Southern Cross Gold Ltd (ASX:SXG)
After an internal strategic review on how to unlock the
inherent value within Mawson’s Australian assets, in July 2021, the Board
decided to incorporate Southern Cross Gold (SXG) as a 100% owned private
company which then acquired Mawson’s Australian assets in August 2021.
SXG then commenced its planning to list on the Australian Securities Exchange (ASX), raising A$11.8m in pre-IPO and IPO capital campaigns in H1 2022 after which it commenced trading on the ASX on May 16, 2022 as a separate and independent company.
At the time of listing, SXG had an initial market capitalization of A$32m with Mawson as it’s largest shareholder holding 60% of SXG shares as a strategic investment. Mawson is escrowed for a period of two years from the time of listing.
In Victoria, SXG controls three of the nine historic
Fosterville-style (shallow-orogenic epizonal) exploration projects within 471
sq km tenure. These include Sunday Creek (100%) plus Redcastle and Whroo
(earning up to 70% JVs) and a right of first refusal over 3,300 square
kilometre tenement package. All three projects occur in Ordovician to Devonian
sediments intruded by late Devonian granites and mafic dykes and have evidence
of high-level ‘epizonal’ gold-antimony (Au-Sb) mineralization.
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. Several recent drill intersections, such as 3.0 metres @ 41.4 g/t gold and 12.0 % antimony within 11.7m @ 12.4 g/t gold and 3.6 % antimony in one of the deepest holes at Sunday Creek show the potential for this thesis and a number of projects warrant further work including more drilling.
In Queensland, SXG holds seven granted exploration permits
on the south-eastern edge of the Proterozoic Mt Isa Block, which is host to
several world-class lead-zinc-silver (Pb-Zn-Ag) and copper-gold (Cu-Au)
deposits. The project strategy here is to drill test geophysical targets, a
combination of gravity and magnetic anomalies, under 200 m or more of young
cover. One drill hole has been completed, with anomalous copper associated with
retrograde potassic alteration.
For more information on Southern Cross Gold Ltd, please visit its website here.