Categories:
Precious Metals
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Gold Stocks
Golden Cross Resources (TSX-V: AUX)(OTC: ZCRMF) CEO Matthew Roma on Exploration Progress at Aurora in Victoria’s Reedy Creek Goldfield & Upcoming Drill Plans
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Golden Cross Resources (TSX-V: AUX)(OTC: ZCRMF) — Mr. Matthew Roma. Matt, how are you today?
Matthew Roma: Hey, Gerardo. Good to be back on. I'm doing well, thanks. How are you doing?
Gerardo Del Real: I am well. It’s great to have you back on. Look, we have gold seeming to have found a bottom and bouncing hard today, up some $140. We have silver up some 7%. Copper’s having itself a day. The equities are rallying hard on rumors that negotiations to cease the war in Iran are being advanced, so let’s hope that is the case.
The timing couldn’t be better for you to start honing in on some high-grade gold. You provided an exploration update at Aurora, and I thought it was worth having you on because I know it was a pretty technical release, and I wanted you to provide the context.
Matthew Roma: Yes, happy to do so. To jog your followers’ minds, back in December we announced that we had received access to a very high-priority target for us called Aurora within the Reedy Creek Goldfield. We are the first company in the modern era to get access to that ground and conduct exploration on that property.
Today’s release outlines the work we’ve done to date. We’ve drilled four holes now at Aurora and are undertaking a pilot geophysics program. If successful, we will roll that out across the project.
Stepping into this, because we hadn’t been able to do any exploration work prior to December, our general model has been to drill some shallow holes, hope to hit some grade, and understand the vein geometry and grade tenor before drilling deeper.
In all four holes, we definitely hit mineralized gold, and in a couple of them started to see higher grade, including just under half a meter at 27 grams per tonne. To see that at the shallow depths we drilled is very encouraging. As we all know in Victoria, it is common that as you go deeper, both grade and thickness improve, and that’s exactly what we’re hopeful for here.
Gerardo Del Real: Well, the million-dollar question — what comes next? We’ve had a pretty violent pullback in both the metals and the equities, from producers down to the explorers. And exploration takes time. It’s rare that you get in there and figure out a system as complex as this one right away with first-pass drilling.
You seem to be getting a better sense of the structures and having increased confidence in what to target. What comes next for the team?
Matthew Roma: First and foremost, based on walking the ground at Aurora, we could tell that up to about 200 meters there had been a lot of artisanal mining. You can see that by walking into the adits and shafts and seeing how deep they go and how well excavated they are near surface.
In hole-3, we hit the neck of one of these main veins that had been worked, and we’re seeing 27 grams per tonne material, which is very encouraging.
We’re starting to understand where these artisanal workings extend to and where they stop. Our geophysics program is helping guide that next round of drilling, which should be underway later in April. The next phase is to drill underneath those workings and go deeper, but it was imperative that we had the data from this initial drilling to do so.
We are not a major with endless dollars that can drill deep holes one after another. We have to be fiscally responsible, which is why we drilled shorter holes to gain insight that will guide deeper drilling. That’s what comes next, and I’ll be excited to come back on and share those results once we have them.
Gerardo Del Real: Well, look, excited to get them. I love seeing exploration stories evolve, and I’m obviously rooting for you and the team. So please, by all means, open-door policy as soon as those results start trickling in.
Matthew Roma: Awesome, Gerardo, thanks for having me back on. I appreciate it.
Gerardo Del Real: No, thank you for your time. Chat soon.
Matthew Roma: Take care.
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