In 2021, Mawson consolidated its Australian assets into Southern Cross Gold (SXG) with the intention to list SXG on the ASX. After raising A$2.7m in a private pre-IPO funding round, it raised a further A$9.1m in its IPO capital raise and commenced trading on the ASX on May 16, 2022 as a separate and independent company. Mawson is the largest shareholder of SXG, holding 49% of SXG shares as a strategic investment (96,590,910 shares).
In Victoria, SXG's 100% owned flagship project at Sunday Creek is the best new grassroots discovery in Australia with a globally leading high-grade hit rate for this stage of the project’s development.
Results at the property demonstrate high-grades and wide zones of gold and antimony over an 11km mineralised trend.
Sunday Creek has already delivered 49 individual intersections exceeding 50 AuEq g/t x m (“AuEq g/t x width in m”) and 44 individual intersections exceeding 100 AuEq g/t x m from 130 reported drill holes and 58,000 m of drilling. Results include 1.0 m @ 2,318 g/t Au drilled within 455.3 m @ 7.2 g/t Au and 13.1 m @ 91.7 g/t Au within 331.5 m @ 6.8 g/t Au.
Past work on the projects in Victoria includes extensive workings from the 1850s to early 1900s, and more recent exploration for near-surface oxide mineralization including drilling in and near old workings. Exploration has recently been focused on testing for extensions to depth in these epizonal fields.
For more information on Southern Cross Gold Ltd, please visit its website here.