Xantippe Resources Limited (“XTC” or “the Company”) is pleased to advise it is set to commence Phase 2 of its exploration program at its recently acquired Southern Cross gold project in Western Australia, with the objective of defining priority drill targets for the next phase of RC drilling, indicatively scheduled to commence in early Q3 2020.
- Activities now set to commence in preparation for second phase of RC drilling, focussing on key targets undrilled by XTC
- Immediate action plan includes:
- Complete the validation review of historical data for the project;
- Conduct advanced processing and imaging of merged ground magnetic datasets; and
- Generate a geological model and prioritise drilling targets, utilising the newly processed relational dataset.
- Next round of drilling is fully funded and scheduled to commence in early Q3 2020.
- Southern Cross is a prolific gold mining region with +15Moz gold produced to date and existing processing infrastructure.
XTC’s maiden drilling programme, completed in April 2020, initially tested three targets – Xantippe, Glendower and Treasury South – and was successful in intersecting broad zones of gold mineralisation.
- Southern Cross maiden drilling confirms broad zones of gold mineralisation
- VMS-focused drilling campaign progressing to plan at Rover
The Company’s current aim is to move towards the Phase 2 drilling programme at the project. In order to prioritise targets for this programme, the Company will immediately undertake the following core activities:
- Implement the recommendations of the high-level data review undertaken by Expedio where all historical data will be subjected to a check and validation process before it is compiled into a master database; 1 Refer to ASX announcement dated 29th April 2020.
- Consolidate and merge ground magnetic surveys completed with publicly available historical datasets and conduct advanced processing and imaging of merged magnetic datasets. This will be supplemented by any new data that can be purchased or undertaken to provide a complete survey at high density; and
- Conduct a geological review and target update, utilising the newly processed ground magnetic dataset.
These core activities are anticipated to be completed by end Q2 and will be immediately followed by drill evaluation of at least three targets defined as most prospective. This work will culminate in the next round of RC drilling which is expected to be carried out early in Q3 2020.
The Company has previously reported potential high priority targets – Boodarding, Battle North and Alpine/Roma. 2 While these targets have previously delivered encouraging highgrade gold intersections, XTC will not rely solely on these to determine targets for the upcoming drill campaign and like all other potential targets will be vigorously analysed as part of the upcoming work programme.
Xantippe’s Managing Director, Mr Richard Henning commented:
“We are spoiled to have a depth of promising walk-up gold targets already demonstrated within our portfolio, and remain funded to go and drill priority targets in the near term. Timing has never been better to get busy, with the Australian gold price increasing by more than A$500/oz since we announced our transformational acquisition of the tenement package in this prolific gold region in December 2019.
“We have a plan to capitalise on the large amount of historical and public data available leading into the next phase of drilling to maximise our chances of success, and will spend the next several weeks consolidating this data to generate an updated geological model to assist with our drill targeting.”
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