Golden Cross Confirms Orogenic Gold Mineralization from Initial Assay Results at Reedy Creek
September 29, 2025 2:00 AM EDT | Source: Golden Cross Resources Inc.
Highlights
High-Grade Gold Confirmed: Intercepts up to 0.5m @ 24.4 g/t Au and broader intervals such as 23m @ 3.01 g/t Au.
Evidence of Ladder-Style Veins and Pathfinder Halos: Geological features (laminated quartz veins, arsenic halos, visible gold) are consistent with those seen in Victoria's world-class gold systems, such as Fosterville and Costerfield.
De-Risked Exploration Model: Structural and geochemical data provide a roadmap for Golden Cross to target the richest zones, reducing drilling risk and cost while increasing discovery efficiency.
Upcoming Catalysts: Phase 2 drilling (10,000m fully funded with two rigs turning) is underway, with assays pending from Phase 1 expected to drive steady news flow.
Assays Pending: Assays from 1,900 m's of drilling from 7 holes as part of initial 2,000m phase 1 drill program are pending.
Vancouver, British Columbia--(Newsfile Corp. - September 29, 2025) - Golden Cross Resources (TSXV: AUX) (OTCQB: ZCRMF) (FSE: ZML0) ("Golden Cross" or the "Company")provides the following update from initial assays received from diamond drilling at its Reedy Creek prospect, Victoria, Australia.
Golden Cross has now completed 10 holes for over 2,300 metres of diamond drilling at the Reedy Creek Project. Drilling has initially focused on confirming the presence of multiple vein sets, variable silicification and zones of sulphide mineralization consistent with orogenic-style systems.
Assays received from the first three diamond drillholes comprising 393.21 metres drilled into the Prince of Wales target. Assay results received from this first-pass testing, aimed at vectoring future drilling, include:
- 10.8m @ 2.08g/t Au from 28m in PWD004
- Including 0.5m @ 24.4g/t Au from 28m
Drilling successfully enhanced the three-dimensional targeting model with sub-surface geological and structural data collected. Resampling of historical and previously unsampled drill core by Golden Cross has returned compelling results, including:
- 23m @ 3.01g/t Au from 22m (RWB10)
- 9m @ 3.64g/t Au from 38m in (RWB12)
- 10m @ 2.81g/t Au from 37m in (RWB13)
Visibly the core shows a strong correlation with the dominant regional gold mineralisation trends, as seen at Fosterville and Costerfield. That is, the gold bearing quartz veins are found in folded marine sedimentary rocks - a classic host for Victorian style gold. The strong arsenic anomalism (gold pathfinder) suggests we are in the upper part of the gold system. Other similarities to Fosterville style mineralisation include the presence of laminated quartz "marker" veins which have been observed near mineralisation in drillholes to date at Shepherds hill, Thompson's Ridge, and Prince of Wales.
At Price of Wales, visible gold was seen in core within the low-grade halo at 40.5m depth within drillhole PWD004. At Shepherd's Hill visible gold was observed from samples of mullock located within 10m of drill collars SHD001-003. Trace amounts of stibnite, an ore of antimony, were observed within a quartz vein encountered by SHD002 at a depth of 231.57m, final assays from this hole are pending.
Matthew Roma, CEO, commented, "The geological interpretations identified to date are very encouraging, suggesting a strong possibility that this area could host a significant 'Victorian-style' gold deposit at greater depths. With a fully funded Phase 2, 10,000m drill program, our primary objective is to vector into the source of this gold system."
Figure 1: Stibnite, an ore of antimony, observed in core from Shepherds Hill drillhole SHD002 at depth 231.57 metres
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Figure 2: Visible gold in core from Prince of Wales drillhole PWD004 at depth ~40.5m
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Figure 3: Similarities between Golden Cross (AUX) core and Fosterville drill core. A) Laminated Quartz Vein marker horizon as seen in drilling at Shepherd's Hill. B) Laminated Quartz Veins from Fosterville. C) Fault zone with quartz veining as seen at Shepherd's Hill. D) Fault zone with quartz veining as seen at Fosterville. (Fosterville images taken from Kirkland Lake Gold presentation dated September 2019)
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Figure 4: Map showing the location of Gold mining centres within the region and their relationship to anticline fold trends.
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Alan Till, VP Exploration, commented:
"These first pass diamond holes have intersected significant gold mineralization, arsenic pathfinder signatures and lower tenor gold halos around quartz reefs, validating the structural targeting approach the Company has adopted that has successfully delivered high-quality structural information, materially improving the three-dimensional targeting model used at Reedy Creek.
"Drilling has highlighted clear dilation zones for prioritised follow-up drilling, with the Company looking forward to integrating the remaining assay results and advancing targeted drilling on the most prospective structural corridors."
Maiden drilling completed was also designed to prioritise structural information to develop a precise three-dimensional exploration model, rather than duplicating prior results to effectively target second phase deeper drilling aimed at testing the greatest potential for mineralisation.
Drilling to date has successfully intersected targeted multiple vein sets and associated zones of alteration, with orientated core providing key structural data such as measured vein orientations and fault relationships for Phase 2 drilling.
Assay results confirm that all drillholes completed to date have encountered gold mineralization within an arsenic halo, suggesting we are in the outer parts of the gold bearing system. This mineralization is associated with fault hosted quartz reefs, an expectation for structurally controlled gold systems. Encountered gold grades are variable and appear to relate closely to a samples distance from structures that crosscut the quartz reefs. Drillholes PWD005 & PWD006 encountered lower gold grades within an arsenic halo indicating that they had tested a portion of the reef distal to the primary zone of mineralization. This spatial relationship between the arsenic, gold and crosscutting structures allows us to use geochemistry as one of the vectors (alongside structural controls) guiding follow-up drilling aimed at targeting zones of primary mineralization.
Significant mineralization was returned in PWD004:
- 10.8m @ 2.08g/t Au from 28m in PWD004
- Including 0.5m @ 24.4g/t Au from 28m
Next Steps
- Ongoing drilling at the Reedy Creek Goldfield (see figure 5) as well as the first ever drill program at Welcome Reef (see figure 6).
- 7 holes totalling approximately 1,900 metres of assays are currently pending from Phase 1 drilling and will be used to refine the Phase 2 drill program.
- Fully funded 10,000m phase 2 drill program with 2 rigs actively drilling across the Reedy Creek Project.
Figure 5: Map showing the drill holes completed and underway at the Reedy Creek Goldfield.
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Figure 6: Map showing the first drill hole underway at Welcome Reef.
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Resampling of Previous Drilling
Targeted re-sampling of historical drill core and previously unsampled intervals was undertaken in order to:
- Verify historic gold analyses
- Determine and identify the presence of any geochemical zonation, or pathfinder elements related to the mineralisation.
- Establish the nature of the gold envelope surrounding discrete gold bearing quartz veins
- Capture gold, antinomy and pathfinder elements, more notably arsenic
Initial results have returned compelling results that both verify past high-grade intercepts and provide new geochemical vectors to refine future drilling, highlights include:
- 23m @ 3.01g/t Au from 22m in RWB10, including 2m @ 32.25g/t Au
- 9m @ 3.64g/t Au from 38m in RWB12, Including 5m at 5.72g/t from 39m
- 10m @ 2.81g/t Au from 37m in RWB 13, Including 2m @ 8.45g/t Au from 40m
Resampling has successfully:
- Verified the previous work completed by Great Pacific Gold ("GPAC").
- Established a strong correlation between Arsenic and Gold, providing an excellent vectoring technique for targeted drilling.
- While no significant assays were returned for antimony, the company believes this is an indication that the Reedy Creek goldfield may be located relatively 'high' in the mineralised system with. This is supported by the strong association with arsenic and is similar to the pattern seen at Fosterville as shown in figure 3.
The Company has identified the presence of nuggety gold mineralisation. Nuggety gold in shallow drillholes occurs as coarse particles or discrete veins, causing high variability between adjacent samples and making small samples prone to under- or over-estimating true grade. Ensuring accurate gold results in nuggety systems requires larger & more frequent samples, alongside rigorous QA/QC (duplicates, standards, blanks), screen-fire assays for coarse gold & targeted sampling of visible veins.
Complete set of results for the first 3 holes and the resampling can be found here:https://drive.google.com/drive/u/1/folders/1NzZMLja85-h11lRa63zkme8Qp1BK0pwa
QA/QC and Analytical Procedures
All samples reported from the current drilling program were processed under the Company's QA/QC protocol. Samples were prepared and assayed at ALS Laboratories using industry-standard methods. The Company's QA/QC program includes insertion of certified reference materials, blanks and field duplicates at regular intervals. Assay data is validated and reviewed for quality as part of routine data verification.
In addition to the Company's QAQC practices, when assessing gold assays, the company re-submits any sample interval that reports over 2g/t Au for analysis via Screen Fire Assay. Screen Fire Assays separate and measure both coarse and fine gold fractions, improving accuracy and reproducibility of nuggety samples and providing a clearer estimate of total gold content.
The QAQC regime for the sample batches of the Re-assay Program was modified as essentially every sample in the program was a duplicate of a known result. Regular insertion of standards was replaced with strategic insertion centred around confirmation of higher-grade samples. While sampling of previously untested intervals from historic drilling was subject to the Company's regular QAQC protocols.
The original assays from GPAC's drill programs, as reported by GPAC, were all subject to quality control measures appropriate for percussion drilling with duplicates, blanks and commercially available standards with the expected results from the samples submitted. All assays were conducted by Onsite Laboratory Services Ltd (ISO: 9001), located in Bendigo, Victoria, using fire assay techniques with a 25g or 50g charge and ICP or AAS finish. The quality control results are consistent.
Qualified Person
All scientific and technical information in this news release has been prepared or reviewed and approved by Alan Till, the Company's Vice President Exploration, a "qualified person" as defined by NI 43-101.
Digital Marketing Agreement
The Company further reports that it has entered into an agreement with Machai Capital Inc. ("Machai") dated September 29, 2025, pursuant to which Machai will provide a digital marketing campaign. The term of the agreement is for three months for a total retainer of $250,000 plus GST, to be paid as services are provided and invoiced against marketing campaign spend.
Under the agreement, Machai will execute a comprehensive digital media marketing campaign including branding, content creation and data optimization services, including search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, e-mail marketing and brand marketing.
Machai is a marketing, advertising and public awareness firm based out of Vancouver, B.C., specializing in advertising and public awareness in the metals and mining, technology, and special-situation sectors. Machai and its principal, Suneal Sandhu, are arm's length to the Company and holds no interest, directly or indirectly, in the securities of the Company or any right to acquire such an interest (Mr. Sandhu can be reached at suneal@machaicapital.com). The engagement of Machai is subject to the approval of the TSX Venture Exchange.
About Golden Cross Resources
Golden Cross Resources (TSXV: AUX) (OTCQB: ZCRMF) is a Canadian mineral exploration company focused on advancing the Reedy Creek gold project in Victoria, Australia. Located just 10 km from Southern Cross Gold's Sunday Creek discovery, the project covers two contiguous tenements in one of Australia's most active epizonal gold corridors.
Additional information about Golden Cross can be found on its website:www.goldencrossresources.com and atwww.sedarplus.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation relating plans for future exploration and drilling and the timing of same, the merits of the Company's mineral projects and other plans of the Company. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "encouraging", "expects", "plans", "anticipates", "believes", "interpret", "intends", "estimates", "projects", "aims", "suggests", "often", "target", "future", "likely", "pending", "potential", "goal", "objective", "prospective", "possibly", "preliminary" and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or other statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and that such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Factors that could cause future results to differ materially from those anticipated in forward-looking statements include risks associated with exploration and drilling; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; possible accidents; the possibility that the Company may not be able to secure permitting and other governmental approvals necessary to carry out the Company's plans; the risk that the Company will not be able to raise sufficient funds to carry out its business plans; the possibility that future exploration results will not be consistent with the Company's expectations; increases in costs; environmental compliance and changes in environmental and other local legislation and regulation; interest rate other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors and exchange rate fluctuations; changes in economic and political conditions; and other risks involved in the mineral exploration industry. The reader is urged to refer to the Company's Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of risk factors and their potential effects.
Forward-looking statements are based on a number of assumptions, including management's assumptions about the following: the availability of financing for the Company's exploration activities; operating and exploration costs; the Company's ability to attract and retain skilled staff; timing of the receipt of necessary regulatory and governmental approvals; market competition; and general business and economic conditions. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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