Sunshine Metals (ASX:SHN) plans to conduct a resource upgrade for its Ravenswood Project in Queensland following recent drilling results that showcase the growth potential of the Liontown deposit.
The $18.01 million market capitalisation company is expecting to conduct the resource upgrade in late 2023 for the Liontown deposit.
This news comes after the company received assays from a further 3 holes from a diamond drilling program that include numerous ‘high-grade’ copper-gold (Cu-Au) and lead-zinc (Pb-Zn) intersections.
Some of the results recorded include drillhole LTDD22070 with 7m @ 18.6% zinc equivalent (ZnEq) comprising 2.50g/t Au, 0.4% cu, 5% Pb, and 11.9% Zn from 94m, including 2m @ 21.5% ZnEq comprising 9.09g/t Au, 18g/t Ag, 2.5% Pb, and 5.8% Zn from 94m.
Commenting on the drill results, Sunshine Metals Managing Director Damien Keys says: “The Liontown drilling continues to deliver fantastic results. Most encouraging are the high Au and Cu grades being returned from the under-drilled footwall lodes.
“The drilling results will support a resource upgrade expected in late 2023″
The drilling results will support a resource upgrade expected in late 2023.”
Previous owners of Liontown completed 24 diamond holes prior to Sunshine’s acquisition of the project. Of these, 18 holes have now been announced by Sunshine, with 6 remaining holes either at the laboratory or in geological processing.
Sunshine reports results for these remaining holes are expected throughout July and August 2023.
Sunshine Metals is an exploration company focused on the discovery and development at its gold and copper projects in Queensland, comprising Ravenswood Consolidated, Triumph, Investigator, and Hodgkinson projects.
On 31 March 2023, the company had $2.153 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Sunshine Metals Ltd
