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GOLDEN CROSS RESOURCES LTD

ASX: GCR

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Golden Cross Resources (GCR) is a gold and base metals explorer searching for large deposits in highly prospective mineral belts providing significant potential upside for the investor.

GCR’s current portfolio of tenements contains world class exploration potential, with which we have attracted leading mining companies as farm-in partners who help us fund our exploration. GCR's primary focus is the Copper Hill Project in central NSW. Copper Hill has an Indicated and Inferred Resource of 133 million tonnes containing 421,000 tonnes of copper and 1.2 million ounces of gold.

Burra Project

The Burra property is located 40 km east of Cobar in the highly prospective Canbelego-Mineral Hill volcanic belt of the Lachlan Fold Belt in central New South Wales. The Burra prospect was part of the much larger Canbelego tenement which was sold to Polymetals at the end of 2008. The Burra prospect has good potential for Cobar style copper-gold mineralisation with some history of exciting drill hole intersections. Drilling of 1,000 m of RC and diamond core commenced has commenced and results have been received.

Broken Hill Project

The Broken Hill orebody is the largest silver-lead-zinc deposit of its kind in the world. It is located in the southeastern part of the Curnamona Province in Proterozoic rocks around 1,700 million years old. GCR has 100% of EL6518 located to the south-east of thew township of Broken Hill. Through an extensive geological and geophysical database along with ground exploration three styles of minealisation are thought to be prospective in the tenement:

* Broken Hill-style mineralisation;
* High grade nickel-copper-platinum-palladium mineralisation; and
* Shear-hosted and iron oxide copper-gold mineralisation.

Cargo Project

GCR's Cargo project lies 12 km west of the Cadia-Ridgeway copper-gold deposit. It is located within prospective rocks of the Molong Volcanic Belt (MVB), a, sequence of Ordovician calc-alkaline island arc-related volcanics and sediments intruded by calc-alkaline and potassic intrusive complexes. The MVB is a major component of the Lachlan Fold Belt which contains several porphyry copper-gold style deposits and prospects including Cadia, Northparkes and Copper Hill.

Copper Hill Project

The flagship 100%-owned Copper Hill project is near Molong in central New South Wales, about four hours drive from Sydney via Orange. Copper Hill Resource Estimate - 535,000 tonnes of copper and 1.47 million ounces of gold contained within 173 million tonnes at 0.31 percent copper and 0.26 grams per tonne gold.

The project is now well advanced into Feasibility Study Stage 2. A Project Manager has been appointed to lead an experienced and very capable team of mining engineers, geologists, metallurgists and environmental scientists who are proceeding to push the project forward. Completion of a Bankable Feasibility Study, acceptable to Chinese financiers, is planned for the end of 2011. Exploration is on-going with two drilling rigs on site and definition of the first-pass oxide gold-copper resource is almost complete. Recent drill intersections have extended and improved the known resource.

Cullarin Project

The Cullarin Exploration Licence, EL 6292, is located about 20km due west of Goulburn in south eastern New South Wales. In September 2006 a Joint Venture agreement was signed between GCR and Tri Origin Minerals Ltd (TRO). Since then TRO have earned a 62.5% interest in EL 6292 and are continuing to explore on the tenement. It is expected that over the coming year expenditure on the property will reach a level at which GCR will dilute ownership in lieu of contributions.

Kempfield Project

Kempfield is located 29 kilometres due south of Blayney and 57 kilometres south-southeast of Orange in the headwaters of Rocky Bridge Creek. It is accessed by 9 kilometres of unsealed all weather road from the town of Trunkey Creek in the Evans Shire, New South Wales. The exploration property is 100% GCR owned, while two small mining leases in Quarries zone are held by GCR and the Henry brothers respectively. GCR hold an option to purchase the Henry brother's mining leases. The mineralised areas are predominantly held under freehold title. A Native Title Claim (NC 97/7) covering Crown Land from Bathurst to Goulburn, affects the eastern part of the project area including part of the BJ Zone. A joint venture agreement has been negotiated with Argent Minerals Limited (AM) whereby they can earn 70% interest in the Kempfield project by spending $2,745,000 by 2013. AM are focusing on silver and are planning to list on the ASX in early 2008.

Mount Isa Uranium

GCR's 100% owned subsidiary, King Eagle Resources (KER), has a large tenement package covering 876 km2 of prospective Cambrian phosphate units within the Georgina Basin. The tenements contain five major deposits of phosphorite with historically calculated resources of over 500Mt of 15.5% P205. Potential exists for the tenements to contain large low-grade uranium deposits that are formed at shallow depths where meteoric water precipitates uranium in phosphate rich horizons, permeable structures and unconformities.

Late in 2007 a joint venture agreement was signed with Legend International Holdings Inc (Legend). Under the agreements, Legend may earn an 80% interest in phosphate minerals on the tenement package by spending $3 million on exploration and development by 7 December 2012. GCR retains all rights to all other minerals, including uranium. Legend must spend $200,000 on the properties before it may withdraw from the farm-in. Once Legend earns an 80% interest in the phosphate minerals, GCR will retain a 20% interest in the phosphate minerals, free carried to a decision to mine. Legend will routinely assay for uranium as part of its exploration programs on the properties.

Mulga Tank Project

GCR through its wholly owned King Eagle Resources owns 100% of two tenements Mulga Tank E39-988 and Mulga East E39-1072 called the Mulga Tank Project. The tenements are located 200km north east of Kalgoorlie and approximately 150km southwest of the Tropicana deposit of Independence Gold and Anglo Ashanti Gold.

QUEENSLAND COAL-UCG PORTFOLIO

In mid-2008, GCR began evaluating developments in the supply of both coal and gas to global energy markets and concluded that the market would require additional sources of supply for both commodities. Beginning in November 2008, GCR has been applying for permits in the Surat and Clarence - Moreton Basins in south east Queensland. The focus of exploration will be evaluating the potential of deeper “stranded coal seams” for UCG extraction where the opportunity for shallow, open cut resources is limited.

A total of nine permit applications have been made to date, four of which are granted one in the Boonah area south of Ipswich (EPC1643) and three in the area between Chinchilla and Dalby (EPCs 1655, 1658, 1659) north west of Toowoomba. These coal permits are located in the vicinity of the Underground Coal Gasification-Gas to Liquids (UCG-GTL) of Linc Energy’s (ASX:LNC) and Carbon Energy’s (ASX:CNX) UCG projects, and the Kogan Creek and Wilkie Creek open cut mines.

One other permit application has been lodged in the Boonah area (EPC 2082). The remaining four applications are classified as competing applications where the area GCR have applied for overlaps another company's application. One is located in the Pentland area south-west of Townsville (EPC1642), the second in the Nebo area west of Makay (EPC1639) and the final two in the Warwick area near our existing applications and tenements (EPC1656 and 2068). Currently the Queensland Government’s Department of Employment, Economic Development and Innovation (DEEDI) has a backlog of assessing this type of application and a decision on their status is not expected for some months.

Sunny Corner Project

The Sunny Corner Project is 100% owned by GCR and is located midway between Bathurst and Lithgow, just north of the Great Western Highway. A joint venture agreement has been negotiated with Argent Minerals Limited (AM) whereby they can earn 70% interest by spending $686,000 by 2013. AM are focusing on silver and base metals and are planning to list on the ASX in early 2008.

Wagga Tank Project

GCR's Wagga Tank Exploration Licence is 100% owned and has been farmed-in to by Zinifex Australia. It is located in the southern part of the Cobar Trough in an area of intermixed volcanic and sedimentary rock intruded by later granites and porphyries. The rocks range in age from about 350 to 420 million years (Siluro-Devonian age). The licence hosts numerous mineral occurrences, old prospects and an historical gold mine, and has been the focus of modern mineral exploration activities since the early 1970s.

Panama Project

GCR's involvement in Panama has been scaled down since the termination of the joint venture with Bellhaven Copper & Gold, Inc. GCR is not conducting active exploration in the country however six applications for concessions in GCR's name (shown in red in the figure below) are still current. These applications were identified from a review of geophysical data and a country-wide database of surface geochemistry which GCR purchased in 2007. The applications cover very prospective ground with coincident geophysical and geochemical anomalies and are located in similar terrain and settings to the large Panamanian copper porphyry deposits of Petaquilla and Cerro Colorado.

Mine For

platinum, gold, silver, nickel, copper, iron ore, sulphur, lead, zinc, phosphate, uranium

Location of operation(s)

Australia, Panama

Address

22 Edgeworth David Ave
HORNSBY, NSW, AUSTRALIA

Phone

(61 2) 9472 3500

Email

Website


Last Updated

5/4/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.

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