Southern Cross expands footprint in WA
PERTH (mingweekly.com) – ASX-listed Southern Cross Goldfields has moved to increase its tenement area in Western Australia by acquiring the Red Legs and Die Hardy gold deposits, some 30 km north of its flagship Marda gold project.
The two deposits contain a total Joint Ore Reserves Committee-compliant resource of 122 000 oz, and are within economic haulage distance of the proposed Marda gold project.
Under the terms of the agreement, Southern Cross would pay A$500 000 and issue some 20-million shares to owner Barranco, in exchange for the two deposits. At the company’s current share price, the acquisition equated to a cost of A$7/oz of resource.
Southern Cross CEO Glenn Jardine said on Tuesday that the acquisition of the two gold deposits continued the company’s regional consolidation and production strategy for the Marda project, where an initial 50 000 oz/y was targeted.
“We secured an option over these two strategic deposits two years ago. We expect them to form part of our regional production hub strategy at Marda, providing a valuable source of openpit ore feed to the Marda mill.”
Jardine said that both deposits also offered exploration upside and potential for further additions to the regional mineral resource and ore reserve inventory at Marda.
In February this year, Southern Cross completed the acquisition of gold miner Troy Resources’ Sandstone gold plant, and last month it finalised a merger with fellow-listed Polymetals Mining, to create a strengthened Australian junior resource company with a strong balance sheet and a diversified asset base.
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