Sunshine Gold (ASX: SHN) reports the presence of two discrete chargeable anomalies following the completion of an Induced Polarisation (IP) survey at the Gagarin Cu-Au-Ag-Mo prospect, as part of its Ravenswood West Project in Queensland.
The IP geophysical survey, comprising 6 north-south oriented IP lines, has successfully delineated an untested, coincident chargeability and conductive anomaly at 100m depth which coincides with a low resistivity zone and Cu soil anomaly that has undergone limited drill testing.
Geopeko conducted an induced polarisation survey and then drilled three diamond holes at Gagarin in 1973. Historic drilling has been limited to 14 shallow RC holes and 3 diamond drill holes.
All holes terminated before intercepting the IP chargeable target, yet still intersected a ‘high-grade’ vein stockwork with results including:
- 8.55m @ 1.23% Cu & 0.21g/t Au (GA-S2, 8m)
- 31m @ 0.40% Cu, 0.06g/t Au & 0.16% Mo (8m – end of hole, GG8) including 11m @ 0.72% Cu, 0.09g/t Au and 0.43% Mo (28m – end of hole, GG8)
Sunshine Gold’s drill testing of Gagarin is scheduled for September 2022.
Addressing the results, Sunshine Gold Managing Director Damien Keys, stated: “The Induced Polarisation survey has furthered our understanding at Gagarin.
“We are particularly enthused by the elevated grades of copper, gold, and molybdenum”
We are particularly enthused by the elevated grades of copper, gold, and molybdenum in the shallow historic drill holes, which are interpreted to be a stockwork of mineralised veins above the core of the porphyry target.
Faulting adjacent to the IP target presents an important second target for upcoming drilling. The fault targets have only been tested by one drill hole which intersected a thick zone of copper mineralisation. Rock chip samples collected from the fault zone grades 6.9% Cu, 0.1% Mo and 0.7g/t Au (GG6) and 0.3% Cu, 0.2% Mo and 2.1g/t Au (GG03).
The geophysical surveys have provided another layer of geological context at Gagarin and drill ready targets have been defined. Gagarin now presents as an exciting opportunity for another porphyry Cu-Au-Ag-Mo discovery.”
The company also notes that it has successfully mapped a 1-3m wide, quartz vein containing sulphide and malachite straining which coincides with one of the identified anomalies, with rock chip sampling returning ‘high-grade’ copper, gold, and molybdenum mineralisation.
The Ravenswood Project is located about 100km south of Townsville in Queensland within the prolific Ravenswood-Charters Towers district and is highly prospective for intrusion related gold porphyry copper-gold-silver-molybdenum and rare earth mineralisation.
Historic drilling across the project area is limited to 79 drillholes and is 5km from the Ravenswood Mining Centre, which has produced 4Moz Au and currently holds a further 4.3Moz Au in Resource and 1.8Moz in ore reserves.
With results from the geophysical surveys and field work activities complete, Sunshine Gold announces that the northern fault zone correlates with a sharp contact in the chargeable response and represents a priority drill target for the upcoming September 2022 drilling program.
Images: Sunshine Gold Ltd
