18/10/2010 - 11:51

Gold upgrade for Battler deposit

18/10/2010 - 11:51

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Shares in Southern Cross Goldfields have closed up 10 per cent after the company announced a substantial increase in the JORC compliant resource for its Battler gold deposit in Southern Cross.

Gold upgrade for Battler deposit

Shares in Southern Cross Goldfields have closed up 10 per cent after the company announced a substantial increase in the JORC compliant resource for its Battler gold deposit in Southern Cross.

The resource has been upgraded to 504,000 tonnes at 2.32 grams per tonne of indicated and inferred gold.

This is a 44 per cent increase on the previously reported resource of 401,000 at 2 grams per tonne for 26,000 ounces.

At the close of trade today, Southern Cross Goldfield shares were up 10 cents to $1.05.

 

See company statement below:

Southern Cross Goldfields Limited (ASX: SXG) is pleased to report a substantial increase in the JORC compliant Resource estimate for its 100%-owned Battler Gold Deposit, part of its portfolio of strategically located gold deposits in the Southern Cross region of Western Australia.

The Resource has been upgraded to 504,000t @ 2.32 g/t Au at a 0.5 g/t Au cut off in the Indicated and Inferred categories (see Table 1 below). This represents an increase of 44% or 11,500 ounces over the previously reported Resource of 401,000t @ 2.0g/t for 26,000oz (SXG Annual Report 2010) and follows additional drilling by the Company over the last 12 months:

Battler is located in the Parker Range Project Area (see Figure 1) and is part of a portfolio of oxide gold resources owned by the Company in the Southern Cross/Marvel Loch area, comprising an inventory of Measured, Indicated and Inferred Resources totalling 7.236 million tonnes grading 1.9g/t for 436,100oz. In light of the strong gold price environment, Southern Cross is currently reviewing development options for this portfolio of gold resources, including the possibility of monetising some of these deposits through toll-treatment and/or joint venture or other arrangements.

Battler is located in the Parker Range Project Area (see Figure 1) and is part of a portfolio of oxide gold resources owned by the Company in the Southern Cross/Marvel Loch area, comprising an inventory of Measured, Indicated and Inferred Resources totalling 7.236 million tonnes grading 1.9g/t for 436,100oz. In light of the strong gold price environment, Southern Cross is currently reviewing development options for this portfolio of gold resources, including the possibility of monetising some of these deposits through toll-treatment and/or joint venture or other arrangements.

 

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