Category Archives: Quarterly Reports

June 2015 Quarterly Report

The June 2015 Quarterly Report for Golden Cross Resources has been released.

Click here to download this release




Key Points:

  • Copper Hill Resource Update completed
  • Copper Hill Scoping Study completed with positive PFS decision
  • Sale of interest in Mulga Tank for $275,000 completed
  • Share Purchase Plan completed, raising $347,000

Copper Hill Project
The 2014 Copper Hill drilling was completed on 100 metre spaced sections to better understand the mineralised porphyry copper-gold system. Detailed geological logging and multi-element geochemistry provided considerable clarification of the controls on mineralisation, to assist in both resource modelling and future exploration.

A close association between a strongly quartz veined Micro Tonalite Porphyry intrusive phase intruding the wall-rock Crowded Tonalite Porphyry is evident in several of the holes. Understanding of the internal architecture of the mineralised zones has been substantially improved by orientated structural data from the core drilling, giving support to the interpreted grid northwest orientation of the mineralised zones, with a secondary preferred orientation of the zones in a grid north-northeast plunge orientation.

Following the encouraging resource estimation outcome, a Scoping Study was completed for a 2-3 million tonnes per annum (Mtpa) operation producing metal-in-concentrate averaging 7.7- 11.0Ktpa copper and 20.7-29.9Kozpa gold, respectively.

Resource Upgrade
The improved geological understanding of the mineralisation was used to derive better defined geological domains for an updated resource estimate which is JORC 2012-compliant (JORC 2012 Table 1).
As previously announced to ASX on 24 March 2015, an updated resource estimate at a range of copper cut-off grades was undertaken by independent resource consultant James Ridley.
The JORC 2012 Table 1 (Sections 1 – 3) along with the Executive Summary of the “Report on Resources Estimation for Copper Hill Project” by Ridley Mineral Resource Consulting Pty Ltd, which provides the summary of JORC 2012 Table 1, were included as Annexures 1 and 2 respectively in the 24 March 2015 announcement. There is no new data or changes to assumptions from 24 March 2015.

Click here to download the March 2015 Quarterly Report in full


Key Points:
Management Changes

  • Ken Hellsten appointed as Interim CEO

Copper Hill

  • A further 1345.5m of drilling completed in 3 holes; GCHD472-474, with each hole returning significant intercepts at targeted mining grades.
    • GCHD472 50m at 0.56% copper and 0.83g/t gold
    • GCHD473 58m at 0.64% copper and 0.68g/t gold
    • GCHD474 40m at 0.81% copper and 2.04g/t gold
  • Drilling was completed in November 2014 and a Resource Update commenced.
  • Detailed geological, geochemical and structural analysis providing enhanced understanding of mineralisation as a control on resource estimation.
  • Financial evaluation commenced focussing on shallow higher grade mineralisation of the style intersected in the 2014 drilling program.

Management Changes
Following the very positive results achieved in the 2014 Copper Hill drilling program, the Company is committed to progressing Copper Hill towards development as a mining operation. As a first step this will require the move from an exploration focus to multi-disciplinary studies to determine the optimum project configuration.

Mr Ken Hellsten has been appointed as the interim CEO to lead the Company, and manage the next phase of the Copper Hill project development.

Ken has brought several resource projects, including some much larger and more complex than Copper Hill, from the exploration stage through the development into operations. He also has a track record of delivering value for shareholders, most recently successfully bringing the Polaris Metals NL Carina Iron Ore Project to feasibility study and achieving an eight-fold increase in the Polaris share price with Polaris’ takeover.

Click here to download this report as a pdf file

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