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May 2002 - Golden Cross Res

Golden Cross Resources Ltd (GCR) – Gaining a Step on the Production Ladder

  • Golden Cross is in the process of making the transition from a pure exploration company to a gold producer through re-opening the Adelong goldfield in NSW, with initial production targeted at up to 35,000ozpa.
  • GCR has a number of prospects all in NSW, and has moved to farm-out a number of them in the past 4 months as it focuses on Adelong, such as with MIM in February over Copper Hill, Triako in April over Yellow Mountain and Sipa in May over its Broken Hill properties. In most cases the farm-out is for up to 70% of the prospect.
  • GCR is currently in the process of negotiating its financial arrangements to enable it to move into construction and development of the Adelong goldfield. Although there are 3 styles of gold-in-quartz mineralisation that we observed, based on the different wallrocks and strikes of the lodes, the old Challenger mine is the first that is planned to be re-opened.
  • The recently completed feasibility study showed that payback of the $3m to $3.5m required to re-open the mine and commence plant throughput could be achieved within 1 year depending on the treatment rate through the plant.
  • Written by: Keith Goode
  • Thursday, 16 May 2002