: 21.7 metres at 4.7 g/t gold and one per cent antimony; and high grades of three metres at 41.4 g/t gold and 12 per cent antimony
- Southern Cross Gold opened 4.88 per cent higher this morning at $0.22 per share
Southern Cross Gold (SXG) has debuted on the ASX after raising more than $9 million at 20 cents per share to support its projects in the historic Victorian goldfields.
It holds the Sunday Creek gold and antimony project 60 kilometres north of Melbourne and the Redcastle and Whroo joint ventures, which are 60 and 70 kilometres further north.
In addition, the company has a 10 per cent holding in Nagambie Resources (NAG) which grants it a Right of First Refusal over a 3300-square-kilometre tenement package held by Nagambie in Victoria. It also has the Mt Isa project in the Cloncurry district of Queensland.
Southern Cross Managing Director Michael Hudson said the company had over 500 shareholders in addition to the foundation shareholder Mawson Gold, which holds a 60 per cent two-year escrowed position in the company.
He said 26 holes had been drilled at Sunday Creek since late 2020 and there had been eight 100 gram metre holes from drilling to date, including 21.7 metres at 4.7 grams per tonne (g/t) gold and one per cent antimony from 274.7 metres, and the high grades of three metres at 41.4 g/t gold and 12 per cent antimony from 364 metres.
“The drill rig continued operating at Sunday Creek during the IPO process and we will now start assaying drill core with results to flow as they are received from the laboratory,” Mr Hudson said.
“Southern Cross Gold considers that its team of successful and seasoned explorationists, applying 21st century technologies to 19th century globally significant, yet largely forgotten Victorian goldfields provides the basis for an exciting future.
“The SXG team has a proven track record of discoveries, including a million-ounce gold equivalent resource in Finland over the last three years and we are excited to create an opportunity at SXG to continue this run of success.”
Southern Cross Gold opened 4.88 per cent higher this morning at $0.22 per share.