Golden Cross Resources : KLPX Geophysics Update

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GOLDEN CROSS RESOURCES LTD

ABN 65 063 075 178

301/66 Berry Street

NORTH SYDNEY NSW 2060

Phone [phone]

24 December 2021

Kilparney Extended Geophysics Update

The Company has completed a gravity geophysical survey over EL8270 located 40 kilometres south of Nymagee in Central NSW

Deep (and conductive) overburden to a depth of approximately 90m in many places in the region mitigates

against some geophysical techniques. As basement structure is a key factor in localising the Cobar style deposits, infill gravity was proposed. This technique has been applied in the region and at Golden Cross' Burra Prospect near Canbelego with encouraging results.

The area of EL8270 is characterised by sparse outcrop and overburden of unknown depth.

The main feature of interest has been the western end of the licence adjacent to the Kilparney Prospect,

a regional magnetic feature which has been prospected previously by other explorers.

Current regional gravity data is wide spaced approximately 4km x 2km, with insufficient stations over the main features to achieve resolution suitable for targeting. There is potential to clarify basement structure at reasonable cost with infill stations.

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To assess the usefulness of the gravity technique, Cobar based, Precision Exploration Services were engaged to access EL8270 and collected gravity readings on a first pass 800m x 800m grid pattern. Dense scrub impacted access to most of the sites.

A total of 54 sites were accessed. The data have been collated and reviewed to produce preliminary images as shown in Figure 1 and 2

Figure 1 Bouguer Gravity

Figure 2 Bouguer Gravity and regional data image

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While no clear gravity features are evident in the images adjacent to the Kilparney Prospect, a gravity high at the eastern end of EL8270 is of interest where it coincides with a magnetic high in regional datasets.

The data is to be interpreted in more detail by geophysicist and further processing and evaluation are to be planned in the next stage of work.

This announcement has been reviewed and authorised for release by the GCR Board.

Compliance Statements

Competent Person

JORC Table 1

Section 1 - Sampling Techniques & Data

Section 2 - Reporting of Exploration Results

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 Geoscientsts. (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.

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JORC Compliance Statement: Kilparney Gravity Survey

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

Section 1: Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary

only

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.

• The Kilparney Gravity Survey was completed by Precision Exploration Services, Cobar NSW.
• After mobilization, initial access recce & establishment of a local GPS Base site; a Gravity Control Base point ( 2100675), was brought in from the nearest AFGN Base 1993912105 , situated on the Kidman Way South of Gilgunnia.
• The GPS was initially run from autonomous coordinates & files of 30 second static data were collected for both onsite check processing & later submission to Trimble RTX Post processing

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 The carried in gravity base point (2100675), was located on the main access; the transecting cleared & graded Gas Pipeline. From this base, traverse reading loops were undertaken, carrying gravity ties out across the grid area.

 Grid gravity traversing was effected with station navigation per a Garmin Montana 680 Handheld GPS.

 Stations were centred on a nominal 800m square grid. Some station sites were moved to read stable ground with acceptable sky/satellite view.

 Gravity Readings were taken with a Model G Lacoste & Romberg Meter

 Survey of reading station coordinates & levels were measured with 6 minute x 30 second static post processed baselines with a pair Trimble SPS880/R8 units

 With the returned RTX GPS Base GDA 94 LL coordinates, the final GPS survey project was re-processed per Trimble TBC to generate corrected positions for all measured stations.

Gravity Processing

 Instrument gravity readings were processed with STRIDER Gravity Software.

 Reductions for TIDE, LATTITUDE undertaken with GRAVRED with a residual Drift file produced.

 Further Bouguer corrections were undertaken through BOUGUER. This process applied corrections for FREE AIR & Infinite Slab Bouguer

 The entire survey area is gently tilted from the NE Corner to the SW Corner.

 RL Contours over Terrain Image

		The slightly smooth gradient did not require any terrain
		correction
Drilling	 Drill type (eg core, reverse circulation, open-hole	 N/A]
hammer, rotary air blast, auger, Bangka, sonic, etc) and

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Criteria	JORC Code explanation	Commentary
techniques		details (eg core diameter, triple 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		N/A
	recoveries 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		N/A
	and geotechnically logged to a level of detail to support
		appropriate 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.
Sub-		If core, whether cut or sawn and whether quarter, half or		N/A.
	all core taken.
sampling
techniques		If non-core, whether riffled, tube sampled, rotary split,
and sample		etc and whether sampled wet or dry.
preparation
	 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		N/A
	and laboratory procedures used and whether the
assay data
	technique is considered partial or total.
and
laboratory
tests		For geophysical tools, spectrometers, handheld XRF		N/A
		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		N/A

standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

For

Verification of sampling and assaying

Location of data points

• 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 verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.
• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
• Specification of the grid system used.

• N/A

• Survey of reading station coordinates & levels were measured with 6 minute x 30 second static post processed baselines with a pair Trimble SPS880/R8 units
• MGA GDA94 z55

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