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Golden Cross Resources Provides Update on Drilling and Announces a Second Drill Rig Has Been Mobilized at Its Reedy Creek High-Grade Gold Project
Vancouver, British Columbia--(Newsfile Corp. - July 22, 2025) - Golden Cross Resources Inc. ...
About this update from Golden Cross Resources Inc.
[{"type":"text","content":"Golden Cross Resources Provides Update on Drilling and Announces a Second Drill Rig Has Been Mobilized at Its Reedy Creek High-Grade Gold ProjectVancouver, British Columbia--(Newsfile Corp. - July 22, 2025) - Golden Cross Resources Inc. (TSXV: AUX) (OTC: ZCRMF) (FSE: ZMLO) (\"Golden Cross\" or the \"Company\") is pleased to provide an update on its phase 1 work program based on which a second drill rig has been mobilized at its flagship Reedy Creek high-grade gold project in Victoria, Australia. This expansion of the drilling program follows the successful completion of a C$5 million financing, providing the Company with the capital to accelerate and expand its exploration efforts.Key Highlights:Phase 1 program update: The emerging picture from the initial ~1,000 metres of drilling, mapping, and reassaying received to date indicates that the Reedy Creek goldfield is defined by gold-bearing fluids migrating along faults that intersect anticline folding - a geological setting seen at several other major Victorian gold mines.Second drill rig mobilized: The additional rig will double drilling capacity at Reedy Creek, enabling the Company to test multiple high-priority targets and accelerate its understanding of the geologic setting at Reedy Creek.Fully funded program: The recent $5 million financing ensures that the Company can aggressively advance the current 6,000-metre drill campaign, with the ability to expand the program as results warrant.Focused on high-grade discoveries: Previous drilling at Reedy Creek has confirmed the presence of multiple high-grade gold intercepts along a 3 km mineralized corridor, with several zones remaining open along strike and at depth. Drilling deeper: With the recent financing, the Company can bring forward the second phase of drilling which involves testing the targets at greater depth. This is crucial for understanding the geologic model driving gold mineralization at Reedy Creek.\"Mobilizing a second drill rig marks an important milestone for Golden Cross,\" said Matt Roma, CEO of Golden Cross. \"With strong investor support from our recent financing, we are now in a position to accelerate our exploration program at Reedy Creek. Our goal is to unlock the full potential of this district-scale project and build on the high-grade gold results we've already seen.\"The Company will co...