SXG - Southern Cross Gold

[Sean K]

Well this has been an embarrassing abject fail. Sold at the blue arrow and didn't get back in.

I still don't understand the deposit so I must have no clue.

 

[Sean K]

I've got a feeling punters would be expecting a higher exploration target than this. The lengths and grades they were delivering pointed to a massive resource but the problem is it's not very wide at all. This isn't any better than CEL's deposit in Argentina.

This is only half the strike area so maybe they fill it in between and around the two deposits and it gets closer to 2.5Moz at high grade down the track.

 

[Sean K]

Interesting. Obviously going to be good. Last ann they had about 7 holes being processed and analysed. I'd guess this result will be one of the holes drilling in that area where they other significant results hit, but just a guess. The purple lines are awaiting results.

 

[Sean K]

Interesting. Obviously going to be good. Last ann they had about 7 holes being processed and analysed. I'd guess this result will be one of the holes drilling in that area where they other significant results hit, but just a guess. The purple lines are awaiting results.

View attachment 172101View attachment 172102

The wider intersections that have a lot of gold in them are very good, but I don't really like the .3m @ 7,330 g/t. That's a nugget.

The 455m @ 7.2 g/t sounds extraordinary, but when you realise that there's a nugget @ 7,330g within that, you know there's a lot of waste between the higher grades over decent widths.

The detailed section below does look pretty good on the surface of it, until you look at the gaps in the core not listed.

Maybe I just don't believe this all hangs together likes a 'ladder.'

God knows how they take this to M&I or establish a Reserve on it. Going to have to drill at 5cm spaces.

I'm sure the market will love the headline on a great gold day.

 

[Sean K]

Sold this in Aug 23 and never went back...

 

[Prepper Pete]

The purple lines are awaiting results.? It could really be a purple fizzer

 

[Sean K]

TH for CR as you'd expect with only a couple of mil in the treasury. Well done on the timing. A bit of good luck with POG flying I guess but if they'd done this a few months ago it would have been much more dilutive. You'd expect they'd try to raise as much as possible in this environment that might last them a couple of years through to an MRE. Potentially adding a couple more DD rigs to the mix.

 

[Sean K]

Well this has been an embarrassing abject fail. Sold at the blue arrow and didn't get back in.

I still don't understand the deposit so I must have no clue.

View attachment 167648

Someone put me out of my misery and take this off my watchlist.

 

[Sean K]

I'm still following this to remind myself that I'm a dumb arse.

 

[noirua]

Dr Cook explores the geology of SXG's Sunday Creek tenement (Part 1 of a 2 part video)​

4 Aug 2022

SXG Drills 0.5m @ 473.0 g/t Au at Sunday Creek. Multiple High-Grade Structures Extend Mineralisation​

27 May 2024

 

[noirua]

Adobe Acrobat

acrobat.adobe.com

11 JUNE 2024 - SXG PROPOSED MERGER WITH MAWSON GOLD AND DUAL LISTING
Melbourne, Australia — Southern Cross Gold Ltd (“SXG” or the “Company”) (ASX:SXG) is pleased to announce that it has signed a Non-Binding Term Sheet (“NBTS”) with Mawson Gold Ltd (TSXV:MAW) (“MAW”) of Canada dated 11 June 2024 to merge the companies through an Australian scheme of arrangement transaction. The resulting entity, to be named Southern Cross Gold Ltd, will be listed on both Australian Securities Exchange (ASX) and the TSX Venture Exchange (TSXV

 

[Sean K]

As you all know, I sold this at about 55c for a 30% loss last year. One of my greatest trades of all time.

Instead of removing it from my watchlist to save my sanity, I've kept following it with the hope that it will turn into a Bendigo Mining. For those gold bugs old enough you might remember that they were trying to mass mine inferred nuggets. I think they had something like 10m oz at 10g/t. That's what I thought this was going to be and I still might be correct.

I challenge anyone with the time and inclination to go into Table 3 of the drill holes, in detail, to understand where these wider high grades come from.

 

[Chipp]

As you all know, I sold this at about 55c for a 30% loss last year. One of my greatest trades of all time.

Instead of removing it from my watchlist to save my sanity, I've kept following it with the hope that it will turn into a Bendigo Mining. For those gold bugs old enough you might remember that they were trying to mass mine inferred nuggets. I think they had something like 10m oz at 10g/t. That's what I thought this was going to be and I still might be correct.

I challenge anyone with the time and inclination to go into Table 3 of the drill holes, in detail, to understand where these wider high grades come from.


View attachment 181341

Nuggety gold at such depths is so hit and miss , the Capex is huge . I am a fan of open pit myself tbh

 

[Sean K]

Nuggety gold at such depths is so hit and miss , the Capex is huge . I am a fan of open pit myself tbh

Exactly. Mining 15cm veins from 600m + is pick and shovel stuff. Maybe that's the plan.

To take this to M&I and a Reserve to get funding will take about 300km of drilling.

(Just as an aside, I think BDG's MRE might have had a pinch of golden salt too)

 

[Sean K]

I wonder if this news will be good for our antimony, RE and graphite players.

SXG has been mostly about the gold story but it's got a crap load of antimony in the upper part of the ore body.

China is the world’s top supplier of more than 30 critical minerals, and it claims a 56 per cent share of global mined supplies of antimony, according to a 2023 European Union study. That dominance has been built up over decades, but recently the US and other Western governments have been ramping up efforts to secure alternative supplies.

At a regular weekly briefing on Thursday, the ministry said the curbs were not directed at any specific country or region.

But Beijing’s restrictions on critical minerals have been viewed in part as a tit-for-tat response to the Biden administration’s increasingly aggressive efforts to keep China from gaining the upper hand in artificial intelligence and chip manufacturing.

In the latest salvo, the US is considering unilateral restrictions on China’s access to AI memory chips and equipment capable of making those semiconductors as soon as next month.

The US and other countries are scrambling to ease their reliance on China for key materials, setting out policies and support packages for their critical minerals sectors, including rare earths.

While China is by far the world’s top antimony miner, production has fallen substantially in recent years, in a trend that has fuelled fears of global shortages and underpinned a surge in prices.

“It’s a sign of the times,” said Christopher Ecclestone, a principal and mining strategist at Hallgarten & Company in London.

“The military uses of Sb [antimony] are now the tail that wags the dog. Everyone needs it for armaments so it is better to hang onto it than sell it,” he said. “This will put a real squeeze on the US and European militaries.”

Concerns about China’s grip over critical mineral supplies have grown sharply since it placed gallium and germanium under stricter government oversight a year ago, in a move that has sent prices for the two metals soaring. It later put graphite under the same export scrutiny and halted outbound sales of a range of technologies to make rare earth magnets.

 

[Sean K]

Looks like their exploration target will be expanded under Golden Dyke. Not as good as what's under Rising Sun, but there's gold there.

They've started ramping the antimony side of the deposit a bit more now due to some recent news on the supply issues and potential uptick in demand.

Lots of drill holes in the shop awaiting assays. Could be some interesting anns in the coming weeks.

I wonder why they stopped mining this in the first place.

 

[Dona Ferentes]

from the Ann. on Sunday Creek, out on 06 Sept ...

I particularly liked the Acknowledgement (to country)

I wish to thank all current and past workers who have progressively contributed to the rediscovery of Sunday Creek Goldfield. It takes a team to raise a discovery!

Most recently in particular we would like to thank Michael Hudson, Lisa Gibbons, Angela Lorrigan, Terry Lees, Zac Turschwell, Claudia Bowman, Andrew Gordon, Angus McKay, Thomas Fromhold, Lisa Andersson, Marcus Tomkinson, Roland Hill, Cael Gniel, Craig Brown, Matthew Coad, David Henstridge, Tom Eadie, Georgina Carnegie and Henry Rech.

 

[Sean K]

They're into AI for exploration now...

It's getting deeper, but they're thin hits at that depth. Needs to fill out down there to be worth the effort.

 

[Sean K]

This might be good for future development, but it's curious that they haven't even provided a map of the property in question.

$20m for some 'residential holdings'...

 

[Sean K]

My weekly self-flagellation, watching SXG SP attain new ATHs as a reminder that I don't know enough about the stock market and particularly gold deposits and what excites people.

Looks like SXG will be able to adjust their exploration target to cover the area under Golden Dyke in the red box and maybe orange. It will be interesting to see what happens under Christina in orange. Perhaps Rising Sun is a one-off or they will find repeats along strike.