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Precious Metals
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Gold Stocks
Golden Cross Resources (TSX-V: AUX)(OTC: ZCRMF) CEO Matthew Roma on Initial Reedy Creek Assays, Intersecting Victorian-Style Gold Mineralization & What’s Next as Drilling Continues
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Golden Cross Resources (TSX-V: AUX)(OTC: ZCRMF) — Mr. Matthew Roma. Matt, it's great to have you on. How are you today?
Matthew Roma: I'm doing well, Gerardo. Thanks for having me back. We're well overdue for an update to your audience here.
Gerardo Del Real: Yes, listen, I couldn’t have picked a better day, right? Better lucky than good sometimes. We’ve got another record high in the gold price — it looks like it wants to break through US$4,000 per ounce. Silver is breaking out as well.
You had some news on September 29 confirming orogenic gold mineralization from the initial assays at Reedy Creek. I know the initial reaction was a bit odd — then the market came right back up. I think people actually took the time to read the release and digest what it meant.
I wanted to have you on to explain what you’ve learned from these initial assay results and what’s been validated because I think it’s important.
Matthew Roma: Yes, that’s a great point, Gerardo. It was a bit of an odd reaction right out of the gate following the news. There was a bit of a sell-off early, and then I think the smart money really saw what was happening — and ultimately what we showcased in this release — and it completely turned around.
Keep in mind, we started drilling in early June. Up to now, we’ve completed about ten holes for roughly 2,300 meters. But this first release covered only three holes totaling just shy of 400 meters.
We’re still in the very early stages here. Everything we’re seeing so far is exactly what we were hoping to see. Of course, we all want those home-run grades right out of the gate but we’ve stuck to our plan: start with shorter holes, find the vein, confirm gold is present, understand the geometry, then drill deeper.
So far, that’s exactly what we’ve done.
Gerardo Del Real: And that’s important when you’re looking at the potential for Victorian-style gold deposits; there’s a very specific signature that comes with that. You touched on it a bit.
Can you talk about what you’re hoping to see in the remaining holes? And look, you’re fully funded for a Phase 2, 10,000-meter drill program, which I think is as big a vote of confidence as any.
Matthew Roma: That’s exactly right. These Victorian gold systems are deeper… and grade tends to improve with depth. To identify and define these systems, you need to find where the gold has precipitated to help vector future drilling.
We’ve seen laminated quartz veins, arsenic halos, visible gold, and stibnite in the core. These are all great indications that we’re in the outer parts of a potential system. It’s going to take more drilling to vector into where we need to be.
We’ve got C$5 million in cash and a fully funded 10,000-meter Phase 2 drill program now underway with two rigs turning. The main objective is to vector into this system and really showcase the potential to the market.
Gerardo Del Real: I absolutely love companies that are using this kind of gold price environment — this historic environment — to get busy, get funded, and prove what’s there. There’s no sense in having a market like this if we’re just going to sit on the sidelines. Anything to add to that, Matt?
Matthew Roma: No, I think you’ve nailed it. We’ve seen the number of financings completed over the past few weeks; demand is out of control for good gold and silver stories. We think we’ve got as good a story as any at this stage. We’re very excited for what the future holds and what this next 10,000 meters will bring. Stay tuned.
Gerardo Del Real: Thanks for coming on, Matt. I appreciate it, and I’m looking forward to having you back soon.
Matthew Roma: Awesome, Gerardo. Thanks very much.
Gerardo Del Real: Alright, chat soon. Cheers.
Matthew Roma: Take care.
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