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SXG Commences Regional Geophysical Survey Over 6 km Strike
VANCOUVER, BC / ACCESSWIRE / October 9, 2024 / Mawson Gold Limited ("Mawson" or the "Company...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"SXG Commences Regional Geophysical Survey Over 6 km StrikeVANCOUVER, BC / ACCESSWIRE / October 9, 2024 / Mawson Gold Limited (\"Mawson\" or the \"Company\") (TSXV:MAW)(Frankfurt:MXR)OTC PINK:MWSNF) announces Southern Cross Gold Ltd. (\"Southern Cross Gold\" or \"SXG\") has initiated a regional scale induced polarization (\"IP\") geophysical survey at the 100%-owned Sunday Creek Gold-Antimony Project in Victoria (Figure 3).Highlights:A large-scale induced polarization (\"IP\") geophysical survey has commenced at the Sunday Creek Project with a view to define regional drill targets outside the core drill area.The IP survey extends over 12 km 2 and covers 6 km strike of the dyke and altered sediment hosted gold mineralized trend to cover significant historical mining areas including Tonstal, Leviathan, Consols and Aftermath.IP geophysics is a key exploratory tool at Sunday Creek as it successfully maps the gold-antimony mineralized host sequence due to the higher amount of pyrite present as a halo around the vein sets and main trend. The pyritic halo is up to several hundred metres wide in areas around Apollo and Rising Sun and is a near 1:1 correlation with higher chargeability shells (Figure 2).Previous regional drilling up to 8 km along strike from the main drill area at Sunday Creek confirmed the presence of the same dyke breccia host and crosscutting high grade gold-bearing veins as currently being drilled within the main mineralized zone.Five drill rigs are operating at site, with 22 diamond drill holes currently being processed and analyzed with an additional 5 holes in progress.Mawson owns 96,590,910 shares of SXG (48.7%), valuing its stake at A$298.5 million (C$274.7 million) based on SXG's closing price on October 8, 2024 AEDT.Michael Hudson, Mawson Interim CEO and Executive Chairman, states : \"While we have five drill rigs constantly expanding and refining the core drill area over a 1.2 km strike between Christina to Apollo at Sunday Creek, we must always keep our eye on the other 90% of the 11 km mineralized trend that has only seen a fraction of the drilling focus to date.\"This IP survey, along with earlier soil sampling and mapping (that coincides with historic mining) is the next step to derisk the regional trend. The survey will help define drill targets for a sixth drill rig that will be dedicated to regional exp...