Golden Cross Resources (ASX:GCR) is to start a 2,500 metre drilling program at its Gawler Craton tenements in South Australia that are prospective for iron oxide copper-gold deposits similar to those at BHP Billiton's Olympic Dam and Oz Minerals' Prominent Hill project.
Golden Cross has identified five high priority coincident magnetic-gravity targets following detailed geophysical analysis.
Drilling at Oolgelima Hill exploration licence will commence once state and federal approvals are granted while the company has already secured native title agreements.
Golden Cross has been awarded a $75,000 drilling grant by the South Australian Department of Manufacturing, Innovation, Trade, Resources and Energy as part of exploration drilling funding.
The company holds five granted tenements covering 3,150 square kilometres within the northern Gawler Craton in South Australia.
The tenements cover several structural domains lying 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.
Gawler Craton IOCG deposits are characterised by extensive hematite-magnetite (iron) alteration and brecciation, and typically comprise disseminated to massive chalcopyrite, chalcocite and bornite copper mineralisation with associated gold.
Golden Resources has a copper-gold focus with its flagship project being the copper-gold Copper Hill project in central New South Wales.
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