re: Ann: Drilling has commenced on GCR's ... Golden Cross Resources has recently commenced a 2,500 metre six hole drilling program at its Gawler Craton tenements in South Australia that are prospective for iron oxide-copper-gold deposits similar to those at BHP Billiton's Olympic Dam and OZ Minerals' Prominent Hill project.
Golden Cross is to test three of the six initial targets at Oolgelima Hill project, which is located north-east of Coober Pedy in the Gawler Craton.
Golden Cross has identified five high priority coincident magnetic-gravity targets following detailed geophysical analysis.
The company holds five granted tenements covering 3,150 square kilometres within the northern Gawler Craton in South Australia.
The tenements cover several structural domains lying north of the highly prospective Olympic Domain, which hosts the world class IOCG deposits of Olympic Dam and Carrapateena.
To the northwest, within the G2 structural corridor, the Mount Woods Inlier contains the Prominent Hill mine and two of Golden Cross' exploration licences, Warriner Creek and Codna Hill.
At the end of March 2013 the company held $1.75 million in cash and $750,000 in negotiable securities.
re: Ann: Drilling has commenced on GCR's ... Golden Cross...
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