GOLDEN CROSS RESOURCES LTDABN 65 063 075 17822 Edgeworth David...

GOLDEN CROSS RESOURCES LTD
ABN 65 063 075 178
22 Edgeworth David Ave
Hornsby NSW 2077
Phone (02) 9482 8833
Fax (02) 9482 8488
13 December 2005
High grade drill hole at Copper Hill
GCR has received results from diamond drill hole GCHR64 at its 100%-owned Copper Hill gold-copper porphyry project near Molong, NSW. Results are tabulated below and represent some of the highest grade gold-copper mineralisation encountered in the Copper Hill area to date. The hole is located in the newly discovered Saddle area east of the Western Zone.
Individual 2m samples in hole 64 returned up to 15.2 g/t gold and 3.06% copper.
Stockwork and sheeted quartz veins containing chalcopyrite and bornite mineralisation host highest grades.
Copper Hill, Significant Drill Results, December 2005
Hole No
Easting (MGA)
Northing (MGA)
Azimuth
(degrees)
From
(m)
Intersection (m)
Gold
(g/t)
Copper
(%)
GCHR064
674696
6341310
180
48
129.8 (EOH)
1.80
0.79
incl
82
22
2.26
1.19
and
114
36
4.43
1.60
incl
114
20
6.43
2.28
Notes:
• The hole was drilled at a declination of 60 degrees.
• Results represent the weight average of 2m downhole samples of quarter HQ diamond core. Core was cut using a core saw and core recovery was 99%.
• EOH = End of hole
Hole 64 was collared about 4m north of RC hole GCHR58 and was intended to be drilled parallel to it. The diamond hole was designed as a twin hole to assess any variation in grades between RC and diamond drilling, and to provide material for metallurgical testwork. The original hole, GCHR58, returned 86m at 1.32 g/t gold and 0.65% copper. Two distinctive zones of gold-copper mineralisation are recognised in both holes, one from approximately 82m to 104m and the other from approximately 114m to 150m. The same intervals for hole 58, released to ASX on 1 November 2005, are tabulated below for comparison and show lower grades than the diamond hole.
Hole No
Easting (MGA)
Northing (MGA)
Azimuth
(degrees)
From
(m)
Intersection (m)
Gold
(g/t)
Copper
(%)
GCHR058
674697
6341306
180
82
22
1.92
0.80
and
114
36
1.94
0.80
Downhole surveys indicate that the diamond drill hole (GCHR64), drilled beneath GCHR58, deviated from hole 58 such that the deep, high grade intersection encountered from 114m was between 16m and 20m beneath hole 58 and 5m to 10m to the west. Because of this deviation, at this time GCR does not consider hole 64 to be a representative twin of hole 58 and the variability of the grade may be attributable to geological variation between the holes. More detailed drill hole surveys and re-assays are being undertaken.
2
Hole GCHR64 is considered by GCR to be important as it indicates that the Saddle area has considerable potential to host a large tonnage of higher grade resources relatively close to surface. The deeper high grade zone in the hole is only 100m below surface.
Step-out drilling has now been initiated, with holes 40m above and below hole 64. The diamond tails planned on holes GCHR59 and 61 have been postponed temporarily.
Results for hole 69, drilled to 280m downhole, are expected during January 2006.
Enquiries: [email protected]
* * * * * *
Golden Cross is a gold and base metals explorer, searching in NSW and the Northern Territory for large deposits in highly prospective mineral belts, providing significant potential upside for the speculative investor.
The Company holds significant mineral tenement positions within the Lachlan Fold Belt of NSW, which contains Rio Tinto’s Northparkes, Newcrest’s Cadia-Ridgeway, and Barrick’s Cowal Deposits. It holds a major land position in the Curnamona Province of western NSW, which contains the world class Broken Hill orebody. The Company also has an option over a significant tenure in the McArthur River District of the Northern Territory which hosts the McArthur River basemetal and Merlin diamond deposits.
This report was prepared by Chris Torrey, full time employee of Golden Cross Resources Ltd, who is a Member of the AIG and has more than five years experience in the field of activity in which he is reporting.