ASX Suspension Looms as Golden Cross Pushes Copper Hill Development
Golden Cross Resources has progressed exploration at its flagship Copper Hill project with extensive geochemical sampling and tenement renewals, while navigating ASX suspension and seeking partnerships to unlock value.
- Completed extensive soil geochemical sampling at Copper Hill
- Renewed key exploration licences in NSW and South Australia
- Ongoing environmental studies and mining lease application preparations
- Maintained $79,000 cash reserves with $6.17 million drawn from financing facilities
- Continues ASX suspension pending demonstration of operational activity
Exploration Momentum at Copper Hill
Golden Cross Resources Ltd (ASX, GCR) has reported steady progress in its June 2025 quarterly activities, with a clear focus on advancing its Copper Hill copper-gold porphyry project in New South Wales. The company completed a comprehensive geochemical soil sampling program across eight zones, including infill and extension areas, designed to refine exploration targets and better understand mineralisation vectors. This work builds on previous surveys and aims to underpin future resource expansion and development planning.
Located within the highly prospective Macquarie Arc volcanic belt, Copper Hill benefits from proximity to significant regional deposits such as Cadia-Ridgeway and Alkane Exploration’s Boda and Kaiser prospects. Golden Cross’s 2022 Mineral Resource Estimate remains a key reference point, with ongoing evaluation efforts supporting a forthcoming Mining Lease Application and associated development consents.
Tenement Renewals and Regional Portfolio
During the quarter, GCR successfully renewed its EL6391 exploration licence for Copper Hill for an additional six years, extending tenure to March 2031. Other tenements in the Cobar region and South Australia also saw renewals or renewal applications lodged, including EL8270 in NSW and EL6500 in South Australia’s Woomera area. However, access issues in the Woomera region have delayed drilling approvals, prompting the company to seek divestment options acceptable to local stakeholders.
GCR’s diversified portfolio spans multiple commodities and geological provinces, including base metals and gold in NSW’s Lachlan Fold Belt, iron oxide copper-gold deposits in South Australia’s Gawler Craton, and phosphate-rare earth element prospects in Queensland’s Georgina Basin. The company’s subsidiary King Eagle Resources continues to hold significant phosphate deposits with potential rare earth element enrichment, although no fieldwork was conducted this quarter.
Financial Position and ASX Suspension Status
Financially, Golden Cross reported exploration expenditure of $38,000 for the quarter, maintaining a modest cash balance of $79,000 at period end. The company has drawn $6.17 million from total financing facilities of $6.81 million, providing a runway of approximately six quarters based on current expenditure levels. Payments to related parties, including director fees and field base rent, totaled $38,000.
Notably, GCR’s securities remain suspended from ASX quotation since December 2024 due to insufficient operational activity. The company has since undertaken substantial fieldwork, including gravity surveys and soil sampling at Copper Hill, aiming to demonstrate compliance with Listing Rule 12.1. Management plans to apply for reinstatement once ongoing sampling results are announced and operational continuity is established.
Outlook and Strategic Considerations
Golden Cross continues to engage potential partners to advance Copper Hill’s development, reflecting the broader market interest in copper-gold projects amid evolving commodity dynamics. Environmental baseline studies and land access negotiations remain critical components of the project’s pathway to production. Meanwhile, the company’s joint venture at West Wyalong with Argent Minerals remains on hold, with GCR diluting its interest to preserve capital for higher priority assets.
As the company navigates regulatory hurdles and operational challenges, the coming quarters will be pivotal in translating exploration progress into tangible value creation and market re-engagement.
Bottom Line?
Golden Cross’s next moves on Copper Hill exploration results and ASX reinstatement will be closely watched by investors.
Questions in the middle?
- When will Golden Cross formally apply for ASX reinstatement and what milestones will ASX require?
- How will ongoing land access issues in South Australia’s Woomera area impact drilling plans?
- What are the prospects and timelines for partnership deals to advance Copper Hill development?