Golden Cross Resources : Copper Hill - Geochemistry Surface Sampling Update

For personal use only

GOLDEN CROSS RESOURCES LTD

ABN 65 063 075 178

301/66 Berry Street

NORTH SYDNEY

Phone [phone]

13July 2022

ASX Market Announcements

Copper Hill

Geochemistry Surface Sampling Update

The Company (ASX:GCR) has received further soil geochemical results as part of an ongoing program to cover target areas of the Copper Hill tenement Exploration Licence 6391, north of Molong, NSW. Completion of further sampling has been delayed by rain events disrupting sampling and interim results are presented herein.

Infill and extension sampling of surface soils is designed to extend coverage based on an MGA grid [MGA z55 GDA94] over areas of Copper Hill and surrounds that are potential future infrastructure sites [e.g., waste rock stack and tailings storage areas] and where some past sampling has been analysed for a limited number of elements, leaving significant gaps in the multi-element coverage of target areas.

Sampling continued on a first pass spacing of 200 x 200 metres at an additional 43 sites as shown in Figure 1.

Figure 1 Copper Hill Tenement Geochemistry Locations

[Batch 1 red; Batch 2 yellow]

GCR ASX Announcement - Copper Hill Tenement Geochemistry Update

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For personal use only

The assay results for copper and gold are shown in Figure 2 and Figure 3.

A review of the plotted data shows that soil copper is elevated to the northeast of the open cut and low over the open cut area itself; this correlates with previous oxide drilling observations which show copper depleted in the upper parts of the oxide zone and gold remaining as a residual in the open cut area.

Soil copper is elevated to the southeast of Wattle Hill and presents a zone open to the southeast for further extension sampling.

The soil distribution of elevated gold in Figure 3 parallels the overall interpreted northwest trending corridor linking Little Copper Hill in the north with Wattle Hill in the south.

When access conditions permit, further stages of sampling are planned to the southeast to test for extensions of the elevated copper zone and to the north towards Shades Road prospect, where limited previous low tenor results suggested subsurface source.

An extract tabulation of the main trace elements is included in Appendix 1. Further evaluation of the remaining key elements is planned as the sampled area expands.

Little
Copper Hill	Shades Road

Open Cut

Wattle Hill

Figure 2 Copper Hill Geochemistry Soil Copper

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For personal use only

Little

Copper Hill

Wattle Hill

Figure 3 Copper Hill Geochemistry Soil Gold

This announcement has been reviewed and authorised for release by the executive chairman Jordan Li.

References to previous announcements

5 January 2022: Copper Hill Tenement -

Planned Geochemistry Surface Sampling Completed

11 January 2022: Copper Hill Tenement -

Geochemistry Surface Sampling Assay Results

Forward-Looking Statement

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. Although Golden Cross Resources Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information from previous reports, compiled by Mr Bret Ferris, who is a Member of the Australasian Institute of Geoscientists. (AIG). Mr Ferris is a consultant to Golden Cross Resources Limited, and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Ferris consents to the inclusion in this report of the matters based on that information in the form and context in which it appears.

Carolyn Jacobs

Joint Company Secretary

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For personal use only

Appendix 1: Copper Hill Soils: Tabulation of Key Elements

Batch 2.

						AD22061850 EXTRACT
					ME-ICP41	u-AA26	E-ICP41	E-ICP41	ICP41	-ICP41
						Cu	Au	Mo	Ag	Pb	Zn
						ppm	ppm	ppm	ppm	ppm	ppm
Site	Locality	Easting	Northing	RL	SampNo	1	0.01	1	0.2	2	2
MGA	MGA
82	Shades Rd	673800	6342100	523	A37787	117	0.03	1	0.4	1	290
83	Shades Rd	674000	6342100	543	A37788	144	0.11	1	0.5	1	258
84	Shades Rd	674200	6342100	557	A37789	126	0.07	-1	0.5	-1	427
85	Shades Rd	674400	6342100	550	A37790	66	0.04	1	0.4	1	301
86	Shades Rd	674600	6342100	557	A37791	112	0.03	1	0.6	1	366
87	Shades Rd	674800	6342100	561	A37792	145	0.07	2	0.8	2	414
88	Shades Rd	675000	6342100	564	A37793	94	0.01	1	0.2	1	275
89	Shades Rd	675200	6342100	554	A37794	137	0.05	1	0.8	1	283
81	Shades Rd	675200	6342300	554	A37795	131	0.01	1	-0.2	1	109
80	Shades Rd	675000	6342300	561	A37796	140	0.01	-1	-0.2	-1	75
79	Shades Rd	674800	6342300	555	A37797	41	0.01	1	-0.2	1	46
78	Shades Rd	674600	6342300	551	A37798	124	0.02	1	0.2	1	183
151	CH Central	674000	6340500	515	A37799	506	0.03	5	-0.2	5	49
152	CH Central	674200	6340500	520	A37800	47	<0.01	1	-0.2	1	41
153	CH Central	674400	6340500	520	A37801	112	0.02	1	-0.2	1	88
154	CH Central	674600	6340500	523	A37802	310	0.19	15	0.4	15	98
155	CH Central	674800	6340500	533	A37803	641	0.06	10	0.3	10	342
156	CH Central	675000	6340500	557	A37804	1170	0.06	5	0.5	5	379
157	CH Central	675200	6340500	556	A37805	685	0.12	6	0.5	6	151
158	CH Central	675400	6340500	564	A37806	897	0.09	10	0.4	10	129
159	CH Central	675600	6340500	571	A37807	1245	0.1	9	0.3	9	139
150	CH Central	675600	6340700	568	A37808	1210	0.1	2	0.5	2	131
149	CH Central	675400	6340700	556	A37809	639	0.1	2	0.3	2	161
148	CH Central	675200	6340700	548	A37810	1025	0.06	2	0.2	2	250
147	CH Central	675000	6340700	540	A37811	178	0.07	3	0.2	3	30
146	CH Central	674800	6340700	530	A37812	530	0.17	9	0.4	9	18
145	CH Central	674600	6340700	529	A37813	215	0.03	8	0.2	8	47
144	CH Central	674400	6340700	523	A37814	327	0.07	7	0.5	7	45
143	CH Central	674200	6340700	516	A37815	309	0.05	9	0.3	9	25
142	CH Central	674000	6340700	510	A37816	456	0.17	16	1.1	16	15
133	CH Central	674000	6340900	514	A37817	436	0.35	14	1.1	14	30
134	CH Central	674200	6340900	515	A37818	800	0.39	7	0.5	7	170
135	CH Central	674400	6340900	529	A37819	374	0.21	16	1.0	16	38
136	CH Central	674600	6340900	537	A37820	291	0.12	9	0.7	9	65
137	CH Central	674800	6340900	549	A37821	139	0.15	8	0.3	8	7
138	CH Central	675000	6340900	550	A37822	174	0.18	6	0.2	6	69
139	CH Central	675200	6340900	552	A37823	98	0.09	10	0.3	10	13
140	CH Central	675400	6340900	569	A37824	135	0.07	17	0.4	17	13
141	CH Central	675600	6340900	583	A37825	275	0.07	16	0.4	16	51
132	CH Central	675600	6341100	580	A40826	297	0.1	4	0.2	4	20
131	CH Central	675400	6341100	565	A39827	143	0.05	3	-0.2	3	24
130	CH Central	675200	6341100	553	A38828	309	0.06	6	-0.2	6	44
129	CH Central	675000	6341100	561	A37829	305	0.04	3	0.2	3	126

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Appendix 2: JORC Compliance Statement

Surface Geochemical Sampling: Soil

Sections 1 and 2 of Table 1, JORC Code, 2012 Edition

Section 1: Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary

Sampling techniques

• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• Samples were collected from skeletal soils at a depth of approximately 25cm using shovel & mattock and sieved in the field to -2mm, producing a sample of ~100-200grams in kraft paper packets for lab submission. Site characteristics were noted in field sample books

Drilling	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air		N/A
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
techniques
or standard tube, depth of diamond tails, face-sampling bit or other
	type, whether core is oriented and if so, by what method, etc).
Drill sample	 Method of recording and assessing core and chip sample recoveries		N/A
and results assessed.
recovery
 Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	 Whether a relationship exists between sample recovery and grade
	and whether sample bias may have occurred due to preferential
	loss/gain of fine/coarse material.
Logging	 Whether core and chip samples have been geologically and	 Sample site characteristics and soil properties are
geotechnically logged to a level of detail to support appropriate		noted in field sample books.

Mineral Resource estimation, mining studies and metallurgical studies.

 Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

 The total length and percentage of the relevant intersections logged.

personal use only

Sub- sampling techniques and sample preparation

 If core, whether cut or sawn and whether quarter, half or all core	 N/A
taken.

• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material being sampled.

Quality of	 The nature, quality and appropriateness of the assaying and	 Sample preparation was maintained to match previous
laboratory procedures used and whether the technique is	procedures - Assays undertaken after pulverising whole
assay data
considered partial or total.	sample to >90% passing 75 microns.
and
	 Aqua Regia digest and analysis by ALS method ME-
laboratory
	ICP41 (33 elements, low detection levels). Gold assays
tests
	by 50g Fire Assay, ALS method Au-AA26. Analyses
		greater than 1% by method OG62
		 No instrumental analyses undertaken.

For

Verification of sampling

• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.
• The verification of significant intersections by either independent or alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data

• All samples analysed by Australian Laboratory Services. Preparation at the Brisbane laboratory and analysis at Orange.. Standard internal checks, matching checks with other ALS labs and annual 'round robin' comparisons with competitor labs.
• Acceptable levels of accuracy and precision have been established
• N/A for soils samples

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