GCR SELLS QUEENSLAND COAL TENEMENTS to FUND MAJOR DRILLING PROGRAMS and PROJECT DEVELOPMENTS
Golden Cross Resources (GCR) announces the sale of its Queensland Surat and Galilee Basin Coal Tenements to a Queensland-based coal explorer. GCR will retain its 2500 km2 Eromanga Basin coal applications.
Whilst the specific details of the Queensland Coal Tenement sale are subject to confidentiality, the completion of the transaction represents an immediate and significant cash injection to GCR. This will enable an expanded and focused exploration campaign on the company’s priority projects.
Mr. Kim Stanton-Cook, Managing Director of GCR, said: “The funds will enable us to make further progress with exploration at the Molong Project, including metallurgical and financial studies now underway at Copper Hill.
“Further metallurgical test-work and a scoping study can now be funded at the Cargo gold project near Orange in New South Wales. GCR can also continue its core drilling program at Cargo to define further gold resources.
“GCR intends, once land access is granted, to drill test the geophysical anomalies defined within its IOCG projects in the Gawler Craton of South Australia.
“GCR’s Cobar region projects in New South Wales also hold well-advanced targets and this new funding will allow drilling to commence within our Canbelego and Rast tenement areas.”
The company now has sufficient funds to fund its planned exploration and development activities.