Following recent drilling success, Xantippe Resources Limited(ASX: XTC) has entered into an option agreement for the acquisition of four new exploration licences adding98.56 sq. kmof ground to its Southern Cross Gold Project in Western Australia.
The company has also lodged amalgamations over “ground available for mining” situated within the footprint of its exploration licences.
The acquisition has increased the XTC footprint within its Southern Cross tenement package to approximately 175 sq. kmand follows the signing of a variation to the binding agreement for the acquisition of a 100% interest in the Southern Cross tenement package.
XTC’s maiden drilling programme at Southern Cross, completed in April 2020, initially tested three targets‐ and was successful in intersecting broad zones of gold mineralisation.
The company is currently progressing Phase 2 of its exploration programme at the project. In order to prioritise targets for upcoming RC drilling, the company is undertaking core activities as previously announced.
These core activities have now been concluded and will be immediately followed by drill evaluation of at least three targets. This work will culminate in the next round of RC drilling which is expected to be carried out early in Q3 2020 dependent on DMIRS approval of the Programme of Works recently submitted.
Managing Director, Richard Henning, said the additional tenements have been acquired as they have been identified as hosting many more high priority gold targets, and they are highly complementary to our existing tenements in the Southern Cross Gold Project.
“Following our successful recent capital raising, with these acquisitions, we remain committed to our intention of growing the XTC footprint in one of the most prospective gold bearing regions in WA.
“We now plan to capitalise on the large amount of historical and newly acquired geophysical data available leading into the next phase of drilling to maximise our chances of success.
“Advanced methods undertaken by XTC ‐ including geochemistry, litho‐geochemistry geomagnetics and spectral geology ‐ have never previously been applied to the Southern Cross Project.
“With the application of these methods, the Company expects to significantly enhance the Project’s prospectivity through current tenement holdings and acquisition.
“Further, previous exploration has been strongly focused on the near surface, which suggests that a large component of previous drilling has not effectively tested the Greenstone Belt or adjoining prospective stratigraphy.”