Sunshine Metals (ASX:SHN) has returned the final assays from its resource definition drill campaign at the Liontown Gold Panel within the Ravenswood Consolidated Project in North Queensland.
Key results from this drilling campaign include 22m @ 20.25 grams per tonne gold from 69m, including 8m @ 39.58g/t from 68m and 4m @ 29.45g/t gold from 81m; 12m @ 7.87g/t gold from 85m, including 6m @ 14.91g/t gold from 86m; and 10m @ 8.28g/t gold from 46m.
The Liontown Gold Panel has an existing resource of 247,000 tonnes @ 7.35g/t gold and 11g/t silver for 58,200 ounces gold and 87,000 ounces silver.
Sunshine will use the latest assays to provide an updated resource estimate for the area in the June quarter, which will form the basis for a revised mining study with additional metallurgical data.
The revised Liontown mining study will begin in June 2026.
Managing Director Damien Keys says the drill results confirm and extend a “thick zone of high-grade gold mineralisation” in the Liontown Gold Panel.
“These impressive results build on previous Sunshine holes including 17m @ 22.14g/t silver and 20m @ 18.21g/t gold,” Keys says.
“A revised resource update is on track for delivery next month and will feed into an updated Liontown Gold Mining Study.
“The drilling results, resource, and mining study updates are expected to further underpin our recent acquisition of the Mt Moss Processing Facility.”
Cashing up
Meanwhile, Sunshine is conducting a share purchase plan for eligible shareholders to engage with until 22 May 2026, supporting the company’s acquisition of the Mt Moss Operations and its plans to advance gold production in 2027.
As reported by Mining.com.au, the share purchase plan will allow shareholders to subscribe for up to $30,000 worth of shares.
“Our share purchase plan to raise up to $3 million is open, giving existing eligible shareholders the opportunity to participate in the capital raise at the same terms offered to sophisticated and institutional investors,” Keys adds.
“We urge those interested in participating to act quickly, as the offer closes on or before 22 May 2026.”
Sunshine Metals is a gold and base metals mining company with assets in Queensland.
The Ravenswood Consolidated Project is located in the Charters Towers-Ravenswood district which has produced more than 20 million ounces of gold and 14 million tonnes of volcanic massive sulphide zinc-copper-lead-gold ore.
Write to Maddison Elliott at Mining.com.au
Images: Sunshine Metals
