panama drilling update

GOLDEN CROSS RESOURCES LTD
ABN 65 063 075 178
22 Edgeworth David Ave
Hornsby NSW 2077
Phone (02) 9472 3500
Fax (02) 9482 8488
15 May 2008
Golden Cross Drilling Ahead in Panama and New South Wales
Highlight
Drilling is presently underway on a 1,000m diamond drilling program on the Panama farm-in
property. Early signs are encouraging.
Panama
GCR is pleased to announce encouraging early signs from its diamond drilling program at the
Los Hatillos property in Panama, following completion of the first two holes, LHD-01, to 210m,
and LHD-02, to 150m. The holes were designed to test the down-dip extension of the Veta
Blanca vein system and shear zone. On the basis of historic underground sampling, restricted
to two trial mining adits at Veta Blanca, a zone grading 11.54 g/t gold, 20.3 g/t silver, 0.12%
copper, 2.3% lead and 3.55% zinc had been defined (see aerial photo and section).
Above hole LHD-01, in the upper of the two adits, a 41m strike length of vein material averaged
27.2 g/t gold, 0.25% copper, 4.8% lead and 5.0% zinc over an average width of about 1.2m.
Hole LHD-01 indicates a broader mineralised zone than anticipated, with numerous veins,
within sheared, intensely altered andesite containing abundant sphalerite and galena with
minor chalcopyrite intersected from 145m to 164m, and the Veta Blanca vein system
intersected from 164m to 175m (see core photos). In LHD-02, the Veta Blanca vein/shear zone
extends from 124m to134m down-hole, within sheared, altered andesites with abundant quartzbase
metal veining. The veining and base metal mineralisation provide indications of a deeper
mesothermal, rather than epithermal, setting.
Two more holes are planned at Veta Blanca, before moving the rig 2 km east to test the El Tiro
system with three holes (see aerial photo).
On the basis of the mineralisation seen to date, it is likely that the drilling program will be
extended beyond 1,000m. GCR may earn 70% in the Veraguas properties, including Los
Hatillos, by spending US$4m on exploration by 2012.
NSW
Encouraging chalcopyrite, sphalerite and galena intersections have also been made by GCR in
current drilling at the Burra Copper prospect south of Canbelego, and broad zones of low
grade copper mineralisation have been observed during logging of the recently completed,
500m RC-core hole at the Power Anomaly, east of Copper Hill. Assay results will be four to
six weeks away. Farm-in partner Zinifex is drilling at GCR’s Wagga Tank property in central
NSW and farm-in partner Tri Origin is also diamond drilling, on GCR’s Cullerin property north
of Woodlawn.
Enquiries:
Kim Stanton-Cook, Managing Director, Daven Timms, Secretary – ‘phone (02) 9472 3500
* * * * * * *
GCR is a gold, uranium, and base metals explorer with properties in NSW, Queensland and
Western Australia. It also has joint venture exploration interests for phosphates in Queensland,
gold in Panama and uranium in Labrador, Canada. GCR has taken its 100%-owned Copper
Hill property to the Measured, Indicated & Inferred Resource stage and is seeking a joint
venturer to take the project forward. See: www.goldencross.com.au
Pan 15-5-08
300mRL
TRENCH L
250mRL
502500E
502600E
LHD-01
Tunnel 1 Adit
Tunnel 2 Adit
210.45m
300mRL
250mRL
Veta Blanca Shear Zone
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Saprolite
Intense shearing
Andesitic volcanics
Brecciated and altered
andesitic volcanics
Andesitic volcanics
Intensely altered and
veined andesitic volcanics
Andesitic volcanics
Brecciated and altered
andesitic volcanics
Brecciated and altered
andesitic volcanics
Quartz and
base metal veins
41m strike length of vein material averaged
27.2 g/t Au, 0.25% Cu, 4.8% Pb, 5.0% Zn
(width 1.2m)
Zone grading
11.54 g/t Au, 20.3 g/t Ag,
0.12% Cu, 2.3% Pb, 3.55% Zn
350mRL
Section 918100N
Los Hatillos - Panama
VETA BLANCA
0 50m
GOLDEN CROSS RESOURCES LTD
ABN 65 063 075 178
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Los Hatillos Core Photos
Photo 1 LHD-01 (73.60m)
Pseudo-breccia zones in intensely sheared andesitic sequences. Advancing alteration fronts (intense
quartz-carbonate-chlorite-pyrite) produces pseudo-breccia textures.
Photo 2 LHD-01 (85.55m)
Quartz-base metal vein (quartz-pyrite-sphalerite-galena-chalcopyrite), approximately 4 cm wide, in a
weakly altered andesitic sequence. The adjoining run (approximately 84.50m) shows pseudo-breccia
textures in a propyllitically-altered andesitic sequence.
Photo 3 LHD-01 (126.75m)
Breccia zone within a sheared and strongly sericite-pyrite altered andesitic sequence.
GOLDEN CROSS RESOURCES LTD
ABN 65 063 075 178
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Photo 4 LHD-01 (146.80m)
Typical narrow quartz-carbonate-pyrite vein and associated alteration aureole in the brecciated sericitepyrite
altered andesitic sequence. The vein occurs as cavity infill, with crystalline quartz (dogstooth
crystal growth), and minor brecciation of the wall rock within the vein. Typically, there will be a sulphide
halo bordering the vein.
Photo 5 LHD-01 (147.00m)
Breccia zone within a sheared and strongly sericite-pyrite altered andesitic sequences. Breccia
fragments are commonly matrix supported, as in this case.
Photo 6 LHD-01 (160.50m)
This photo shows a narrow (approximately 20 cm), relatively unaltered (propyllitic alteration) andesitic
unit, with well displayed alteration fronts grading into the intensely quartz-sericite-pyrite-base metals
alteration and vein zones, typical of the mineralised(?) intervals.
GOLDEN CROSS RESOURCES LTD
ABN 65 063 075 178
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Photo 7 LHD-01 (174.30m)
Veta Blanca Shear Zone – typical shear related brecciation and quartz-base metal veining.
Mineralisation includes pyrite-sphalerite-galena-chalcopyrite. The large honey-coloured crystals are low-
Fe sphalerite. These veins represent the target ore zones, as mined in the historical workings (see
Section 918100N).
Photo 8 LHD-02 (68.10m)
Quartz-hematite veining within
altered andesitic sequences.
Photo 9 LHD-02 (97.50m)
Close-up photo of quartz-base metal veining.
The mineralisation seen here is principally
sphalerite, with galena and trace chalcopyrite.
Wall rock alteration is quartz-sericite pyrite, and
the units are andesitic.
Veettaa Bllaannccaa PPrroossppeecctt,, llooookkiinngg nnoorrtthhwweesstt
Adit
Tunnel 1
Veta Blanca Drill Holes
LHD-01 & LHD-02 completed
Adit
Tunnel 2
918150N – LHD-02 – LHD 0202
918050N – LHD-03
– LHD 918100N – LHD-01
– LHD 918200N – LHD-04
– LHD Veta Blanca Vein
Ell Tiirroo PPrroossppeecctt,, llooookkiinngg nnoorrtthheeaasstt
El Tiro - Proposed Drill Holes
approximate location
LHD-05 - 918650N
LHD - LHD-06 - 918600N
LHD - LHD-07 - 918550N
LHD -