golden cross resources ltd · a number of the mullock dumps within the mining lease have been...

HIGHLIGH

• Adelonfeasibi

• Kempf• MIM c• Five a

proper• Interce

Wagga

PROJECT

1. AdeloThe latest rev

Adelong Gol

Parameter

ProductionGradeRecoveryRecovered GRevenueOperating CoRoyaltiesCash OperatiCapital ExpenNet Cash FloNet Present VInternal Rate Mine LifePayback Peri

During the qumills installedDiscussions arequired to co

GOLDEN CROSS RESOURCES LTDABN 65 063 075 178

QUARTERLY REPORT TO 30 JUNE 2002

22 July 2002TS

g Gold Project progressing towards development, with revisedlity study producing net cash flow of $6.5 millionield silver resource of 11.4 million ouncesurrently drilling at Copper Hillctive farm-ins, including MIM farm-in to West Wyalong gold-coppertypts of up to 1m at 10.7 g/t gold and 1.2% copper by Pasminco at Tank property

DEVELOPMENT

ng (near Tumut, NSW, 280 sq km, GCR 95% (ML 1435), 100% (EL 5728), gold)

ision of the Adelong Gold Project feasibility study produced the following results:

d Project Revised Feasibility Study Results

Result Note

329,000 tonnes 23,500 tonnes/month4.24 g/t95.5%

old 42,851 oz$24.3 million Assuming gold at A$568/oz

st $15.0 million $47/tonne or A$360/oz$0.7 million

ng Surplus $8.6 million $26/tonne or A$206/ozditure $1.83 million Including working capital of $0.3 million

w $6.5 millionalue (10% discount) $5.8 millionof Return 239%

14 monthsod 5.9 months

arter a crushing plant was purchased and installed on site and the two existing ball. All approvals necessary to commence mining are expected by August 2002.re continuing with a view to funding the remaining $1.8 million of capital expendituremplete the project.

GCR Quarterly Report June 2002

2

During the quarter GCR also completed a $300,000 programme of drilling and mullock-dumpscreening and sampling to increase the ore reserves and extend the life of the proposed miningoperation at Adelong. The programme was funded by the sale to an Investor Group of a 5%interest in Mining Lease 1435, which contains the Challenger and Challenger Extended golddeposits at Adelong (Figure 1).

Adelong Gold Project – Challenger Zone - Best Drill Results during June Quarter

HoleNo.

Easting(m)

Northing(m)

Dip(degrees)

Azimuth(degrees)

From(m)

Intercept(m)

Gold(g/t)

GRC-33 596867 6093776 -65 102 184 15 0.6incl. 187 2 1.7incl. 204 1 37.0

GRC-34 596876 6093820 -63 105 153 3 6.0incl. 153 1 15.5

GSD-03 596888 6093775 -62 109 139 14 1.9incl. 139 8 2.4and 151 2 2.8

GSD-04 596879 6093820 -69 90 195 9 4.1incl. 195 1 29.5

The drilling has taken place at the Challenger Zone and the Currajong and Caledonian prospects.Results are awaited for Currajong and Caledonian. At the Challenger Zone, nine RC holes, twowith diamond tails, were drilled in order to test for northern and southern extensions of the maingold-bearing shoot (Figure 2). A further five holes were drilled at the Currajong and Caledonianprospects. Of the 2,107m drilled, results have been received for the Challenger Zone holes (seetable above). Drilling indicates that the southern extension of the Challenger Zone, with a thinalteration zone and stopes averaging 1.5m wide, was extensively stoped-out during historic miningoperations. In contrast, the northern, down-plunge extension of the Challenger Zone appears to beunmined, hosting a wide zone of alteration (5 - 10m), which contains narrow zones of high gradeore. Although not conclusive, the narrow intersections of up to 37 g/t gold over one metre indicatepotential for additional economic ore to be delineated below the currently proposed base ofunderground mining operations.

A number of the mullock dumps within the Mining Lease have been screened and sampled with aview to determining the tonnes and grade of the higher-grade smaller-sized fraction, which couldbe processed following a decision to mine. Assay results for the screened samples are awaited.

2. Kempfield (near Blayney, NSW, 250 sq km, GCR 100%, silver, barite, gold and base metals)

GCR has re-evaluated the silver resource at Kempfield (Figure 3) using a 60 g/t cut-off. Theresource, outlined in the table below, includes 11.4 million ounces of silver of which 8.5 millionounces lie in the measured and indicated categories. Detailed testwork is currently beingundertaken in order to optimise the recoveries and assist with the design of a metallurgicalflowsheet as part of a feasibility study on the project.

Competent PersonThe information in this report that relates to Mineral Resources at Kempfield produced by H&S is based on information compiled byArnold van der Heyden. He is a Member of the Australasian Institute of Mining and Metallurgy and an employee of Hellman & SchofieldPty Ltd.Data supplied to H&S to produce Mineral Resources is based on information compiled by Chris Torrey. He is a Member of theAustralian Institute of Geoscientists and a full-time employee of Golden Cross Resources Ltd. Arnold van der Heyden and Chris Torreyhave sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activitywhich they are undertaking to Qualify as Competent Persons, as defined in the 1999 edition of the “Australasian Code for Reporting ofMineral Resources and Ore reserves”. Arnold van der Heyden gives Golden Cross Resources Ltd consent to use this report.


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Kempfield Resources at a 60g/t Silver Cut-offZone Class Tonnes (millions) Silver (g/t)

Measured 0.56 110

Indicated 1.37 93

Inferred 0.52 89

BJ

>650mRL

Total 2.45 96

Measured 0.17 105

Indicated 0.13 82

Inferred 0.03 85

McCarron East

>650mRL

Total 0.33 94

Measured 0.04 89

Indicated 0.21 80

Inferred 0.18 87

McCarron West

>650mRL

Total 0.43 84

Measured 0.05 132

Indicated 0.22 91

Inferred 0.24 97

Quarries

>700mRL

Total 0.51 98

Measured 0.82 109

Indicated 1.93 91

Inferred 0.97 90

ALL ZONES

Grand Total 3.72 95

FIVE ACTIVE FARM-INSGCR now has five properties in NSW subject to farm-ins by mining companies who are eitherdrilling or actively exploring, including current RC and diamond drilling by MIM at Copper Hill.Current expenditure commitments total $789,000 and earn-in expenditure totals $10.8 million, plus,in the case of Sipa Resources, completion of a bankable feasibility study (BFS) at Broken Hill.A sixth property, EL 5830 McPhails, at Tomingley, NSW, is also the subject of active explorationafter being acquired by Alkane Exploration, with GCR retaining a net smelter return royalty of up to5% and a 100% interest in the area of the old McPhails mining lease.Details of the farm-ins are set out in the table below.

Current GCR Farm-ins

Property ExplorationLicences

PartyFarming

In

TargetMetals

MinimumCommitment

($’000)

Spend toEarn 70%

($M)

Earn-inDate

Copper Hill 2290, 5722 MIM Au/Cu 200 4.5 01.03.2006Wagga Tank 5130 Pasminco Au/Ag/Cu/Pb/Zn 144 2.5 31.12.2005West Wyalong 5915 MIM Au/Cu 100 2.5 28.06.2006Broken Hill 5772, 5784 Sipa Pt/Pd/Ni/Cu 245 BFS 02.05.2006Yellow Mtn. 5721, 5787 Triako Au/Cu 100 1.3 19.10.2005TOTAL 789 10.8+

Note: Au = gold; Ag = silver, Cu = copper; Ni = nickel; Pb = lead; Pd = palladium, Pt = platinum; Zn = zinc.


4

3. Copper Hill (near Molong NSW, 75 sq km, 100% GCR, gold-copper-palladium. MIM (manager) may spend $4.5M by 1.3.2006 to earn 70%)

MIM may spend $4.5 million by 1 March 2006 to earn a 70% interest in GCR’s 100%-ownedCopper Hill porphyry gold-copper property in NSW. MIM paid GCR $25,000 cash and must spend$200,000 on exploration by 1 March 2003.

As announced to ASX on 6 June 2002, results from the MIMDAS geophysical survey undertakenat Copper Hill indicate a significant chargeability anomaly coincident with mineralisation in previoushole NCR 019, which intersected 157m at 0.78 g/t gold and 0.40% copper from a depth of 129m.Hole NCR 019 included 26m at 1.28 g/t gold and 0.65% copper from 145m, and 38m of 1.14 g/tgold and 0.44% copper from 205m. The chargeability anomaly appears to extend below the drilledintersection and for several hundred metres to the north (Figure 4).

MIM is presently drilling four holes at Copper Hill to test this target, including one deepdiamond drill hole.

4. Wagga Tank (near Cobar, NSW, 320 sq km, GCR 100%, gold and base metals. Pasminco (manager)may spend $2.5M by 1.12.2005 to earn 70%)

Pasminco was encouraged by results from previous drill programmes at the Siegals Prospect andcompleted a further three holes this quarter for a total of 438m. Of particular interest are two goldintersections in diamond hole PSDD01 (see below). These occur in a sulphide-bearing porphyriticrhyodacite that has intruded Silurian sediments. An old hole approximately 300m west of PSDD01returned 6m of 4.7% combined lead-zinc with 1.1% copper and 0.7g/t gold. Work by Pasmincoindicates potential for the discovery of gold-rich polymetallic deposits associated with high-levelrhyodacite porphyries. Pasminco has indicated it will continue to explore the property.

Wagga Tank – Seigals Prospect – Best Drill Results During June Quarter

Hole AMGEast

AMGNorth

From(m)

Intercept(m)

Gold(g/t)

Copper(%)

Lead(%)

Zinc(%)

PSDD01 393273 6401127 79 1 10.7 1.2 0.16 0.14

and 87 1 7.8 0.05 0.06 0.09

5. West Wyalong (NSW, 230 sq km, GCR 100%, MIM earning 70%, subject to 2.5% net smelter returnto Barrick, gold and copper)

GCR announced on 19 July 2002 that it had entered into a farm-in agreement with MIMExploration Pty Ltd whereby MIM may spend $2.5 million over four years to earn a 70% interest inGCR’s 100%-owned West Wyalong property in NSW (EL 5915). MIM paid $15,000 cash up frontand agreed to spend at least $100,000 on exploration in the first year. After MIM has earned a70% interest the 2.5% net smelter return royalty held by Lac Minerals (Australia) NL is to be borneby the parties according to their respective interests.

West Wyalong lies on a deflection in the Gilmore Suture, hosting a high-grade goldfield thatproduced over 440,000 ounces of gold prior to 1920. In the period of peak mining activity from1894 to 1907, 371,000 oz of gold was produced with an average grade of 44 g/t. South of thegoldfield lies a large gravity anomaly semi-coincident with a magnetic anomaly, believed torepresent a large intrusion at depth.

Porphyry copper-gold style mineralisation exists within the southeastern portion of the tenement atYiddah North and Narragudgil. The best intersection returned 191m of highly anomalous porphyry-style mineralisation including 13m at 0.57% copper and 0.40 g/t gold. MIM intends to explore the230 sq km West Wyalong property, through:

• Use of its MIMDAS geophysical system to locate priority drilling targets; and

• Early and aggressive drilling to test for potential orebodies.


5

6. Broken Hill (NSW, 420 sq km, GCR 100%, platinum group metals, gold and base metals. Sipa(manager) may complete a bankable feasibility study by 2.5.2006 to earn 70%)

On 2 May 2002 GCR announced it had reached agreement for Sipa Exploration NL to farm-in toGCR’s 100%-owned Broken Hill platinum group metals, gold and base metals property. The 420sq km property, consisting of ELs 5772, 5784 and MC 159 Broken Hill, lies 25 km east of BrokenHill (Figure 5). Sipa may earn a 70% interest in the property by completing a feasibility study tobankable standard by May 2006. Sipa will manage exploration on the property and must spend$245,000 on exploration by May 2003.

On receipt of notice from Sipa that it intends to commence a feasibility study, GCR must electwithin 90 days that upon a decision to mine being made it will either:• contribute to development in accordance with its 30% interest;• dilute to a 20% interest carried to production, repayable from 50% of GCR’s share of the free

cash flow from the project; or• take a 2.5% net smelter return royalty.

A poorly-outcropping sinuous belt of ultramafic bodies extends at least 9 km from Mulga Springs inthe south to Moorkaie in the north. Gossan samples from five localities along this belt havereturned very high grade assay results, commonly with values of 15 to 30 g/t combined platinum-palladium. A 120 kg gossan sample taken from old pits at Mulga Springs averaged 19.6 g/tplatinum, 50.0 g/t palladium, 0.34% nickel, 0.71% copper and 0.57 g/t gold, together withsignificant amounts of rhodium, ruthenium, iridium and osmium. In addition, some samples ofweathered ultramafic, with evidence of only minor oxidised disseminated sulphide, have returnedassays of combined platinum-palladium to 11 g/t.

Further ultramafic bodies situated near Mt Darling Creek, 10 km south of Mulga Springs, alsocontain highly anomalous gossans, commonly with values of 20 to 30 g/t combined platinum-palladium. It is not known whether these host rocks connect with the Mulga Springs occurrence,because thin cover largely obscures outcrop between the occurrences. Only two localities (MulgaSprings and Mt Darling Creek) have received significant drilling, and then in very restricted areas,with most holes testing only the oxidised zone. A 1970s drillhole and a recent GCR hole have,however, confirmed significant grades in sulphide mineralisation. A drill intersection through theultramafic body at Mulga Springs, announced by GCR to ASX in July 2001, returned 2m ofsulphide mineralisation averaging 10.9 g/t platinum, 22.6 g/t palladium, 4.45% nickel and 6.12%copper from 45m depth. This nickel-copper sulphide mineralisation indicates that the other PGE-enriched gossans with anomalous nickel-copper geochemistry (other gossans have similar nickel-copper geochemistry to the 120 kg sample from Mulga Springs) are likely to represent oxidisedmassive nickel-copper sulphides hosting the PGEs at depth.

The Broken Hill property also hosts a number of mineralised ironstone outcrops, includingYellowstone, Iron Blow and Razorback, with copper-gold potential similar to Selwyn or ErnestHenry. Significant portions of the property are concealed by shallow cover, which may hide furthermineralisation including Broken Hill-style orebodies.

Sipa has commenced exploration work and plans to conduct detailed geological mapping prior todrill-testing the known PGE-enriched gossans as well as systematic geological, geochemical andgeophysical surveys of the property to locate other occurrences.

7. Yellow Mountain (north of Condobolin, NSW, 310 sq km, 100% GCR. Gold, silver and base metals.Triako (manager) may earn a 70% interest by spending $1.3M by 19.10.2005)

In April 2002 GCR announced the farm-in by Triako Resources Limited to GCR’s 100%-ownedYellow Mountain copper-gold porphyry property on the Gilmore Suture north of Condobolin, NSW.The 310 sq km property consists of ELs 5721 and 5787 and lies about 20 km west of Triako’sMineral Hill mine (Figure 7).


6

Triako may earn a 51% interest in the property by spending $750,000 on exploration by October2004, and a 70% interest by spending a total of $1.3 million on exploration by October 2005.Triako must spend $100,000 on exploration by April 2003.The Yellow Mountain property contains several old mines and prospects. It also hosts a regionallysignificant magnetic anomaly known as the Melrose anomaly, which extends for 10 km, is overlainby about 50m of alluvium and to date has had no systematic exploration.Lying within the property, the Yellow Mountain prospect contains two zones situated 500m apart,the Open Cut zone and the Main zone. The Open Cut zone contains trenching with best reportedrock chip sampling of 6m at 4.4 g/t gold, 18m at 29 g/t silver and 4m at 4.5 g/t gold. The best drillintersection by previous explorers was 111m at 0.4% copper, 1.0% lead, 1.6% zinc and 25 g/tsilver. This intersection, as with most of the intersections on Yellow Mountain, was not assayed forgold.The Quarry Hill prospect contains a strong gold-arsenic soil anomaly 600m in diameter. Wide-spaced regional soil samples indicate that this anomaly extends to the northwest for 6 km. Thiszone is being actively explored and extended.Triako has conducted a geophysical review of the large Melrose magnetic anomaly and is planningan induced polarisation survey to identify drill targets.

OTHER PROPERTIES

8. Cargo (NSW, 470 sq km, GCR 100%, Copper and gold)

Cargo is a large gold-copper mineralised porphyry system approximately 3 km by 2 km in size withpotential to host a Ridgeway-style gold-copper deposit. The system hosts 14 gold reefs mined inthe early 1900s. The Spur-Dalcoath zone contains an inferred resource of 3.7 Mt at 1.24 g/t goldfor 147,000 ounces.

9. McPhails (near Peak Hill, NSW, 10 sq km, gold. GCR holds area of old mining lease and a sliding-scale royalty of up to 5% on the remainder of the exploration licence. 10% of the royalty is payable to Metallic Resources Pty Ltd).

Alkane Exploration Ltd recently announced a preliminary gold resource in the Wyoming South goldzone at its Tomingley Project, where GCR holds a royalty of up to 5% net smelter return within EL5830 (Figure 6).

Alkane's announcement stated that

"of particular interest is an apparent intrusive body with dimensions 700m by 400m, whichlies adjacent to the Wyoming South porphyry and the McPhails mine. This body has notpreviously been tested by drilling and a programme of holes will target the aeromagneticfeature, along with the south easterly strike extensions of the Wyoming Southmineralisation."

A number of holes have since been drilled on EL 5830, which contains the historic McPhails mineheld 100% by GCR. The best results from the drilling, announced by Alkane on 9 July 2002, werehole WY188, which intersected 9m at 0.69 g/t gold from 36m and hole WY189, which intersected12m at 0.92 g/t gold from 60m.

10. Pipeline/Canbelego (near Cobar, NSW, 280 sq km, GCR 100%, gold and base metals; 60 sq km around Mt Boppy subject to 5% net profits interest (NPI) to Nosebi Mining andManagement Pty Ltd; 60 sq km south of Mt Boppy subject to 5% NPI to Polymetals Pty Ltd; 3 sq km NW of Pipeline prospect subject to 10% free carried interest to Metallic Resources Pty Ltd)

As previously reported, at South Mt Boppy colloform banded epithermal quartz veins outcrop in oldpits and shafts. Veins exposed in the top of the No. 2 Shaft returned 16.4 g/t gold over 0.3m and27.6 g/t gold in grab samples. Rock chip sampling of a stockwork zone adjacent to the veins


7

returned 6.6 g/t gold over 1m. Nine grab samples of colloform banded, fine-grained quartz veinswere collected from a line of rubbly subcrop over a strike distance of 50m. These returned anaverage of 4.8 g/t gold, with the highest being 11.6 g/t gold and the lowest 1.65 g/t gold. Mullockfrom the old Neshems Shaft returned up to 53.0 g/t gold. RAB and auger geochemistry indicatesthat the South Mt Boppy prospect is located in a north-trending corridor of silicification and goldmineralisation at least 200m long and up to 80m wide.

RECENT ACQUISITIONS11. Mt Adrah (near Gundagai, NSW, 50 sq km, GCR 100%, copper and gold)

Mt Adrah hosts the Hobbs Deposit, reported to contain a resource of 13 million tonnes at 1.3 g/tgold (pre-JORC Code estimate) for approximately 543,000 ounces of gold (Figure 8).Getty Minerals first identified the prospect in 1981. It outcrops at surface as a mineralised,multiple-intrusive approximately 130m in diameter and has been drilled to a depth of 380m.Interpretation of drill data suggests mineralisation may be open to the northeast and southwest asshown in Figure 8. Significant drill intersections are outlined in the table below. Poor metallurgicalrecoveries of gold by cyanidation discouraged subsequent exploration, although preliminary workby the most recent explorer indicates significantly-improved gold recoveries using bio-oxidationtechniques. GCR intends to further investigate this recovery method.Mt Adrah – Significant Historic Drill Results

Hole No. AMG East(m)

AMG North(m)

Dip(°°°°)

Azim(°°°°)

Depth(m)

From(m)

Intercept(m)

Gold(g/t)

DGG001 583329.7 6104407.03 -90 0 315 2 313 1.42

PGG002 583300.3 6104365.88 -90 0 131 2 129 1.54

PGG003 583393.6 6104410.91 -90 0 109 2 107 1.48

MARCD004 583432.6 6104417.88 -50.5 251 324.5 33 260 1.08

MARCD008 583236.5 6104478.11 -50 90 463.2 39 361.8 1.1

MMR006 583356.4 6104413.55 -60 79 102 0 99 1.25

MMR015 583272.2 6104454.87 -60 79 42 9 57 1.3

The gold is hosted in a northwest-trending belt of carbonate-rich metasediments andmetavolcanics in which magnetite skarn and vein styles of mineralisation have been identified.Further exploration for intrusive-related gold and copper mineralisation along and adjacent to thisbelt is scheduled for the September quarter.

12. Parkes (NSW, 75 sq km, GCR 100%, gold. 1% net smelter royalty held by Michelago/Sipa)

GCR was recently granted permission by Michelago Limited and Sipa Exploration NL to apply foran exploration licence over EL 5717 Parkes in return for a 1% net smelter return royalty. GCR hasmade application for a licence that includes the area within EL 5717. The application covers mostof the Forbes-Parkes goldfield, including the McGregors Mine and McGregors Gossan.

DAVID TIMMS, MANAGING DIRECTOR

This report was prepared by David Timms, Managing Director and full time employee of Golden Cross Resources Ltd, who is a Fellowof the AIG and AusIMM and has more than five years' experience in the field of activity in which he is reporting.


8

GCR AT A GLANCEDirectorsLex Hansen ChairmanDavid Timms Managing DirectorKerry McHugh DirectorDaven Timms Executive Director &

Company Secretary

Registered and Principal Office22 Edgeworth David AvenueHornsby NSW 2077 AustraliaPh (02) 9482 8833Fax (02) 9482 8488Email [email protected]

Number of ShareholdersAt 18 July 2002 GCR had 1,074shareholders.Major ShareholdersThe share register records the following asmajor shareholders (greater than 1%) at 18July 2002:

%1. David Timms 11.942. Metallic Resources Pty Ltd 5.443. Aurcay Holdings Inc 3.594. Hysetee Pty Ltd 3.205. Sipa Resources International 2.996. Cyprus Amax Australia 2.697. Guardian Trust Australia Ltd 2.598. Edward O'Connor-Smith 2.089. Ian William Hodgson 2.0510. Cleo Holdings Pty Ltd 2.0011. Ledge Finance Ltd 2.0012. Golden Cross Plan Managers 1.9813. AMP Life Limited 1.6114. Mario Bakogiannis and others 1.28This Quarterly was sent by E-mailTo receive GCR’s announcements by email,write down your e-mail address & fax to (02)9482 8488 or email to [email protected]

Name ……………………………………..……..

E-mail address ………………………………...

Shareholder EnquiriesMatters relating to shares held and change ofaddress should be directed to the shareregistry:

Registries LimitedLevel 2, 28 Margaret Street

Sydney NSW 2000Ph: (02) 9279 0677

Issued CapitalAt 22 July 2002 GCR’s issued capital was100,200,039 ordinary shares, 41,140,000options exercisable at 20 cents by31.12.2002, 580,000 employee optionsexercisable at 30 cents by 22.8.2002,2,545,000 employee options exercisable at10 cents by 28.6.2007 and 4.2 millionDirectors’ options exercisable at 15 cents by30.11.2006.

ASX Listing CodeThe Company’s ASX listing code is GCR.

Cash FlowJune 2002 Quarter $Balance at 31 March 656,000Expenditure -725,000Interest and payments received 314,000Placement on 31 May 556,000Closing Balance at 30 June 801,000

Web SitePlease visit GCR’s web site featuring thelatest on GCR, which you are welcome tocopy:

www.reflections.com.au/goldencross

General EnquiriesContact David Timms or Daven Timms at theprincipal office: ph. (02) 9482 8833

100 m0

Challenger ZoneLongitudinal Section

South North

Current workingswith Decline access

Challenger

Challenger Extended

old workings

1400mRL

GRC 32

GRC 30 GSD 03 GRC 34

GSD 04

50 30 20 10

Gold ContoursGrams x metres (true width)

Proposed Hole

Drill hole piercement

Recent drilling

GRC 37GRC 33

Areas Scheduledfor Mining

GRC 29

GRC 27

Stope

Stope

Stope

Stope

GRC 19

GRC 20

GRC 21

GRC 22

GRC 23

25m @ 2.81 g/t Au

15m @ 2.20 g/t Au

25m @ 2.35 g/t Au

19m @ 3.66 g/t Au

27m @ 6.52 g/t Au

GSD 001GRC 20

GRC 21

GRC 18

17

GRC 23

GRC 19GRC 22

1m @ 1.7 g/t Au

8m @2.4 g/t Au

3m @10.9 g/t Auincl. 1m @ 25.6 g/t Au

1m @ 37 g/t Au

7m @ 3.5 g/t Auincl. 1m @ 12.6 g/t Au

1m @ 8.2 g/t Au and2.7m @ 17.4 g/t Auincl. 0.3 m @ 155 g/t Au

3m @ 6 g/t Auincl. 1m @ 15.5 g/t Au

9m @ 4.1 g/t Auincl. 1m @ 29.5 g/t Au

Challenger

Nth Williams

Challenger ExtShaft Name

Williams

Flagstaff

Annetts

Great Victoria

Prowse &Woodward

36913 oz Au@ 229 g/t Au

10675 oz Au@ 49 g/t Au

4116 oz Au@ 135 g/t Au

Recorded Gold Production@ Recovered Grade

9968 oz Au@ 153 g/t Au

25498 oz Au@ 162 g/t Au

2894 oz Au@ 64 g/t Au

1961 oz Au@ 134 g/t Au

3264 oz Au@ 61 g/t Au

8778 oz Au@ 239 g/t Au

Adelong United

Our Own3119 oz Au@ 122 g/t Au

200 m0

HISTORICAL RECORD OFMAJOR GOLD LODES WITHIN

GOLD BEARING REEFS

VictoriaReef Challenger

Mine

Old HillReef

GoldBearingReefs

ChallengerLode

14

803

'35 19'

ADELONGTownship

To

Wag

ga

Wag

ga

ToTum

ut

ML 1435

EL

5728

Mo u n t a i n s

H i g h w ya

S n o w y

Paleys

Donkey Hill

Caledonian

Gibraltar

Blue, The Dyke and Candos

Currajong

Victoria

New Chum

Lady Mary

Gap

Camp Reef

Fletchers

ChallengerMine

Old HillReef

600000E

600000N

Tumut

AdelongML

1435

Map Area

608000N

Adelong

10 km0

EL 5728Old Gold workings

0 1 2 Km

GOLDEN CROSS RESOURCES LTD

FIGURE 2

FIGURE 1

ADELONG PROJECTGCR 17-7-2002

GCR

KEMPFIELD R ESOURCES

at 60 g/t Silver Cut-off

Zone Tonnes(millon)

Silver(g/t)

Barite(%)

BJ

Quarries

TOTAL

McCarron/ Mather

2.45

0.50

3.72

0.77

96

98

95

88

26

38.8

26.2

18.4

TOTAL 11.4 million ounces of Silver

GCR

20 Km

Orange

Cadia

Cargo

Blayney

Kempfield

Project

Browns Creek

Ridgeway

34 149

Location

Sunset Hills Granite

GranodioriteKempfield

CO

PP

ER

HA

NN

IA

TH

RU

ST

QuarriesZone

BJ Zone

McCarronZone

MatherZone

CausewayZone

Hill Zone

SouthConglomerateZone

0 500 m

2000m

E

3000mN

4000mN

2000mN

Volcanoclasticsiltstone(& Campbells Fm)

Baritic horizons

OR

DO

VIC

IAN

LA

TE

SIL

UR

IAN

Volcaniclasticsandstone,conglomerate,siltstone

Rhyolitic lithicand crystal tuffsiltstone

silicifiedrhyolite

?

Kangaloolah Volcanics

Coombing Formation

Meta-sedimentsand maficmetavolcanics

Drill holesThrust

Fault

TrenchGKF 93-111


FIGURE 3KEMPFIELD PROJECTGCR 22-7-2002

Vale Head

Little Copper Hill

Buckleys North

Buckleys

Boomerang

WattleHill

Prospect

Legend

Drill holes

Strong to intense quartz-sericite+/-pyrite 'Phyllic' alteration

Alteration

Strong epidote 'Propylitic' alteration

NCH 8: 149m @ 0.52 g/t Au, 0.44% Cu

NCR 28: 1m @ 11.67 g/t Au,0.01% Cu

VHR 7: 200m @ 0.19 g/t Au, 0.13% Cu

NCH 12: 171m @ 0.30 g/t Au, 0.15% Cu

CHRC 13: 80m @ 1.04 g/t Au, 0.40% Cu

CHRC 58: 217m @ 1.67 g/t Au, 0.72% Cu

NCH 9: 1m @ 0.92 g/t Au, 0.30% Cu

CHRC 40: 8m @ 0.45 g/t Au, 0.05% Cu

current

NCR 30: 2m @ 9.31 g/t Au

Area covered by recentInduced Polarisationsurvey

0 1 Km

NCR 29: 7m @ 8.0 g/t Au, 0.03% Cuincl 2m @ 26.3 g/t Au

GCR


FIGURE 4COPPER HILL PROJECTGCR 22-7-2002

IntervalFrom

surfacesurfacesurfacesurface

8surface

301

Gold

2.271.911.881.151.431.492.261.91

Significant Intersections from Previous Drilling

2674464667622079

Copper

0.620.780.510.850.830.690.860.72

Gold Equiv*

75.1199.1109.9

92.0151.4135.2

62.4207.8

(m)(m) (g/t) (%) (Gram-metres)

*Gram-metres equivalent = (gold+copper) x metres

MIMEX : Mimdas survey

MIMDAS ANOMALY

Proposed Drill Hole tracesNCH 19: 157m @ 0.78 g/t Au, 0.40% Cu

Copper Hill

Cadia

Ridgeway

20 Km

PorphyryCu-Au System

GCR Tenement

Cargo

CopperHill

GCR

Moorkaie

MOUNT DARLING CREEK

EL 5772

EL 5784BROKEN HILL

Ironblow

0 5 km

Ultramafic lens

Detail

GCR Prospect

Rock chip sample

Round Hill

Mt Darling CreekProspect

MC159

Back RidgeRazorback

Yellowstone

MulgaSprings

Rock chip samples

Yellowstone Prospect

Rock chip samples

to 0.45 g/t Au, 21.3 g/t Ag,2.17% Cu, 13.8% Pb, 0.25% Zn

2m @ 3.85 g/t Au, 0.32% Cu

to 9.65 g/t Au and 3.58% CuMoorkaie PitsPtg/t

0.20

0.30

1.40

0.45-

0.502.10

27.8

4.40

6.80

4.406.2014.6

Pdg/t

4.40

2.70

--

1.75

6.00

14.813.627.9

28.612.05.60

7.50

Aug/t

1.80---

1.50

3.60----

2.00

14.114.7

Agg/t

-8.102.0033.0

12.33.60

18.6-

5.00

115.069.0

90.070.0

Cu%

4.2

9.02.0

1.32

0.50.71.1

1.21.30.40.4

0.30.96

Ni%

2.0

1.81.71.21.8

2.652.11.5

0.9

0.8-

0.60.7

Ultramafic Gossans (rock chip samples)

Pt g/t

8.02

8.718.96

20.614.917.3

4.56

6.97

35.522.617.9

20.438.013.728.8

5.70

Pd g/t Au g/t Cu%

0.310.181.290.070.080.590.770.48

0.790.700.980.25

1.50

3.432.95

2.80

Co%

0.020.030.010.02

0.07

0.03

0.08

0.08

Ni%

0.670.570.260.401.521.881.321.25

Mulga Springs ProspectHole

DD3incl.DD4incl.MS4incl.incl.MS24PMS7120kgGossan samp.

M

1.820.762.360.915.102.001.002.001.52

Ptg/t

Pdg/t

2.323.77

1.573.05

8.3916.76.99.5218.0

19.6

NANANANANA

3.48

13.2324.60

4.30

50.00

Aug/t

NANANANA

0.370.691.270.111.08

0.57

Cu%

0.640.95

0.88

0.510.47

0.71

3.488.10

1.562.50

Ni%

0.93

0.110.120.170.05

0.34

1.933.077.50

1.25

Recent Rock chip sampling10 g/t Pt, 30 g/t Pd, 0.4% Cu, 0.6% Ni


FIGURE 5BROKEN HILL PROJECTGCR 22-7-2002

MC 159

0 100 200 m

DDH 8

DDH 6

DDH 4

DDH 3

? f

? f

0.31m @ 1.0 g/t Pt, 1.94 g/t Pd

0.61m @ 0.55 g/t Pt, 2.17 g/t Pd

@ 0.61 g/t Pt,12.19m 1.0 g/t Pdincl. @4.57m 1.13 g/t Pt, 2.1 g/t Pdincl. 1.52m @ 2.05 g/t Pt, 3.82 g/t Pd

PH 44

5.02m @ 0.24 g/t Pt, 0.25 g/t Pdincl. 0.31m @ , 0.46 g/t Pd1.02 g/t PtGossan rock chip sample

17.2 g/t Pt, 28 g/t Pd

Gossan rock chip sample13.5 g/t Pt, 32.5 g/t Pd


Ultramafic lens

Possible fault

Diamond drill hole

Percussion drill hole

Pit

Gossan rock chip sample20.6 g/t Pt, 38 g/t Pd



15.24m @ 0.12 g/t Pt, 0.22 g/t Pdincl. 1.52m @ 0.61 g/t Pt, 1.37 g/t Pd

4.57m 1.90 g/t Pd@ 0.81 g/t Pt,incl. 0.31m @ 1.98 g/t Pt, 5.42 g/t Pd

64635000N

557000E

6392000 N

61

50

00

E

3m @ 1.04 g/t Au

9m @ 2.8 g/t Au 3m @ 1.04 g/t Au

6393000 N

Area of oldmining lease(GCR 100%)

(GCR Royalty)EL 5830

Area ofDetailabove

McLeans

Wyoming

Untested Zonesof Mineralisation

Peak Hill 14 km

Workings

Drill holes - Sipa Resources (1997)

Drill holes - Alkane (2001)

Recent AirCore - Alkane

GCR tenement

Gold Zones

500 m0

32 30'

14

81

5'

Tomingley

Peak Hill

5 km

McPhailsEL 5830

New

ell

H/W

12m @ 0.92 g/t Au

5m @ 1.34 g/t Au

9m @ 0.69 g/t Au


FIGURE 6McPHAILS PROJECTGCR 22-7-2002

(GCR Royalty)

6393200 mN

Compass Royalty

Golden Cross Royalty

6393400 mN

Pelitic sediments

EL5830

WY136 2m @ 8.19g/t

WY134 57m @ 1.95g/t

WY135 70m @ 1.53g/t

WY138 11m @ 1.58g/t

and 33m @ 2.00g/t

WY154 3m @ 2.42g/t

and 70m @ 1.12g/t

WY065 14m @ 3.29g/t

WY081 12m @ 4.83g/t

and 5m @ 5.01g/t

WY153 19m @ 3.20g/t

614200 mE

0 100

metres

Porphyry outline at ~70m (~200m RL) Porphyry outline at ~120m (~150m RL)

WY085 18m @ 1.81g/t

WY088 7m @ 3.53g/t

and 6m @ 1.55g/t

WY155 76m @ 1.90g/t

and 5m @ 6.14g/t

WY

064

WY

065

WY

066

WY

067

WY

068

WY

081

WY

082

WY

083

WY

084

WY

085

WY

086

WY

087

WY

088

WY

089

WY

090

WY

091

WY

092

WY

093

WY

094

WY

134

WY

135

WY

136

WY

137

WY

138

WY

139

WY

140

WY

141

WY

142

WY

143

WY

144

WY

145

WY

146

WY

147

WY

153

WY

154

WY

155

WY

156

WY

157

WY

158

WY

159

WY

160

WY

161

WY

162

WY

163

WY

164

WY

165

WY

166

WY

167

WY

168

WY

169

WY

170

WY

171

WY

172

WY

173

WY166 69m @ 1.42g/t

WY167 117m @ 1.50g/t

and 5m @ 13.26g/t

WY168 63m @ 2.46g/t

and 16m @ 5.98g/t

WY163 3m @ 4.82g/t

WY161 33m @ 2.93g/t

and 9m @ 4.83g/t

WY158 79m @ 0.80g/t

and 4m @ 4.35g/t

WY159 46m @ 3.07g/t

and 11m @ 5.88g/t

WY160 55m @ 1.08g/t

and 3m @ 5.45g/t

WY170 18m @ 3.10g/t

and 12m @ 4.21g/t

WY171 7m @ 1.48g/t

WY172 11m @ 4.23g/t

WY173 5m @ 1.34g/t

GCR

Yellow

Mountain

Location

20 km

Mineral Hill

Condobolin 20 Km

32 30'

147

00'

Au-Cu Mine

Granite

GCR

DEVONIAN

DDH 8A

3.08 g/t Auin rock chip

Quartz-tourmalineveins

Drill hole

Prospect / Old mine

Geochemistry

Fault

Felsic Volcanics

Sediments

Erimeron Granite

SILURIAN

Girilambone Metamorphics

ORDOVICIAN

Gold - Arsenic Soil Anomalies

Legend

Geophysics

Geology

Magnetic contours

Webers Gossan

AnomalousAs-Sb+Cu+Pb+Znin rockchip &mullock samples

(Cu)

Open Cut Zone

Trenching6m @ 4.4 g/t Au18m @ 29 g/t Ag4m @ 4.5 g/t Au

Yellow Mountain Prospect

Best Intersection111m @ 0.4% Cu, 1.0% Pb,1.6% Zn and 25 g/t Ag

Mullock samples to:1.08 ppm Au, 7.15% Cu,6.40% Pb, 550 ppm Zn,270 ppm Ag, 450 ppm Bi

Rosedale Prospect

24m @ 2.0 g/t Au

EL 5787

EL 5787

EL 5787

EL 5721

Ironclad Mine (Cu)

Mt Susannah Mine

Mullock sample : 2.37% Cu,1090 ppm Pb, 383 ppm Zn,141 ppm Bi

Mullock sample :2000 ppm Cu, 456 ppm Pb,233 ppm Zn, 2.5 ppm Ag,216 ppm As

Rockchip samples to :2770 ppm Cu, 281 ppm Pb,339 ppm Zn, 1.3 ppm Ag,

China Workings (Cu)

epidote-chlorite-magnetite alteration

Melrose Magnetic Anomaly(intrusion related alteration)

Strong albite alteration, hornfelsedsediments with calc-silicate replacement,disseminated magnetite quartz-magnetitechalcopyrite-molybdenite veins

Quarry HillProspectGold-Arsenic richShear Zoneswell developedquartz stockwork

0 5 Km


FIGURE 7YELLOW MOUNTAIN PROJECTGCR 22-7-2002

50 m

583300

E

300 mRLP

GG

002

MA

RC

007

MM

R015

MA

RC

D008

PG

G016

MA

RC

D006

DG

G001

MM

R006

PG

G003

MA

RC

005

MA

RC

004

51m @ 1.31

99m @ 1.25

260m @ 1.08

129m @ 1.54

63m @ 1.21

57m @ 1.30

107m @ 1.48

12m @ 1.1

60m @ 1.03

A L T E R E D

Q U A R T Z

M O N Z O D I O R I T E

361.8m @ 1.1

313m @ 1.42 Au ppm

HOBBS DEPOSITSection 6104425 N

2 Km

EL 5889‘Mt Adrah’

Diggers Creek

Lowenbrae

Microdiorite

Quartz Diorite

Calcareous metasedimentsand meta volcanics

Chlorite-carbonate metasediment

Quartz - muscovite Chlorite schists

Bangadang

Hillas Creek

AREA OF DETAIL

HOBBS

DEPOSIT

Quartz - muscovite - Chlorite schists


FIGURE 8MT ADRAH PROJECTGCR 22-7-2002

GCR

50 m

HOBBS DEPOSITDrill Hole Plan

6104425 N

OPEN TO NORTHEAST

LIMIT OF MONZODIORITESTOCK FROMDRILL HOLE LOGGING

OPEN TO SOUTH

MARCD004

MARC005

MMR006

DGG001

PGG003

MMR015

PGG016

MARCD008

MARCD007

Altered Intrusive Rocksurface expression

of

583300

E

PGG002

313m @ 1.42

107m @ 1.48

99m @ 1.25

63m @ 1.21

361.8m @ 1.1

51m @ 1.31

260m @ 1.08 Au ppm

129m @ 1.54

60m @ 1.03

57m @ 1.3

golden cross resources ltd · a number of the mullock dumps within the mining lease have been...

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