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ONE TO WATCH >>> GOLDEN CROSS update

  1. 325 Posts.
    Update on Six Farm-ins
    12-09 0919


    GCR now has six active farm-in properties. Drilling is either
    underway or imminent, or results awaited, on four of the six
    properties, as follows:

    1. At Copper Hill, in the first hole of the program, MEXCHD01, MIM
    intersected structurally-controlled porphyry style, quartz-magnetite
    veined mineralisation. Similar styles of mineralisation occur at the
    Cadia-Ridgeway system, owned by Newcrest Mining, located some 50 km
    to the south.

    MIM's first hole intersected 148m at 0.32 g/t gold and 0.30% copper,
    including 42m at 0.64 g/t gold and 0.62% copper (See Figure).

    Hole MEXCHD01 is located 100m northwest of Newcrest's hole NCR019,
    which intersected 157m at 0.78 g/t gold and 0.40% copper, and 750m
    southeast of hole CHRC58, which returned 217m at 1.67 g/t gold and
    0.72% copper. MIM's second hole, MEXCHD02, was drilled 100m southeast
    of hole NCR019 and 250m northwest of hole NCR014, which intersected
    80m at 0.42 g/t gold and 0.50% copper. Results are awaited for hole
    MEXCHD02.

    There appears to be continuity of low-grade mineralisation along a
    structure defined by a deep southeast-trending magnetic low along
    strike of the porphyry system. A 0.5 g/t gold equivalent (using 1 g/t
    gold =1% copper) mineralised area 1.8 km long by 150m wide has been
    outlined (see Figure). Most of the drilling to date is at the
    northwest end of this zone, where an inferred resource of 6.6Mt at
    0.8 g/t gold and 0.8% copper has been calculated for 340,000 ounces
    gold equivalent.

    2. At West Wyalong the focus has been on the Gilmore Suture
    structural zone. This zone contains significant gold deposits worked
    in the late 1800s/ early 1900s and, more recently, has produced a
    number of porphyry copper-gold style intersections. Within the joint
    venture area previous explorers identified porphyry copper-gold
    systems along this structure at Narragudgil and Yiddah North. During
    the December 2002 quarter MIM plans to use its MIMDAS IP system over
    these areas to identify sulphide drill targets.

    3. At Broken Hill, Sipa Resources has commenced exploration for high
    grade platinum-palladium associated with nickel and copper sulphides,
    like those in the unusually high grade intersection reported last
    year by GCR from hole GMS06, which returned 2m at 10.91 g/t platinum,
    22.63 g/t palladium, 4.5% nickel and 6.1% copper.

    Sipa has compiled past exploration data on the property and conducted
    geological mapping and geochemical sampling which has identified
    targets for detailed ground geophysical surveys planned for the near
    future. Drilling will follow.

    4. At Yellow Mountain, Triako Resources has commenced a drilling
    program which will include the 6km-long gold soil anomaly outlined by
    GCR, where rock chips returned up to 8.0 g/t gold.

    Concurrent with the drilling, Triako is exploring one of the most
    significant magnetic anomalies on the Gilmore Suture, the Melrose
    Magnetic Anomaly. Triako's processing plant lies less than 20 km
    away.

    5. At Wagga Tank, Pasminco plans to follow up on drill results of 1m
    at 10.7 g/t gold and 7.8 g/t gold, in primarily a base metal
    environment, reported in GCR's June 2002 quarterly.

    6. At Cargo, the large porphyry gold-copper system located only 12km
    along the northwest-trending structural corridor from the
    Cadia-Ridgeway deposit, Yardarino intends to commence drilling as
    soon as it has outlined targets. Yardarino is hopeful this will be in
    the December 2002 quarter.

    Enquiries/requests to receive announcements by email: David Timms,
    MANAGING DIRECTOR, Ph (02) 9482 8833, email address:
    [email protected]

    This report was prepared by David Timms, Managing Director and full
    time employee of Golden Cross Resources Ltd, who is a Fellow of the
    AIG and AusIMM and has more than five years experience in the field
    of activity in which he is reporting.

    A copy of the full announcement, including the Figure, is available
    in PDF format on www.asx.com.au. Alternatively it is available for
    purchase from ASX Customer Service on 1 300 300 279.


 
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