Sunshine Metals (ASX:SHN) has identified a chargeable and conductive geophysical anomaly at the Coronation prospect, part of the Ravenswood Consolidated Project in Queensland.
This news comes after the company conducted an induced polarisation geophysical survey over Coronation and Coronation South. The survey revealed a conductive zone of low resistivity, further affirming that the response is likely due to the presence of massive sulphides.
Sunshine Metals, which has a market capitalisation of $11.11 million, says the anomaly has strong geochemical anomalism at Coronation, to define a Highway-Reward style gold-copper target.
The Highway-Reward volcanogenic massive sulphide system, located 35km south of Charters Town, comprises two main discordant pyrite-chalcopyrite pipes — Highway and Reward.
Managing Director Damien Keys says the survey work completed to date has generated a compelling drill target at Coronation.
“Importantly, the target has geological context, multiple overlapping layers of anomalism and shares many similarities with the nearby Highway-Reward Mine,” Keys says.
“Our upcoming drilling at Coronation will provide critical information for refining deeper massive sulphide targets while looking for shallow gold.”
The upcoming drilling program will begin between March and April 2025.
Sunshine adds the defined anomaly occurs down-dip of a network of mapped barite veins on the contact of rhyolite and andesitic volcanics.
These barite veins have been rock chip sampled at surface, with the best samples grading 6.7 grams per tonne gold and 5.33g/t gold.
Soil sampling also confirmed the mapped contact and associated barite vein network as being highly anomalous for gold, copper, and lead. A 30 parts per billion (ppb) gold in-soil anomaly extends for over 1km with a peak value of 258ppb gold.
Ahead of the upcoming drilling program, Sunshine intends to complete drilling at the Tigertown prospect and expects to receive the results sometime this month.
The Ravenswood Consolidated Project — prospective for zinc, copper, lead, gold, silver, molybdenum — is located in the Charters Towers-Ravenswood district. The district has produced over 20 million ounces of gold and 14 million tonnes of volcanic massive sulphide zinc-copper-lead-gold ore.
Write to Aaliyah Rogan at Mining.com.au
Images: Sunshine Metals
