Golden Cross Resources has executed necessary agreements and received almost all necessary approvals for a drilling program on Oolgelima Hill tenement in the northern part of Gawler Craton in the centre of South Australia.

An ongoing program of detailed geophysical analysis has confirmed five high priority coincident magnetic-gravity targets within both portions of Oolgelima Hill and drilling of 2500 metres is planned.

The company says drilling will commence as soon as possible now that it has been granted access under the native title claim process. It has been awarded a $75,000 drilling grant by the South Australian Department of Manufacturing, Innovation, Trade, Resources and Energy as part of an exploration drilling funding program known as the PACE Discovery Drilling initiative.

Golden Cross holds five granted tenements covering 3150sqkm within the northern Gawler Craton. The tenements cover several structural domains north of the highly prospective Olympic Domain, which hosts the world-class iron-oxide-copper-gold (IOCG) deposits of Olympic Dam and Carrapateena. To the northwest, within the G2 structural corridor, the Mount Woods Inlier contains the Prominent Hill mine and two of Golden Cross’ exploration licences, Warriner Creek and Codna Hill. Beyond this lie the Coober Pedy and Mabel Creek Rises, home to the remainder of the company’s Gawler Craton tenements at Coober Pedy and extending 70km to the northeast towards Oodnadatta. It also holds the Koolymilka tenement further to the south of the craton.

An infill gravity survey was undertaken over select parts of the Oolgelima Hill tenement and defined new magnetic/gravity targets adding to the five previous targets. Of particular interest are the drill targets in Oolgelima Hill South. Anomaly SR11, has a 1 milligal gravity intensity and a footprint of 1.8x1.4km with the long axis trending SW-NE, coincident with a pronounced magnetic anomaly. A second gravity/magnetic anomaly, SR11 North, also meets the criteria for defining IOCG-type mineralization at depth.

At the Stuart Range tenement, centred on the town of Coober Pedy, targets have yet to be defined by ground magnetic and gravity surveys. These will be matched with favourable structural locations identified from recent Golden Cross-sponsored studies using regional airborne magnetic and government gravity data.

Koolymilka occurs 30km west of Olympic Dam Mine, in the northwest section of the Olympic structural and mineralization domain. The basement rocks include the Hiltaba Suite Granites and Gawler Range Volcanics that have been proposed as the source for copper-gold mineralization. The tenement lies on the margins of the Andamooka Dome which hosts Carrapateena deposit. The original Koolymilka application had more than 90% of its area excised by the Woomera Prohibited Area.

www.goldencross.com.au

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