- Golden Cross is advancing exploration at the Reedy Creek Gold Project, 10 km northeast of and contiguous to Southern Cross Gold's recent Sunday Creek gold discovery
- Historical drilling at Reedy Creek revealed high-grade gold intercepts including 11m at 31.4 g/t gold and 2m at 174.42 g/t gold1
- Recent soil geochemical sampling identified a ~3km-long gold-in-soil geochemical anomaly
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2025) - Golden Cross Resources Corp (TSXV: AUX) (OTC Pink: ZCRMD) ("Golden Cross" or the "Company"), a company focused on high-grade gold exploration at the historic Reedy Creek Goldfield in Victoria, Australia, is pleased to provide an update on its Reedy Creek Gold Project, in Victoria's prolific Lachlan Fold Belt. The Company's modern exploration approach, grounded in a proven structural model, is targeting known gold mineralization directly adjacent to the Sunday Creek gold discovery made recently by Southern Cross Gold.
Figure 1: Golden Cross' Reedy Creek Project is located 10 km northeast of Southern Cross Gold's recent Sunday Creek gold discovery, in Victoria's prolific Lachlan Fold Belt
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Reedy Creek: Historic High-Grade Gold Intercepts
Located just 10 km northeast of Sunday Creek, historical drilling at Reedy Creek points to a potential high-grade gold system. Significant intercepts1 include:
2.0m at 174.4 g/t gold
11.0m at 31.4 g/t gold
These shallow intercepts demonstrate very high gold grades but were never followed up with deeper or systematic drilling. Golden Cross intends to apply modern structural, geochemical, and geological tools to define its scale and continuity.
~3km Gold-in-Soil Anomaly Suggests Potential Large-Scale System
Supporting a planned drill campaign this summer is a recently outlined gold-in-soil anomaly stretching more than 3 kilometers in length and running parallel to a regional anticline-similar in style to structures hosting mineralization at Sunday Creek. Gold-in-soil anomalies are critical early indicators of mineralized systems, especially in epizonal deposits where gold is often closely associated with fault zones and vein swarms near surface.
The anomaly identified at Reedy Creek aligns with mapped folding and structural complexity, suggesting the potential for multiple pathways for gold deposition-a key requirement for high-grade, vertically extensive gold systems.
"In epizonal gold systems like those found in this region of Victoria, gold-in-soil anomalies often sit directly above ladder-style vein systems," said Alan Till, VP Exploration. "The scale and strength of the anomaly at Reedy Creek gives us confidence we're targeting the right structures."
Structurally Controlled High Grade Gold Systems
The gold mineralization at Reedy Creek is strongly constrained by regional folding and faulting. The detailed mapping being undertaken by Golden Cross Resources is crucial to developing a robust 3D model of the gold mineralization within the Reedy Creek goldfield. The structural and geological mapping will be used to guide the upcoming drilling programs as its scope is expanded out across the Reedy Creek goldfield, and to other regional target areas.
Interrogation of the Company's Lidar dataset has identified more than 1,350 artisanal mine workings dating back to the late 1800s. The mapping of these workings shows they closely follow the structural trends that host the gold bearing quartz veins. As such they are an important early stage targeting tool that enables the company to swiftly vector in on gold mineralization.
"Testing the Ladder": A Strategy That Delivered at Sunday Creek
Golden Cross is adopting the same exploration model that led to the breakthrough discovery at Sunday Creek: the "Testing the Ladder" approach. This strategy focuses on identifying stacked, steeply dipping high-grade gold bearing quartz veins (the "rungs" of a ladder) that can deliver multiple intercepts from a single drill hole when drilled at depth. The high-grade quartz veins forming these rungs are connected by a halo of lower grade mineralization within the intervening host rock.
Shorter historical holes from past drill campaigns could have potentially missed many of these deeper vein intersections. At Reedy Creek, past drilling at hole RWD01 reported the following grade intervals2:
0.8 m @ 21.7 g/t Au from 40.8 m
0.7 m @ 239.64 g/t Au from 68.7 m
By drilling deeper and along structurally favorable trends, Golden Cross aims to define the vertical extent, continuity, and true size of the potential system.
"Golden Cross is using the same formula that led to the Sunday Creek discovery, which turned Southern Cross Gold into a billion-dollar company," said CEO Matthew Roma. "With historical high-grade intercepts, a 3km gold-in-soil anomaly, and modern exploration tools now in hand, we believe Reedy Creek holds significant upside potential."
Drilling Set to Begin in June 2025
Golden Cross is in the process of consolidating and studying historical workings, structural mapping, geochemistry, and previous drill results (see Figure 2 below) to design its Phase 1 Diamond drill program, commencing in June. The fully funded 6,000 metre program will begin with 2,000 metres at the Prince of Wales and Wieneroider Ridge targets. Additional drill phases will follow as geological modeling and results evolve. The Company will provide an update on the drilling program in a future news release.
Figure 2: Significant historic drill results within the current exploration target Area
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References:
1.)Refers to Fosterville South Exploration news release dated April 27, 2022 (link here)
2.)Refers to Fosterville South Exploration news release dated Oct 14, 2021 (link here)
Omnibus Incentive Plan and RSU Grant
Additionally, the Company announces that Shareholders approved the company's new 20% fixed omnibus incentive plan (the "Plan") at its Annual General & Special Meeting held on May 6, 2025. The Plan allows for the maximum of 12,072,173 options and restricted share units (the "RSU's) to be issued.
Under the Plan, the Company has granted 1,210,000 RSU's to directors and officers of the Company, subject to TSX Venture Exchange approval. The RSU's will vest over a two-year period.
About Golden Cross Resources
Golden Cross Resources (TSXV: AUX) (OTC Pink: ZCRMD) is a Canadian mineral exploration company engaged in the advancement of its "Reedy Creek" high-grade gold project (the "Project") in Victoria, Australia, which is comprised of two tenements of land located approximately 10km northeast of and contiguous to Southern Cross Gold's Sunday Creek gold discovery. Past drilling at the Project revealed high-grade gold intercepts including 11m at 31.4 g/t gold and 2m at 174.42 g/t gold1. Golden Cross plans to commence its Phase 1 diamond drill program at the historic Reedy Creek Goldfield in Q2 2025 to confirm and expand known high-grade gold mineralization.
For more information visit: www.goldencrossresources.com
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Mr. Alan Till, VP Exploration and a Qualified Person for Golden Cross Resources as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Till has examined information regarding the historical exploration at Golden Cross's "Reedy Creek" high-grade gold project, which includes his review of the historical sampling, analytical and procedures underlying the information and opinions contained herein.
Management cautions that historical results were collected and reported by operators unrelated to Golden Cross and have not been verified nor confirmed by its Qualified Person; however, the historical results create a scientific basis for ongoing work in the Golden Cross property. Management further cautions that historical results, discoveries and published resource estimates on adjacent or nearby mineral properties, whether in stated current resource estimates or historical resource estimates, are not necessarily indicative of the results that may be achieved on the Golden Cross property.
For Further Information Contact:
Matt Roma, Director & CEO
+1-778-736-3356
info@goldencrossresources.com
FORWARD-LOOKING STATEMENTS
This release may contain forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and include disclosure of anticipated exploration activities. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Such factors include, among others, risks related to: the accuracy and reliability of historic drilling results as it relates to planned exploration; the ability of the Company to raise funds for exploration activities and property maintenance costs at Reedy Creek; reliance on technical information provided by third parties on any of our exploration properties; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays due to pandemic; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis which is available under Company's SEDAR profile at: www.sedarplus.ca
Although Golden Cross has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Golden Cross disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251249
SOURCE: Golden Cross Resources Inc.
