In January 2012, Golden Cross Resources (GCR) made a submission to the South Australian Department for Manufacturing, Innovation, Trade, Resources and Energy (DMITRE) for funding to undertake a co-operative exploration drilling program funded by GCR and the South Australian government under its PACE 2020 initiative.
PACE Discovery Drilling embodies a supportive partnership with industry to undertake drilling in areas determined by DMITRE to have economic mineral potential, but currently hampered by cover rocks or other factors that discourage investment. PACE Discovery Drilling 2012 preferentially funds high quality, technically and economically sound projects that promote greenfields exploration targets.
Successful proposals are assessed as those containing the highest quality exploration targets based on sound technical, scientific and commercial criteria. The successful applicants have approximately one year to complete their programs and submit reports and drilling samples.
In 2011 Golden Cross reviewed geophysical data to identify six targets with similar characteristics to known IOCG prospects and deposits elsewhere in the Gawler Craton. These were reported to the ASX on 29 August, 2011. A further fourteen targets have since been identified in 2012 from images prepared by Melbourne-based consultants, PGN Geoscience.
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