GCR granted PACE Funding for Drilling in South Australia

In January 2012, Golden Cross Resources (GCR) made a submission to the South Australian Department for Manufacturing, Innovation, Trade, Resources and Energy (DMITRE) for funding to undertake a co-operative exploration drilling program funded by GCR and the South Australian government under its PACE 2020 initiative.

PACE Discovery Drilling embodies a supportive partnership with industry to undertake drilling in areas determined by DMITRE to have economic mineral potential, but currentlyhampered by cover rocks or other factors that discourage investment. PACE Discovery Drilling 2012 preferentially funds high quality, technically and economically sound projects that promote greenfields exploration targets.

Successful proposals are assessed as those containing the highest quality exploration targets based on sound technical, scientific and commercial criteria. The successfulapplicants have approximately one year to complete their programs and submit reports and drilling samples.

In 2011 Golden Cross reviewed geophysical data to identify six targets with similar characteristics to known IOCG prospects and deposits elsewhere in the Gawler Craton as shown in Figure 1. These were reported to the ASX on 29 August, 2011. A further fourteen targets have since been identified in 2012 from images prepared by Melbourne-based consultants, PGN Geoscience. Some of the various models used are shown in Figure 2.

Golden Cross has been advised that funding of $75,000 has been approved towards the drilling costs of the 2011 targets. Accordingly the company will progress access requirements for the sites and relevant clearances under agreements it signed with Native Title Claimants during 2011, with a view to commencing drilling as soon as practical. GCR continues to progress its 100%-owned Copper Hill project with metallurgical testing at ALS Metcon in Sydney and ALS Ammtec in Burnie delivering improved results. Potential exists to considerably reduce the Mill and Plant capital costs for Copper Hill if an existing one, currently for sale, proves suitable. An inspection has been carried out and financial studies are underway.

GCR will soon announce new resource estimates for its Cargo Gold Project.

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