Diversified explorer Sunshine Metals (ASX:SHN) is awaiting assays for 4 remaining diamond holes drilled by a previous owner at its Ravenswood Consolidated Project in North Queensland.
The $18.01 million market capitalisation company reports 25 drillholes were completed before Sunshine entered an agreement to acquire the project, and the results for the remaining 4 holes are expected to be returned throughout August 2023.
Sunshine says it plans to complete the acquisition of Ravenswood in August and will begin drilling at the project throughout August and September.
On 8 May 2023, Sunshine entered an agreement to acquire the Greater Liontown Project and Ravenswood Consolidated for $3.25 million in cash, with a further $2 million payable once production milestones are met.
As the company awaits the assay results for the remaining holes, Sunshine reports it has received results for 2 diamond drillholes that targeted the eastern and western extremities of the current resources.
Results recorded include hole LTDD22069A with 3m @ 13.35% zinc-equivalent (Zn-Eq) comprising 7.63g/t Au and 0.34% Cu from 298m, including 2m @ 19.19% Zn-Eq comprising 11.27g/t Au and 0.36% Cu from 299m.
This hole targeted the eastern end of the New Queen Lode, which was intersected 180m below the existing resource and presented as a gold-rich zone. Sunshine says the lack of zinc, lead, and silver intersections in the hole highlights a possible vertical zonation to the mineral distribution.
Additionally, the hole was drilled to steeply intersect the Gap Lode, which extends between Liontown and Liontown East. This hole also intersected the zinc-dominant Main Lode shallower in the drillhole with 5.95m @ 2.33% Zn-Eq comprising 0.57g/t Au, 0.35% Pb, and 1.13% Zn from 95.55.
To the west, drillhole LTDD22074 intersected 3m @ 5.14% Zn-Eq comprising 0.99% Cu and 2.49% Zn from 83m, 3.9m @ 23.20% Zn-Eq comprising 8.3% Cu from 99m, 4m @ 12.21% Zn-Eq comprising 1.46g/t Au, 1.73% Cu, 14g/t Ag, 1.23% Pb, and 4.86% Zn from 145m, and 1m @ 17.51% Zn-Eq comprising 6.4g/t Au, 2.19% Cu, 16g/t Ag, and 1.18% Zn from 271m.
Sunshine reports LTDD22074 tested the Western Footwall and Carrington Lodes and identified an extension of the Main Lode 120m further west than currently modelled.
The company says geological logging of the holes is now complete, and of the 5 remaining holes, 3 are pending assays, while 1 hole is being cut and sampled. Another hole was abandoned before reaching target depth.
Commenting on the results, Sunshine Metals Managing Director Damien Keys says: “Diamond drilling results from Liontown continue to deliver high-grade copper and gold in the footwall lodes.
“The latest intercepts extend the New Queen Lode 180m beyond the reported resource and will likely add more metal to the existing high-grade resource when updated in late 2023″
The latest intercepts extend the New Queen Lode 180m beyond the reported resource and will likely add more metal to the existing high-grade resource when updated in late 2023.
All remaining diamond samples have been dispatched to the laboratory and the focus has now shifted to field validations of targets ahead of drilling in late August 2023.”
Sunshine Metals is an Australian explorer focused on finding gold, copper, zinc, and molybdenum resources across its portfolio of assets in Queensland. These assets include the Triumph, Ravenswood Consolidated, Investigator, and Hodgkinson projects.
Ravenswood Consolidated lies in the Charter Towers-Ravenswood district and has produced over 20 million ounces of gold and 14 million tonnes of volcanogenic massive sulphide (VMS) zinc-copper-lead-gold ore.
On 7 July 2023, the company reported it had changed its name from Sunshine Gold to Sunshine Metals, though it did not change its Australian Securities Exchange (ASX) code.
Write to Harry Mulholland at Mining.com.au
Images: Sunshine Metals Ltd