Golden Cross Resources Provides Update on Drilling and Announces a Second Drill Rig Has Been Mobilized at Its Reedy Creek High-Grade Gold Project

Core Viewpoint - Golden Cross Resources has mobilized a second drill rig at its Reedy Creek high-grade gold project in Victoria, Australia, following a successful C$5 million financing, which will accelerate and expand its exploration efforts [1][3]. Group 1: Drilling Program Update - The mobilization of a second drill rig is a significant milestone for the company, allowing it to double drilling capacity and test multiple high-priority targets [3][5]. - The initial drilling of approximately 1,000 meters has revealed that the Reedy Creek goldfield is characterized by gold-bearing fluids migrating along faults intersecting anticline folding, a geological setting similar to other major Victorian gold mines [5]. - The recent financing ensures the company can aggressively advance its current 6,000-meter drill campaign and potentially expand it based on results [5]. Group 2: Financial and Operational Highlights - The company has successfully completed a C$5 million financing, providing the necessary capital to enhance exploration activities [1][5]. - Previous drilling has confirmed multiple high-grade gold intercepts along a 3 km mineralized corridor, with several zones remaining open along strike and at depth [5]. - The second phase of drilling will involve testing targets at greater depths, which is crucial for understanding the geological model driving gold mineralization at Reedy Creek [5]. Group 3: Company Overview - Golden Cross Resources is a Canadian mineral exploration company focused on advancing its high-grade Reedy Creek gold project, located 10 km from Southern Cross Gold's Sunday Creek discovery [6].