Southern Cross Gold Finds Gold Mineralization at Victoria Project; Shares Down 5%

MT Newswires Live01-06

Southern Cross Gold (ASX:SX2) found gold mineralization during a recent drilling at its Sunday Creek gold-antimony project in Victoria, Australia, according to a Tuesday Australian bourse filing.

The results were up to 12.2 meters at 33.3 grams per tonne (g/t) gold equivalent from 447 meters.

The company said that the intersection confirms Golden Dyke as a major high-grade zone within the Sunday Creek project and ranks as the 15th best composite hit across the entire project.

The drilling intersected eight vein sets in total, including two new mineralized structures outside the current exploration target, which returned 0.2 meters at 29.8 g/t gold equivalent and 3.9 meters at 3.9 g/t gold equivalent, respectively, with a 50-meter to 70-meter step-down from previous drilling, expanding the potential size of the deposit.

The company added that Golden Dyke has only been defined with confidence to 600 meters below surface, much shallower than Rising Sun, which extends to over 1,100 meters.

The company's shares fell past 5% in recent Tuesday trade.

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