PERTH-based junior explorer Southern Cross Goldfields’ stock lifted 10%, or A3c, to 33c in mid morning trade, on high-grade gold intersections at its Andromeda prospect, part of the Marda gold project in Western Australia.
Southern Cross debuted on the Australian Securities Exchange in mid March after spinning out of iron-focused Polaris Metals.
Better intersections were 8 metres at 4.1 grams per tonne gold from 84m, including 4m at 7.2gpt gold from 88m, and 24m at 1.4gpt gold from 56m, including 4m at 3.6gpt gold from 64m.
The drilling program has identified gold mineralisation that remains open at depth and long strike to the north and south at the Andromeda prospect.
“It is the first batch of results we have gotten back from the drilling program, so we are very pleased to get results so early,” Southern Cross managing director Tony Truelove told MiningNews.net.
“The significance of the results is they open up the whole of the Clampton-Sandplain district, which we believe is a shear zone that we can trace for approximately ten kilometres within our tenements” he added.
Assays are pending from a further two holes which were drilled to the south of Andromeda, Truelove said.
A nickel target is the company’s next focus, with reverse circulation drilling expected to begin at Trough Well prospect, part of the Bullfinch North nickel project, 60km north of Southern Cross, in a few weeks, Truelove told MNn.
Shares in the junior had waned 1c to 32c in early afternoon trade."
Nice steady rising chart since listing too, love those white candlesticks ;-)
cheers.
SXG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
