Southern Cross Gold Consolidated Ltd. press release
Southern Cross Gold Drills Record High-Grade in Shallow Apollo: 17.3 Metres at 15.3 g/t Gold & 3.2% Antimony
TSX - Toronto Stock Exchange · Australia
Vancouver, British Columbia and Melbourne, Australia--(Newsfile Corp. - March 16, 2026) - Southern Cross Gold Consolidated Ltd.(TSX: SXGC) (ASX: SX2) (OTCQX: SXGCF) (FSSE: MV3) ("SXGC", "SX2" or the "Company") announces results from four drill holes from the 100%-owned Sunday Creek Gold-Antimony Project in Victoria (Figures 1 to 6). Best results included 17.3 m @ 22.9 g/t AuEq (15.3 g/t Au, 3.2% Sb) from 251.1 m in drill hole SDDSC200.
The true thickness of the mineralized intervals is interpreted to be approximately 60% to 80% of the sampled thickness for all reported holes.
Four High Level Takeaways:
1.
Record grade in shallow Apollo- Highest-grade composite intersection recorded in the top 220 vertical metres of Apollo: 17.3 m at 22.9 g/t gold equivalent, including 6.3 m at 32.3 g/t gold and 7.0% antimony.
2.
Apollo delivering in every direction- Four holes drilled both east-to-west and west-to-east all hit mineralization. The system is continuous, consistent, and responds predictably to the drill bit across the upper Apollo area.
3.
Antimony tenor is very high near surface- Multiple intervals in these holes exceeded 20% antimony, consistent with the zonation model that predicts the richest antimony grades in the upper 700 m of the system. That is strategically important given current antimony prices and global supply constraints.
4.
New vein sets appearing - SDDSC200 identified a previously unrecognised vein set, a reminder that the system is still expanding with every hole drilled. We are not filling in a known box - we are still finding new parts of it.
Michael Hudson, President & CEO, states:_"These four holes do something important - they demonstrate that the upper Apollo system, within 220 vertical metres of surface, is capable of hosting extremely high gold-antimony grades across broad widths. The 17.3 m at 22.9 g/t gold equivalentin SDDSC200 is the best composite we've ever recorded in the top portion of Apollo and is in an area we had not previously drilled. That's not infill - that's discovery._
"What strikes us about this set of results is the consistency. Four holes, drilled in alternating directions across the upper Apollo, all hit mineralization. The vein sets are continuous, they're predictable, and the high-grade cores keep appearing exactly where the geology says they should. SDDSC200 also intersected a vein set we hadn't seen before, which is a reminder that Apollo is still expanding with further drilling.
"The antimony story here is equally compelling. Multiple intervals exceeded 20% antimony - very high concentrations that reflect the epizonal character of Sunday Creek and the natural enrichment of antimony in the upper portions of the system. At a time when the Western world is urgently reassessing its antimony supply chain, these grades matter.
"With 46 holes pending results and ten rigs turning, the pipeline of news from Sunday Creek remains as strong as it has ever been."
For Those Who Like the Details - Highlights:
Four diamond drill holes (SDDSC195, SDDSC198, SDDSC199, SDDSC200) were completed in the upper Apollo prospect, testing both infill positions within known vein sets and gaps within 220 vertical metres of surface that had never previously been drilled. Holes were drilled in alternating east-to-west and west-to-east orientations to optimise intersection angles across the steeply dipping vein architecture. True widths are estimated at approximately 60% to 80% of reported downhole thicknesses.
SDDSC195(west to east, 152 m total depth downhole): Five vein sets intersected, new high-grade core identified in A50 vein set:
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4.0 m @ 4.8 g/t AuEq(4.0 g/t Au, 0.3% Sb) from 128.6 m
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including 0.4 m @ 31.4 g/t AuEq(26.6 g/t Au, 2.0% Sb) from 129.6 m
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10.3 m @ 8.9 g/t AuEq(7.9 g/t Au, 0.4% Sb) from 136.9 m
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including 1.3 m @ 21.3 g/t AuEq(16.6 g/t Au, 2.0% Sb) from 139.3 m
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including 0.3 m @ 35.7 g/t AuEq(35.5 g/t Au, 0.1% Sb) from 144.0 m
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including 0.4 m @ 113.5 g/t AuEq(105.0 g/t Au, 3.6% Sb) from 145.8 m
SDDSC198(east to west, 274 m total depth downhole): Three vein sets intersected, infilling known upper Apollo structures:
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4.7 m @ 2.6 g/t AuEq(2.3 g/t Au, 0.2% Sb) from 172.6 m
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2.6 m @ 10.1 g/t AuEq(9.8 g/t Au, 0.1% Sb) from 206.1 m
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including 0.1 m @ 182.6 g/t AuEq(179.0 g/t Au, 1.5% Sb) from 207.7 m
SDDSC199(west to east, 503 m total depth downhole): Eight vein sets intersected, high-grade core delineated in A30 vein set, targeting a gap 24 vertical metres below previously reported SDDSC164:
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17.9 m @ 8.3 g/t AuEq(5.0 g/t Au, 1.4% Sb) from 210.4 m
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including 4.4 m @ 30.8 g/t AuEq(18.2 g/t Au, 5.3% Sb) from 213.2 m
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4.4 m @ 3.4 g/t AuEq(2.8 g/t Au, 0.2% Sb) from 240.6 m
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including 0.2 m @ 67.9 g/t AuEq(60.8 g/t Au, 3.0% Sb) from 242.9 m
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4.4 m @ 3.1 g/t AuEq(2.1 g/t Au, 0.4% Sb) from 248.1 m
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3.6 m @ 12.8 g/t AuEq(7.1 g/t Au, 2.4% Sb) from 258.6 m
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including 2.0 m @ 21.6 g/t AuEq(11.8 g/t Au, 4.1% Sb) from 260.3 m
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0.1 m @ 88.7 g/t AuEq(78.0 g/t Au, 4.5% Sb) from 267.5 m
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Individual assays exceeding 20% antimony:
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0.52 m @ 34.8 g/t Au, 29.8% Sb from 214.5 m
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0.26 m @ 19.3 g/t Au, 21.4% Sb from 261.8 m
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These elevated antimony tenors are consistent with the epizonal zonation model predicting antimony enrichment in the upper 700 m of the system
SDDSC200(west to east, 321 m total depth): Four vein sets intersected including one previously unrecognised structure, multiple high-grade cores in A30 vein set, stepping 40 vertical metres below SDDSC199's A30 core:
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6.6 m @ 6.3 g/t AuEq (5.7 g/t Au, 0.3% Sb) from 228.0 m
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including 0.9 m @ 31.3 g/t AuEq (29.5 g/t Au, 0.7% Sb) from 233.7 m
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4.3 m @ 5.2 g/t AuEq (3.3 g/t Au, 0.8% Sb) from 244.6 m
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including 0.2 m @ 105.0 g/t AuEq (61.0 g/t Au, 18.4% Sb) from 248.2 m
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17.3 m @ 22.9 g/t AuEq (15.3 g/t Au, 3.2% Sb) from 251.1 m: the highest-grade composite intersection recorded in the top 220 vertical metres of Apollo to date
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including 0.6 m @ 30.6 g/t AuEq (30.6 g/t Au, 0.0% Sb) from 251.1 m
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including 6.3 m @ 48.9 g/t AuEq (32.3 g/t Au, 7.0% Sb) from 256.9 m
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including 0.3 m @ 64.5 g/t AuEq (54.7 g/t Au, 4.1% Sb) from 264.5 m
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including 0.6 m @ 48.0 g/t AuEq (21.3 g/t Au, 11.2% Sb) from 267.1 m
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Individual exceptional assays:
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0.91 m @ 131 g/t Au, 8.45% Sb from 257.5 m
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0.40 m @ 33.0 g/t Au, 28.1% Sb from 259.5 m
Project Totals to Date
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247 drill holes for 114,806 m reported from Sunday Creek since late 2020
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81 composite intersections exceeding 100 g/t Au by applying a 1 m (down hole length) @ 5 g/t AuEq lower cut.
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101 composite intersections exceeding 10% Sb by applying a 1 m (down hole length) @ 5 g/t AuEq lower cut.
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46 holes pending results, including 10 actively drilling, with nine rigs operational and one dedicated to regional exploration
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200,000 m drill program continuing through to Q1 2027
Drill Hole Discussion
Four drill holes are reported here targeting the upper Apollo prospect, drilled in alternating east-to-west and west-to-east orientations to optimise high intersection angles across the steeply dipping vein architecture. The program had two clear objectives:
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to test previously undrilled gaps within 220 vertical metres of surface (SDDSC199 and SDDSC200); and
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to infill the boundaries of known vein sets within the upper Apollo system (SDDSC195 and SDDSC198).
All four holes delivered high-grade gold-antimony mineralization, demonstrating the continuity and predictability of the upper Apollo system. Importantly, both gap-testing holes identified new high-grade cores within the A30 vein set, with SDDSC200 - stepping a further 40 vertical metres below SDDSC199 - returning the highest-grade composite intersection ever recorded within the top 220 vertical metres of Apollo. SDDSC200 also intersected a previously unrecognised vein set, confirming that the system continues to expand with each successive hole.
The elevated antimony tenor observed across multiple intervals in both SDDSC199 and SDDSC200 - with several individual assays exceeding 20% Sb - is consistent with the zonation pattern characteristic of epizonal systems, where antimony enrichment is strongest in the upper 700 m of the mineralized column. This pattern has now been confirmed repeatedly across Apollo and reinforces the interpreted epizonal model for Sunday Creek.
Taken together, these results demonstrate that the upper Apollo system hosts very high grade gold-antimony grades from near surface, that the vein architecture is spatially coherent across a range of drill orientations, and that significant discovery potential remains with continued infill and step-out drilling.
SDDSC195
SDDSC195 was drilled west to east and intersected five vein sets and identified one new HG core within the A50 vein set. The A50 vein set and HG core returned a broad mineralized zone of 10.3 m @ 8.9 g/t AuEq(7.9 g/t Au, 0.4% Sb) from 136.9 m, including 0.4 m @ 113.5 g/t AuEq(105.0 g/t Au, 3.6% Sb) from 145.8 m.
Selected highlights include:
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4.0 m @ 4.8 g/t AuEq(4.0 g/t Au, 0.3% Sb) from 128.6 m, including;
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0.4 m @ 31.4 g/t AuEq(26.6 g/t Au, 2.0% Sb) from 129.6 m
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10.3 m @ 8.9 g/t AuEq(7.9 g/t Au, 0.4% Sb) from 136.9 m, including;
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1.3 m @ 21.3 g/t AuEq(16.6 g/t Au, 2.0% Sb) from 139.3 m
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0.3 m @ 35.7 g/t AuEq(35.5 g/t Au, 0.1% Sb) from 144.0 m
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0.4 m @ 113.5 g/t AuEq(105.0 g/t Au, 3.6% Sb) from 145.8 m
SDDSC198
SDDSC198 was drilled east to west and targeted infill of known vein sets within the upper area of Apollo system. Three vein sets were intersected, returning one individual gold assay exceeding 100 g/t Au; 0.1 m @ 182.6 g/t AuEq (179.0 g/t Au, 1.5% Sb) from 207.7 m.
Selected highlights include:
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4.7 m @ 2.6 g/t AuEq(2.3 g/t Au, 0.2% Sb) from 172.6 m
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2.6 m @ 10.1 g/t AuEq(9.8 g/t Au, 0.1% Sb) from 206.1 m, including;
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0.1 m @ 182.6 g/t AuEq(179.0 g/t Au, 1.5% Sb) from 207.7 m
SDDSC199
SDDSC199 was drilled west to east and targeted a gap in drilling approximately 24 vertical metres below the HG core reported in previously reported hole SDDSC164 (1.9 m @ 16.5 g/t AuEq (14.4 g/t Au, 0.9% Sb) from 198.0 m). Eight vein sets were identified, and one HG core was delineated within the A30 vein set (Figure 4).
Two individual assays exceeded 20% antimony:
29.80% Sb& 34.8 g/t Au over 0.52 m from 214.5 m
21.40% Sb& 19.3 g/t Au over 0.26 m from 261.8 m.
The elevated antimony tenor observed in these intervals is consistent with the zonation pattern identified in upper portions of the Apollo system and supports the interpreted epizonal model of increased antimony in the upper 700 m of the system.
Selected highlights include:
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17.9 m @ 8.3 g/t AuEq(5.0 g/t Au, 1.4% Sb) from 210.4 m (A30 vein set), including;
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4.4 m @ 30.8 g/t AuEq(18.2 g/t Au, 5.3% Sb) from 213.2 m (A30 HG core)
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4.4 m @ 3.4 g/t AuEq(2.8 g/t Au, 0.2% Sb) from 240.6 m, including;
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0.2 m @ 67.9 g/t AuEq(60.8 g/t Au, 3.0% Sb) from 242.9 m
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4.4 m @ 3.1 g/t AuEq(2.1 g/t Au, 0.4% Sb) from 248.1 m
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3.6 m @ 12.8 g/t AuEq (7.1 g/t Au, 2.4% Sb) from 258.6 m, including;
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2.0 m @ 21.6 g/t AuEq(11.8 g/t Au, 4.1% Sb) from 260.3 m
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0.1 m @ 88.7 g/t AuEq(78.0 g/t Au, 4.5% Sb) from 267.5 m
SDDSC200
SDDSC200 was drilled west to east and targeted a further 40 vertical metre step-down below the A30 HG core intersected in SDDSC199 (Figure 4). Four vein sets were intersected, of which one was previously unrecognised, and multiple HG cores were identified within the A30 vein set. The hole returned one individual gold assay exceeding 100 g/t Au and one individual antimony assay exceeding 20% Sb:
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131 g/t Au& 8.45% Sb over 0.91 m from 257.5 m
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28.10% Sb& 33.0 g/t Au over 0.40 m from 259.5 m
The A30 vein set and HG core returned a broad mineralized zone of 17.3 m @ 22.9 g/t AuEq(15.3 g/t Au, 3.2% Sb) from 251.1 m, representing the highest-grade composite intersection recorded within the top 220 vertical metres of the Apollo system to date, and highlights the high-grade potential of the system even in the upper areas.
Selected highlights include:
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6.6 m @ 6.3 g/t AuEq(5.7 g/t Au, 0.3% Sb) from 228.0 m, including;
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0.9 m @ 31.3 g/t AuEq(29.5 g/t Au, 0.7% Sb) from 233.7 m
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4.3 m @ 5.2 g/t AuEq(3.3 g/t Au, 0.8% Sb) from 244.6 m, including;
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0.2 m @ 105.0 g/t AuEq(61.0 g/t Au, 18.4% Sb) from 248.2 m
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17.3 m @ 22.9 g/t AuEq(15.3 g/t Au, 3.2% Sb) from 251.1 m, including;
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0.6 m @ 30.6 g/t AuEq(30.6 g/t Au, 0.0% Sb) from 251.1 m
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6.3 m @ 48.9 g/t AuEq(32.3 g/t Au, 7.0% Sb) from 256.9 m
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0.3 m @ 64.5 g/t AuEq(54.7 g/t Au, 4.1% Sb) from 264.5 m
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0.6 m @ 48.0 g/t AuEq(21.3 g/t Au, 11.2% Sb) from 267.1 m
Pending Results and Update
Nine drill rigs are currently operational on the Sunday Creek project with one additional drill rig dedicated to regional exploration. Results are pending from 46 holes currently being processed and analyzedincluding ten holes that are actively being drilled and one abandoned hole (Figure 2). The Company continues its ongoing 200,000 m drill program through to Q1 2027.
About Sunday Creek
The Sunday Creek epizonal-style gold project is located 60 km north of Melbourne within 16,900 hectares ("Ha") of granted exploration tenements. SXGC is also the freehold landholder of 1,392 Ha that forms the key portion in and around the main drilled area at the Sunday Creek Project.
Gold and antimony form in a relay of vein sets that cut across a steeply dipping zone of intensely altered rocks (the "host"). These vein sets are like a "Golden Ladder" structure where the main host extends between the side rails deep into the earth, with multiple cross-cutting vein sets that host the gold forming the rungs. At Apollo and Rising Sun these individual 'rungs' have been defined over 600 m depth extent from surface to over 1,100 m below surface, are 2.5 m to 3.5 m wide (median widths) (and up to 10 m), and 20 m to 100 m in strike.
Cumulatively, 247 drill holes for 114,806.33 m have been reported from Sunday Creek since late 2020. This amount includes five holes for 929 m that have been drilled for geotechnical purposes and 22 holes for 2,973.77 m that were abandoned due to deviation or hole conditions. Fourteen drill holes for 2,383 m have been reported regionally outside of the main Sunday Creek drill area with three additional regional holes currently being processed. A total of 64 historic drill holes for 5,599 m were completed from the late 1960s to 2008. The project now contains a total of eighty-one (81) composite intersections exceeding 100 g/t Au and seventy-two (72) composite intersections between 50 g/t and 100 g/t Au, and one-hundred and one (101) composite intersections exceeding 10% Sb by applying a 1 m (down hole length) @ 5 g/t AuEq lower cut.
Southern Cross Gold's systematic drill program is strategically targeting these significant vein formations, which are currently defined over 1,550 m strike of the host dyke/sediment ("rails of the ladder") from Christina to Apollo prospects, of which approximately 650 m has been more intensively drill tested (Golden Dyke to Apollo). At least 115 'rungs' have been defined to date, defined by high-grade intercepts (20 g/t Au to >7,330 g/t Au) along with lower grade edges. Ongoing step-out drilling is aiming to uncover the potential extent of this mineralized system (Figure 2).
Geologically, the project is located within the Melbourne Structural Zone in the Lachlan Fold Belt. The regional host to the Sunday Creek mineralization is an interbedded turbidite sequence of siltstones and minor sandstones metamorphosed to sub-greenschist facies and folded into a set of open north-west trending folds.
Further Information
Further discussion and analysis of the Sunday Creek project is available through the interactive Vrify 3D animations, presentations and videos all available on the SXGC website.These data, along with an interview on these results with President & CEO/Managing Director Michael Hudson can be viewed at www.southerncrossgold.com.
No upper gold grade cut is applied in the averaging and intervals are reported as drill thickness. However, during future Mineral Resource studies, the requirement for assay top cutting will be assessed. The Company notes that due to rounding of assay results to one significant figure, minor variations in calculated composite grades may occur.
Figures 1 to 6 show project location, plan and longitudinal views of drill results reported here and Tables 1 to 3 provide collar and assay data. The true thickness of the mineralized intervals reported individually as estimated true widths ("ETW"), otherwise they are interpreted to be approximately 60% to 80% of the sampled thickness for other reported holes. Lower grades were cut at 1.0 g/t AuEq lower cutoff over a maximum width of 2 m with higher grades cut at 5.0 g/t AuEq lower cutoff over a maximum of 1 m width.
Critical Metal Epizonal Gold-Antimony Deposits
Sunday Creek (Figure 6) is an epizonal gold-antimony deposit formed in the late Devonian (like Fosterville, Costerfield and Redcastle), 60 million years later than mesozonal gold systems formed in Victoria (for example Ballarat and Bendigo). Epizonal deposits are a form of orogenic gold deposit classified according to their depth of formation: epizonal (12 km).
Epizonal deposits in Victoria often have associated high levels of the critical metal, antimony, and Sunday Creek is no exception. China claims a 56 per cent share of global mined supplies of antimony, according to a 2023 European Union study. Antimony features highly on the critical minerals lists of many countries including Australia, the United States of America, Canada, Japan and the European Union. Australia ranks seventh for antimony production despite all production coming from a single mine at Costerfield in Victoria, located nearby to all SXGC projects. Antimony alloys with lead and tin which results in improved properties for solders, munitions, bearings and batteries. Antimony is a prominent additive for halogen-containing flame retardants. Adequate supplies of antimony are critical to the world's energy transition, and to the high-tech industry, especially the semi-conductor and defence sectors where it is a critical additive to primers in munitions.
Antimony represents approximately 21% to 24% in situ recoverable value of Sunday Creek at an AuEq of 2.39 ratio.
About Southern Cross Gold Consolidated Limited (TSX: SXGC) (ASX: SX2) (OTCQX: SXGCF) (FSE: MV3)
Southern Cross Gold Consolidated Ltd. (TSX: SXGC) (ASX: SX2) (OTCQX: SXGCF), is defining a leading gold-antimony project at the Sunday Creek Gold-Antimony Project, located 60 km north of Melbourne. Sunday Creek is a significant gold and antimony drill discovery in a Tier 1 location, with high-grade drill results including 81 composite intersections exceeding 100 g/t Au from 114.8 km of drilling. The mineralization follows a "Golden Ladder" structure over 12 km of strike length, with structures tested from surface to 1,100 m depth.
Sunday Creek's strategic value is enhanced by its dual-metal profile. The Company has a critical mineral the Western world needs. This has gained increased significance following China's export restrictions on antimony, a critical metal for defence and semiconductor applications. Southern Cross' inclusion in the US Defense Industrial Base Consortium (DIBC) and Australia's AUKUS-related legislative changes position it as a potential key Western antimony supplier.
Technical fundamentals further strengthen the investment case, with preliminary metallurgical work showing non-refractory mineralization suitable for conventional processing and gold recoveries of 93% to 98% through gravity and flotation.
With a strong cash position, 1,392 Ha of strategic freehold land ownership, and a large 200 km drill program planned through Q1 2027, SXGC is well-positioned to advance this globally significant gold-antimony discovery in a tier-one jurisdiction, delivering milestone by milestone.
Ends -
For ASX Compliance: This announcement has been approved for release by the Board of Southern Cross Gold Consolidated Ltd.
For further information, please contact:
Mariana Bermudez - Corporate Secretary
mb@southerncrossgold.comor +1 604 685 9316