Cargo Goldfield Core Drilling Program

Twin holes, SD004 and SD005, testing near-surface gold intersections at the Spur-Dalcoath Lodes return 13 metres at 3.99 g/t gold and 26 metres at 1.87 g/t gold within broader zones of 55 metres at 1.27 g/t gold and 67 metres at 1.15 g/t gold respectively.

Golden Cross Resources (GCR) has completed a program of three twin PQ/HQ core holes to confirm previous reversecirculation drilling results at the Spur-Dalcoath gold targets at Cargo.

The Cargo Goldfield lies 15 kilometres west of Cadia and 50 kilometres south of GCR’s advancing Copper Hill project containing resources of over 500,000 tonnes of copper and 1.35 million ounces of gold.

Cargo has been mined intermittently for over 140 years. Cyprus Gold Australia drill-tested gold zones in the 1980’s defining what are now potentially economic bodies of near-surface gold mineralisation.

A mineralised zone of 55m grading 1.27 g/t gold from 53m [compared with 54m @ 1.04 g/t gold from 41 metres in JG74] contains, using a 0.5 g/t gold cut-off grade and 2 metre maximum internal dilution interval, the following economic intercepts:

  • 6.3 metres @ 2.82 g/t gold from 59.7 metres
  • 13 metres @ 3.99 g/t gold from 69 metres
  • 3 metres @ 1.06 g/t gold from 102metres

The upper two zones consolidate into 25.3 metres @ 2.79 g/t gold if a 0.3 g/t gold cut-off with a 2 metre maximum internal dilution are applied.

As with SD003, reported by GCR on the 16th March, there is considerable additional information now available from this core drilling program of the internal grade distribution with peak values of 25.7, 10.85, and 9.12 g/t gold over one metre intervals within thinner, but very high grade, sub-zones.

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