Golden Cross Reports $58K Exploration Spend, Plans 580-Station Gravity Survey
Golden Cross Resources continues to push forward with joint venture discussions to finance its flagship Copper Hill project, while planning extensive geophysical surveys and addressing regulatory challenges.
- Ongoing joint venture negotiations to fund Copper Hill copper-gold project
- Geophysical gravity surveys and soil sampling planned for early 2025
- Burra project IP survey identifies chargeability anomalies for follow-up
- Phosphate tenements in Queensland seeking new investors
- ASX suspension remains pending demonstration of adequate operations
Copper Hill Project: JV Talks and Exploration Plans
Golden Cross Resources Ltd (ASX: GCR) has maintained momentum on its flagship Copper Hill copper-gold porphyry project in New South Wales during the December 2024 quarter. The company is actively engaged in joint venture discussions aimed at securing financing to advance the project, which lies within the highly prospective Macquarie Arc volcanic belt. This region hosts major deposits such as Cadia-Ridgeway, recently acquired by Newmont, underscoring Copper Hill's strategic significance.
Preparations for a detailed gravity survey across the Copper Hill tenement were completed, with fieldwork scheduled to commence in mid-February 2025. This survey, comprising 580 stations spaced at 400-metre intervals, will complement existing geophysical datasets including ground magnetics and induced polarization (IP), enhancing subsurface structural understanding. Concurrently, the company plans to extend surface soil geochemical sampling to infill gaps and explore peripheral zones, potentially refining drill targets.
Burra Project and Regional Exploration
In the Cobar region, GCR evaluated data from a recent Pole Dipole IP survey at its Burra project, identifying chargeability anomalies warranting further investigation. The company intends to conduct infill IP lines at tighter spacing to better delineate these features and support 3D modelling efforts. This work aligns with GCR’s broader strategy to leverage geophysical techniques to unlock value across its diversified portfolio.
Phosphate and South Australian Tenements
GCR’s subsidiary King Eagle Resources continues to seek investment partners for exploration within its phosphate tenements in Queensland’s Georgina Basin, which also show potential for rare earth element enrichment. Meanwhile, in South Australia, progress remains stalled due to land access issues in the Woomera Prohibited Area, delaying planned drilling at IOCG targets. The company is exploring divestment options for these tenements to parties acceptable to local authorities.
Financial Position and ASX Suspension
Financially, GCR reported a modest exploration expenditure of $58,000 for the quarter, with cash reserves at $103,000 and undrawn financing facilities of $680,000, providing an estimated 11 months of funding at current expenditure levels. However, the company’s securities remain suspended on the ASX due to insufficient operational activity under Listing Rule 12.1. GCR is confident that the upcoming exploration programs, particularly at Copper Hill, will demonstrate adequate operations to satisfy ASX requirements and enable reinstatement of trading.
Overall, Golden Cross Resources is navigating a critical phase, balancing exploration advancement with regulatory compliance and capital constraints. The outcomes of joint venture negotiations and the success of planned geophysical surveys will be pivotal in defining the company’s near-term trajectory.
Bottom Line?
Golden Cross’s ability to secure JV funding and deliver on planned exploration will be key to lifting its ASX suspension and unlocking Copper Hill’s potential.
Questions in the middle?
- Will Golden Cross finalize joint venture agreements to fund Copper Hill development?
- How will the upcoming gravity and soil surveys impact the project’s resource definition?
- What are the prospects for resolving land access issues in South Australia’s Woomera area?
