Okay, thanks, Emily. Looks like you're almost adopted into Australia. Welcome. Good afternoon, everybody. We're going to talk about another Australian project, this time across the other side of Australia in Victoria. It's the Sunday Creek Project. It's one of the most exciting gold discoveries globally, and I hope you'll leave this presentation understanding that we are a dual-listed company here on the TSX in this part of the world and on the ASX in Australia. I've got all those disclaimers. Should you be choosing to make investment decisions, please read those. What is this? This is a project that we made a drill discovery about three years ago, and now we're well on the way of building out a multi-million ounce, 10 g/t deposit.
In terms of hit rate, it's past the hit rate, really, in many respects, but this has got 6,900 gram metre hits or better out of 90 odd kilometers of drilling. That hit rate doesn't really get much better on a pre-development asset that I can't see globally. There's lots of gold, lots of gold, and it's coming thick and fast about every 1,500 metres. We're on our way to one of the larger drill outs in Australia. We've got nine rigs today. We're going to 10 in October and then 22 once we get a decline permitted, which is underway right at this moment. We hope that decline will be built by mid next year. It's a big drill out. It comes with lots of challenges, but we've got a great team that is building as we speak.
We've got $160 million cash, so we're fully funded to execute on the program that I'll talk to. We bought lots of properties around the project. We've got over 1,000 hectares of freehold land. We've got 10 properties, so we've got the land over the project and for three kilometers to the south. That gives us great optionality on developing this project. 100% owned, no royalties outside of the state-based royalty. We too have antimony. Victoria is the home of antimony. This mine, along with Costafield and a couple of other smaller mines, were the only sources of antimony for the British during World War I, and now we're sitting there with a very substantial inventory. It's got a lot of good things to like already. One of the other things to like about this stock is the shareholder base. It's a masterclass.
I've learned a lot from these shareholders, Darren Morcom, Pierre Lassonde, Kirill Sokolov, some of the best investors in the space. They own 30% of the stock. That quarter of the stock's held by a variety of investors through Australia, Europe, and North America. These discoveries are rare. This is the top discoveries rated by Richard Shoddy in Australia over the last decade. Yes, Darren, you are there, mate. As well as Fosterville, which of course is we're in the shadow of the head frame, and Sunday Creek is our project here. Victoria's only attracted about 4% of the bucks over those 10 years, but has about 20% of the discovery, so it really shoots above its weight. In terms of the discovery's been built by the drill bit.
I'll just run through this quickly before we get into some of the detail, but this is a cross, a long section through the deposit surface here down to a kilometer over about 1.2 kilometers strike. Have a look at the pink dots there, the greater than 100 gram meter hits. We acquired the asset with five kilometers of drilling on it and not much. The deepest hole on the project was a shaft that was put into it in 1880 or 1890. It really hadn't been looked at.
We put a few holes into it when we had it in a Canadian company before listing on the ASX here in 2022, and then the big hole came in later that year, and that was a 300 meter hole that averaged five or six grams, but lots of high-grade structures, lots of pink hits down there, and that was a sign something was to come. Sure enough, we proved it and drilled it out at depth through 2023, and then through 2024 and up to now, we have this area here drilled out. It's getting bigger. That area in the red alone is 2.2 to 3.2 million ounces in an exploration targeted at 8.3 to 10.6, all drill constrained. All drill constrained, but the drilling's too far apart to put it all into a resource. We are running internal resources monthly.
We update them with SRK Consulting, the same team that's working at Fosterville and Costafield. At any one point, we know exactly where we're at. We're getting about 7.5 ounces converted from every meter we draw from that exploration target into the resource to give you a bit of a metric. It's going to get a lot bigger. That little square we're looking at was here. We are drilling a hole one and a half kilometers deep just to demonstrate the system continues. Here's Fosterville, a great analogue down the road. They're fighting mineralization towards two kilometers now. These systems do continue.
We drilled along these old mines here, along that one kilometer where we've got this big drill out and what I was just showing you, but there's a hell of a lot of old mines, a 10 kilometer long trend that continues all the way, and we've only put a few thousand meters out there. A lot of work to do, only about 10% into the discovery. This is the plan. Fully funded. 200 kilometers of drilling to drill out a substantial resource. That's what we're underway with, the nine rigs going to 10 next month, 22 when and if this decline is permitted. That decline is now on the system. That's a $30 million Aussie or $27 million Canadian exercise. There are fundamental reasons for this to be de-risked and to create fundamental value, but market value is created through exploration, and we're not going to forget about that.
We're going to stay on the Lassonde curve as well, as well as going into that more engineering and drill out and bathtub. We've got $20 million for that other 90% over the next 18 months. Two and a half rigs will be averaged exploring out through there, going to a PEA in Q2 2027. All fully funded and well on the pathway already. This is the one I love talking about, especially in Australia because Victoria is seen as a bit of a basket case and has been for many good reasons. The best place by data to permit a mine today in Australia is actually Victoria. I can see a few smiles around the room because that doesn't get often said, but there have been four mines permitted in the last six months.
They've limited their main environmental permit to 18 months, and they really are open for business. Our timing is good. Our timing is good. Let's go into the asset a bit. It was a mine for 50 years. I've talked to that, and here are some of the old timers there. Just talking to a few of the results. We don't want to talk about drill results. Here's the top 10. Four of them have come in the last six months, so this is getting better. You can see the gram meter equivalent. You can see the antimony grade in the gold here and the width. Let's look at the data in just one more way. This is a log log plot of width and gold. Pretty technical, but it shows just the average width of these structures at two meters at one gram cut.
Our medium widths are 2.3 to 3.8 meters. Good mechanical mining widths. We're not talking about thin little high grades, but people seem to see our very high grades in drilling and think that these structures are thin. It does center around here, but there is a population out through here that's 5 to 20 meters wide. There are wider structures at those sort of cuts. In terms of location, here's Melbourne. Here's the project, only 60 kilometers away. I'll show you a drone photo in a minute to show that we have the land all to the south that hasn't got any population on it. This is Fosterville. That's 100 kilometers. Costafield's 60 kilometers from us. In Victoria, really, if you want to look for these episodal systems, they're the orange ones, and when you look for them, you go deep. You go deep quickly.
Let's zoom in on the project here. Nice big land package. In the absence of time, here's our main drill area where we've got 100 kilometers, and we're putting another 200 kilometers into that red circle. We have all this trend of old mines, parallel zones right through here over nearly 12 kilometers. That's the exploration upside that we were talking about, that we've done a lot of the groundwork. We've done a lot of the mapping, IP, soils. We're ready to go out there and drill those targets. In terms of the geology, this is looking in that core area. It's a band of rocks about 100 meters wide. A dike's come up. It's altered the rocks either side, created a very brittle host rock. When that's deformed, it's opened up in this direction and forms all these extensional veins.
These are the veins that were mined by the old timers for 50 years, and they can be very high grade, as you've seen. They're 2.3 to 3.8 meters wide in this orientation. In this orientation, they're 20 to 100 meters long, and they're very extensive in the up and down sense. They can chase any one of those veins for 500 meters. Looking underground, this is what it looks like. We were just looking in plan view there before, and now we're looking at the area here. The blue are the veins that are in the exploration target. The yellow holes are those that are in the lab. Lots of news flow always to come from Southern Cross Gold Ltd. That was at 2.2 to 3.2 million ounces at 8.3 to 10.6 g/t. You can see there's a lot of hits outside of that. The verifying newbie here.
There are lots of hits outside of that blue area, and you can see the plus 300 gram hits of the red, and you can see these systems get very good below that sort of 400 meter mark. This system is continuing. We're finding very good stuff through here. Apollo here, this area is getting much better. We're finding areas out through here in the last press release, and all this is left to drill. You can see even in the core area, there's a lot more to do. This is what the area looks like. This is the drill out area over about 1.6 kilometers through here. You can see if I turn around the drill area, you can see some of the drill rigs there, and I flatten out. This is very typical Victorian country to the north. It's about 20 neighbors within two kilometers.
We are fortunate to have this hill for the most part covering us from that northern aspect. It's when you go to the south where I was talking about before here that we have ownership of all this land right up through that ridgeline and all that farmland through there. That's something like 3.5 kilometers where there's no one there. That's all our own freehold land. Meanwhile, everybody thinks of antimony as a bit of a problem in the past, but these gold antimony concentrates are highly valuable and even more so with China's ban on exporting. This is very similar metallurgy to Costfield down the road, which is the world's largest antimony mine. This is free gold. We have about 40% to 50% reporting to a gravity cone.
Then we have the rest of the gold or a large proportion of it, 30% to 40% reporting into that antimony gold cone. You want to get your arsenic levels down there to less than 0.6, 0.1 to 0.2. We've been able to do so. That makes a very highly valuable cone, and about 15% of our gold reports into a sulfide cone, which has still that 80% free gold, so is leachable. A nice simple flow sheet. In terms of where we sit, Gareth put up some numbers there before for Black Cat at 100,000 tonnes. That's significant, and that's where we are also. With Perpetua here, this is apples and oranges because we've got our exploration target by the upper end, and it's growing. As you can see, we're the third largest at the moment in terms of Western deposits.
It's only 20% of the revenue mix, the recoverable value. We say antimony will help permit it. Gold will pay for it. A growing team, all locally based. We put a lot of effort into community, and of course, where we are, we need to do that. We are setting up the team to build this. We're getting all that right experience into the team. We're an exploration company that is transforming into a company that's getting ready to develop this project. In summary, this is a very rare global asset. You don't find many multi-million ounce, 10 g/t deposits, and they achieve the premiums they deserve. One of the highest hit rates globally that I talk to, it's a very large defense-critical antimony deposit. We've only got 10% into the discovery, so there's a lot more to come.
We have a government that is very much open for business, permitted four mines over the last six months. With that shareholder base, we make every decision in this company based on value creation per share. That's what drives every decision here. We'd love you to come along on the journey if you're not already with us. Thank you very much for listening.