Golden Cross Resources (ASX: GCR) will drill six holes for a combined 2500 metres to test three of the six initial targets at Oolgelima Hill project, which is located north-east of Coober Pedy in the Gawler Craton.
The company is targeting iron-oxide-copper-gold (IOCG) deposits similar to Prominent Hill and Carrapateena, which were discovered by drilling coincident magnetic and gravity anomalies comparable to Golden Cross' defined targets.
The Adelaide based company Coughlan Drilling which commenced the exploration program on the weekend, considers the Algebullcullia where the magnetic response is very week could suggest
an IOCG system where almost all of the original magnetite has been altered to hematite while adding sulphides.
The other two targets are known as Mount Euee and SR11. In total Golden Cross holds five granted tenements in the Gawler Craton which cover over 3100 square kilometres.
At the end of March 2013 the company held $1.75 million in cash and $750,000 in negotiable securities.
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