Golden Cross Resources Commences Drilling at its Reedy Creek High-Grade Gold Project in Victoria, Australia

Rhea-AI Summary

Golden Cross Resources (ZCRMD) has initiated a fully funded 6,000-meter phased drilling program at its Reedy Creek Gold Project in Victoria, Australia. The project, located 10 km northeast of Southern Cross Gold's Sunday Creek discovery, has shown promising historical drilling results including intercepts of 11m at 31.4 g/t gold and 2m at 174.42 g/t gold. The initial phase consists of 2,000 meters across 15 shallow drill holes at the Prince of Wales & Wieneroider Ridge targets, guided by LiDAR survey data and structural mapping. The company plans an additional 4,000 meters of fully funded drilling to explore vein system extensions and ladder targets. The drill targets, identified from geological mapping of surface workings, remain untested by modern exploration techniques. Initial drill results are expected later in summer 2025.

Positive

• Historical drilling revealed impressive high-grade gold intercepts (11m at 31.4 g/t gold and 2m at 174.42 g/t gold)
• Project is fully funded for 6,000 meters of drilling
• Strategic location adjacent to Southern Cross Gold's recent Sunday Creek discovery
• ~3 km-long gold-in-soil geochemical anomaly identified
• Targets remain untested by modern exploration techniques, suggesting exploration upside

Negative

• Results from the drilling program won't be available until later in summer 2025
• Early stage exploration project with no defined resource yet
• Success of the program depends on geological interpretation and structural controls

Summary:

• Golden Cross has commenced drilling at the Reedy Creek Gold Project, 10 km northeast of and contiguous to Southern Cross Gold's recent Sunday Creek gold discovery

• Historical drilling at Reedy Creek revealed high-grade gold intercepts including 11 m at 31.4 g/t gold and 2 m at 174.42 g/t gold¹

• Recent soil geochemical sampling also identified a ~3 km-long gold-in-soil geochemical anomaly

• Fully funded: Initial 2,000 metres of drilling at key targets will aim to expand known gold mineralization and support an additional fully funded 4,000 metres of drilling

Vancouver, British Columbia--(Newsfile Corp. - June 4, 2025) - Golden Cross Resources Corp (TSXV: AUX) (OTC Pink: ZCRMD) ("Golden Cross" or the "Company"), a company focused on high-grade gold exploration at the historic Reedy Creek Goldfield in Victoria, Australia, is pleased to announce it has commenced an inaugural fully funded 6,000-metre phased drill program to test and expand on key high-grade gold targets.

An initial 2,000-metre diamond drilling program comprises 15 shallow drill holes at the Prince of Wales & Wieneroider Ridge targets within the Reedy Creek Goldfield (Figure 1, below). This initial phase has been guided by LiDAR survey data, a review of recent previous drilling as well as the recently completed structural mapping. It is designed to systematically improve the structural and geological understanding of the targets and will aim to expand on the known mineralization. This will be achieved by targeting interpreted faults, shears, and quartz veins.

Figure 1: Golden Cross' inaugural 6,000 metre drilling program will aim to expand on previously identified zones of high-grade gold mineralization at the Prince of Wales and Wieneroider Ridge prospects, shown above.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5159/254431_aba13944a4edd9f5_002full.jpg

Enhanced geotechnical insight from the early drilling will support a further 4,000m of fully funded drilling. This drilling will be aimed at investigating extensions to vein systems at depth, as well as testing of adjacent ladder targets.

The drill targets have been identified from geological mapping of surface workings and are untouched by modern exploration techniques. They offer the potential to identify previously unrecognized mineralization that could be incorporated into the broader Reedy Creek exploration model.

Golden Cross Resources will have the option to field additional drill rigs later in 2025. This decision will be based on drilling results and will be guided by ongoing structural mapping running in support of the drilling program.

Management Commentary

"With drilling having commenced at Reedy Creek, our focus is to develop a deeper understanding of the structural controls on mineralization as we look to expand our drilling program. We expect to announce initial drill results later this summer," said Golden Cross CEO Matthew Roma.

About the Reedy Creek Project: Historic High-Grade Gold Intercepts

Located just 10 km northeast of Southern Cross Gold's recent Sunday Creek gold discovery, historical drilling at Reedy Creek points to a potential high-grade gold system. Significant intercepts¹ include:

• 2.0 m at 174.4 g/t gold
• 11.0 m at 31.4 g/t gold

These shallow intercepts demonstrate very high gold grades but were never followed up with deeper or systematic drilling. Golden Cross intends to apply modern structural, geochemical, and geological tools to define its scale and continuity.

Figure 2: Golden Cross' Reedy Creek Project is located 10 km northeast of Southern Cross Gold's recent Sunday Creek gold discovery, in Victoria's prolific Lachlan Fold Belt

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5159/254431_aba13944a4edd9f5_003full.jpg

~3km Gold-in-Soil Anomaly Suggests Potential Large-Scale System

Supporting Golden Cross' 6,000 metre drill campaign this summer is a recently outlined gold-in-soil anomaly stretching more than 3 kilometers in length and running parallel to a regional anticline -similar in style to structures hosting mineralization at Sunday Creek. Gold-in-soil anomalies are critical early indicators of mineralized systems, especially in epizonal deposits where gold is often closely associated with fault zones and vein swarms near surface.

The anomaly identified at Reedy Creek aligns with mapped folding and structural complexity, suggesting the potential for multiple pathways for gold deposition - a key requirement for high-grade, vertically extensive gold systems.

"Testing the Ladder": A Strategy That Delivered at Sunday Creek

Golden Cross is adopting the same exploration model that led to the breakthrough discovery at Sunday Creek: the "Testing the Ladder" approach. This strategy focuses on identifying stacked, steeply dipping high-grade gold bearing quartz veins (the "rungs" of a ladder) that can deliver multiple intercepts from a single drill hole when drilled at depth. The high-grade quartz veins forming these rungs are connected by a halo of lower grade mineralization within the intervening host rock.

Shorter historical holes from past drill campaigns could have potentially missed many of these deeper vein intersections. At Reedy Creek, past drilling at hole RWD01 reported the following grade intervals²:

• 0.8 m @ 21.7 g/t Au from 40.8 m
• 0.7 m @ 239.64 g/t Au from 68.7 m

By drilling deeper and along structurally favorable trends, Golden Cross aims to define the vertical extent, continuity, and true size of the potential system.

About Golden Cross Resources

Golden Cross Resources (TSXV: AUX) (OTC Pink: ZCRMD) is a Canadian mineral exploration company engaged in the advancement of its 100% owned "Reedy Creek" high-grade gold project (the "Project") in Victoria, Australia, which is comprised of two tenements of land located approximately 10 km northeast of and contiguous to Southern Cross Gold's Sunday Creek gold discovery. Past drilling at the Project revealed high-grade gold intercepts including 11 m at 31.4 g/t gold and 2 m at 174.42 g/t gold¹.

For more information visit: www.goldencrossresources.com

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Mr. Alan Till, VP Exploration and a Qualified Person for Golden Cross Resources as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Till has examined information regarding the historical exploration at Golden Cross' "Reedy Creek" high-grade gold project, which includes his review of the historical sampling, analytical and procedures underlying the information and opinions contained herein.

Management cautions that historical results were collected and reported by operators unrelated to Golden Cross and have not been verified nor confirmed by its Qualified Person; however, the historical results create a scientific basis for ongoing work in the Golden Cross property. Management further cautions that historical results, discoveries and published resource estimates on adjacent or nearby mineral properties, whether in stated current resource estimates or historical resource estimates, are not necessarily indicative of the results that may be achieved on the Golden Cross property.

References:

1. Refers to Fosterville South Exploration news release dated April 27, 2022 (link here)
2. Refers to Fosterville South Exploration news release dated Oct 14, 2021 (link here)

For Further Information, Contact:
Matt Roma, Director & CEO
+1-778-736-3356
info@goldencrossresources.com

FORWARD-LOOKING STATEMENTS

This release may contain forward‐looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and include disclosure of anticipated exploration activities. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.

Such factors include, among others, risks related to: the accuracy and reliability of historic drilling results as it relates to planned exploration; the ability of the Company to raise funds for exploration activities and property maintenance costs at Reedy Creek; reliance on technical information provided by third parties on any of our exploration properties; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays due to pandemic; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis which is available under Company's SEDAR profile at: www.sedarplus.ca

Although Golden Cross has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Golden Cross disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254431

FAQ

What are the historical gold drilling results at Golden Cross Resources' Reedy Creek Project?

Historical drilling at Reedy Creek revealed high-grade gold intercepts including 11 meters at 31.4 g/t gold and 2 meters at 174.42 g/t gold.

How many meters is ZCRMD planning to drill at Reedy Creek?

Golden Cross Resources is planning a fully funded 6,000-meter phased drilling program, starting with 2,000 meters across 15 shallow drill holes, followed by an additional 4,000 meters.

Where is Golden Cross Resources' Reedy Creek Project located?

The Reedy Creek Gold Project is located in Victoria, Australia, 10 km northeast of and contiguous to Southern Cross Gold's Sunday Creek discovery.

When will ZCRMD announce initial drilling results from Reedy Creek?

The company expects to announce initial drill results later in summer 2025.

What is the size of the gold anomaly identified at Reedy Creek?

Recent soil geochemical sampling identified a approximately 3 kilometer-long gold-in-soil geochemical anomaly at the project.