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Date : 03/06/2022

Southern Cross Gold (ASX: SXG) shares are shining after the discovery of High-Grade Gold

Southern Cross Gold Ltd (ASX: SXG) is a Victoria-based natural resources business that conducts exploration of precious and essential mineral properties. The company went public on ASX on 16 May 2022.

Southern Cross Gold Ltd (ASX: SXG) owns three subsidiaries Clonbinane Goldfield Pty Limited, Mawson Victoria Pty Limited, and Mawson Queensland Pty Limited.

The company has started its week with a massive positive trend. SXG went public a couple of weeks ago, and it announced on Monday about the positive drilling results. As a result of which, its stock gained by more than 232% in the intraday trading session on Monday.

SXG has gained massively since listing on ASX

SXG is currently trading at $0.66 and has gained massively by 232% in the intraday trading session on Monday. The company’s stock emerged from a trading halt before the news hit the market.

asx sxg

The reason why SXG shares are Gaining

Southern Cross Gold Ltd (ASX: SXG) announced a spectacularly wide intersection of gold-antimony mineralisation grading 119.2 m @ 3.9 g/t AuEq from 106.8 m in drill hole SDDSC033 at the 100%-owned Sunday Creek Project in Victoria. The drill hole also intersected 8 high-grade intersections >30 g/t Au with assays up to 119.5 g/t Au.

The company announced the results soon after it emerged from the trading halt announced on 27 May 2022. The investors were speculating about a significant announcement by the company.

SXG: Further Details on the Drilling

SDDSC033 was drilled to investigate a 120-meter gap west of the Apollo shaft between three mineralised shoots. 60-70 percent of the tested thickness represents the entire mineralised thickness.

Extensive and high-grade mineralisation in SDDSC033 is being targeted with priority drilling.

Sunday Creek currently has thirteen 100 g/t AuEq x m crossings as a consequence of these recent findings. The test findings for the last four holes (SDD034-37) have been sent to the assay laboratory and will be made public whenever they are obtained.

Sunday Creek’s historic workings and soil analysis have delineated a 10 km mineralised trend that extends beyond the drill area and provides potential future upside.

SXG Managing Director’s Remarks

Michael Hudson, the company’s managing director, said the breadth of high-grade mineralisation is unmatched in the Victorian goldfields. Sunday Creek’s 119.2m @ 3.9 g/t AuEq result builds on a successful drill programme. The Apollo Shoot has an enormous breadth and slopes down to 335 m vertical depth, while numerous nearby shoots remain to be drilled. We expect further results with freehold property, industry-leading drill results, excellent local ties, a team of ore discoverers, and a drill rig targeting SDDSC033 expansions.

Conclusion

The discovery at Sunday Creek is described to be unprecedented. The Sunday Creek is 100% owned by the company. Near Melbourne, 60 kilometres north, the Sunday Creek epizonal-style gold property is situated within 19,365 acres of officially awarded exploration permits for gold prospecting. Sunday Creek is regarded as one of Victoria’s best recent exploration findings. SXG is a gold stock that has a huge potential to join the club of top ASX-listed gold stocks in the future.

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