Executive Summary
The Southern Cross Project, located 380km east of Perth, in close proximity to a number of large producing mine sites, is the Company’s flagship Australian exploration project.
The project covers 197 km² of tenements and includes three key prospects with a strong history of gold production, which the Company expects to examine through a modern, systematic exploration program, and one tenement prospective for lithium bearing pegmatites.
The project area is serviced by sealed roads, grid power, scheme water, rail and town amenities. Minjar operates the Marvel Loch plant nearby and Ramelius Resources operates the Edna May facility some 60 kilometres to the west.
Blanche Lithium Prospect
The tenement, which is situated in the southern part of the Southern Cross Project approximately 25km south of Marvel Loch, on east side of the tenement boundaries from Zenith Minerals Limited.
Zenith intercepted lithium bearing pegmatites within 100m of Xantippe’s tenement boundary and the pegmatites were interpreted to continue north for several hundred metres onto what is now called the Blanche Lithium Prospect, (see ASX:ZNC announcement released on 20 September 2022).
Xantippe recently announced the completion of its maiden drill programme at the Blanche Lithium Prospect in the Southern Cross project. (see ASX: XTC announcement released on 23 February, 2023). A total of eight holes were drilled for 1,878m over the past month with pegmatite intercepted in all drill holes. The maiden drilling has confirmed thick pegmatites continuing over 500m of strike length on Xantippe’s wholly owned tenement E77/2609. The results are highly encouraging and highlight the potential for this area to host lithium bearing pegmatites of significant size.
Glendower Prospect
The Glendower prospect is located at the site of a historical mine site 10km north of the Marvel Loch mine.
Glendower has a strong history of production, having delivered 360 tonnes at an average grade of 18.6 grams per tonne of gold.
The area is divided into two open and pits – Glendower North and South – and the Company anticipates exploring both regions, as well as the wider region through step-out drilling.
Historic exploration at Glendower has yielded successful results, including: 9m @ 28.41 g/t Au from 33m, including 3m @ 81.15g/t Au
To date, no exploration work has been conducted at a depth lower than 100m, offering the Company opportunity at shallow targets as well as at depth.
Xantippe & Treasury South
The Xantippe and Treasury South prospects are located across contiguous tenements that are approximately 4km north-west of the Marvel Loch mine.
The tenements contain a series of historical workings which date back to the early 1900s, however no modern exploration has been conducted as site. This presents the company with a compelling opportunity within one of the world’s top-tier gold destinations.
Like Glendower, no drilling has been conducted at a depth below 100m, and existing exploration has returned positive results.
At the Xantippe prospect, historical exploration has returned: 13m @ 4.69 g/t Au from 38m.
Results at Treasury South are also encouraging, with a best result of: 2m @ 5.78 g/t Au from 92m.