S&P/ASX 300 Index (ASX: XKO) gold stock Southern Cross Gold Consolidated (ASX: SX2) is sliding today.
Southern Cross Gold shares closed yesterday trading for $8.69. In early morning trade on Wednesday, shares are changing hands for $8.51 apiece, down 2.1%.
For some context, the ASX 300 is down 0.3% at this same time.
If you're unfamiliar with the miner, it's a relative newcomer to the ASX in its current expanded structure. The new company was formed on 15 January 2025 following the merger of Canadian-listed Mawson Gold and ASX-listed Southern Cross Gold Ltd.
Southern Cross Gold Consolidated then started trading on the ASX on 17 January.
With the gold price then surging to new record highs and the miner achieving its own operational successes, shares in the ASX 300 gold stock have leapt 124% since 17 January.
And investors who bought the miner at the 28 February close will be sitting on gains of 149.6%.
Here's what's happening today.
ASX 300 gold stock hits high-grade intersections
Southern Cross Gold shares are slipping despite the miner reporting on the latest promising exploration results at its 100%-owned Sunday Creek Gold-Antimony Project, located in Victoria.
The results come from 12 drill holes.
The ASX 300 gold stock highlighted drillhole SDDSC192, which it said is the deepest east west oriented hole drilled into the Apollo prospect to date. That hole returned a top result of 3.6 metres at 14.7 grams of gold equivalent per tonne from 708.6 metres down.
The miner said that these high-grade results confirm the system continues to deliver exceptional gold values in the deepest holes into the system.
What did management say?
Commenting on the results that have yet to lift the ASX 300 gold stock today, Southern Cross CEO Michael Hudson said, "SDDSC192 is our deepest east-west hole into Apollo and delivered 3.6 m @ 14.7 g/t AuEq, including a high-grade hit of 0.21 m @ 236 g/t Au, proving the system remains robust and open at depth."
Hudson added:
Stepping down 80 metres at Apollo Deeps, we intersected 11 vein sets across Apollo East and Apollo Deeps, demonstrating exceptional continuity of this large-scale, high-grade gold antimony system. We've also uncovered a new mineralised zone between the Gladys and Golden Orb Faults that returned 0.3 m @ 45.9 g/t AuEq, opening up 70 metres of untested ground to the south.
Individual samples returned exceptional antimony [Sb] grades of 25.1% and 17.4% Sb alongside high-grade gold values, reinforcing Sunday Creek's significance as a critical antimony project. Apollo continues to grow in every direction we drill, and with mineralisation open at depth and along strike, we're only starting to see system's potential to the east.
