Golden Cross Confirms Orogenic Gold Mineralization from Initial Assay Results at Reedy Creek

Executive Summary

• Golden Cross Resources released initial assay results from its Phase 1 diamond drilling program at the Reedy Creek gold project in Victoria, Australia, confirming high-grade gold intercepts and validating the geological model against world-class Victorian-style deposits like Fosterville and Costerfield.
• The company completed 10 holes for over 2,300 meters, with assays received for the first three holes at the Prince of Wales target and resampling of historical core. Significant intercepts include 10.8m @ 2.08g/t Au (including 0.5m @ 24.4g/t Au) and 23m @ 3.01g/t Au from resampled historical holes.
• Phase 2 drilling is fully funded with a 10,000m program using two rigs, while assays from the remaining 7 holes (approx. 1,900m) of Phase 1 are pending to refine future targeting.

Key Details

• New Drill Intercepts (Prince of Wales Target - Hole PWD004):
  • 10.8m @ 2.08g/t Au from 28m, including 0.5m @ 24.4g/t Au from 28m.
  • Visible gold observed in core at 40.5m depth within the low-grade halo.
• Resampled Historical Core Intercepts:
  • RWB10: 23m @ 3.01g/t Au from 22m, including 2m @ 32.25g/t Au.
  • RWB12: 9m @ 3.64g/t Au from 38m, including 5m @ 5.72g/t Au from 39m.
  • RWB13: 10m @ 2.81g/t Au from 37m, including 2m @ 8.45g/t Au from 40m.
• Geological Findings:
  • Evidence of ladder-style veins, laminated quartz veins, and arsenic halos consistent with Fosterville and Costerfield systems.
  • Trace amounts of stibnite (antimony ore) observed in SHD002 at 231.57m depth; final assays pending.
  • Strong correlation between arsenic and gold suggests the project is located in the upper part of the gold system.
  • Identification of nuggety gold mineralization, necessitating screen-fire assays for accuracy.
• Drilling Status & Next Steps:
  • Phase 1: 10 holes completed (>2,300m). Assays received for 3 holes (393.21m). Assays pending for 7 holes (~1,900m).
  • Phase 2: Fully funded 10,000m program underway with two rigs.
  • Additional drilling underway at Welcome Reef.
• QA/QC:
  • Samples assayed at ALS Laboratories.
  • Screen-fire assays used for samples >2g/t Au to account for coarse/nuggety gold.
  • Resampling verified previous high-grade intercepts from Great Pacific Gold (GPAC).

Notable Quotes

• Matthew Roma, CEO: "The geological interpretations identified to date are very encouraging, suggesting a strong possibility that this area could host a significant 'Victorian-style' gold deposit at greater depths. With a fully funded Phase 2, 10,000m drill program, our primary objective is to vector into the source of this gold system."
• Alan Till, VP Exploration: "These first pass diamond holes have intersected significant gold mineralization, arsenic pathfinder signatures and lower tenor gold halos around quartz reefs, validating the structural targeting approach the Company has adopted... Drilling has highlighted clear dilation zones for prioritised follow-up drilling."