Gold and copper explorer Sunshine Metals (ASX:SHN) has recorded further ‘significant’ gold and copper intercepts at its Ravenswood Consolidated Project in North Queensland.
The $19.07 million market capitalisation company reports assays have been received for diamond hole LTDD22068, which was completed by the previous owners of the Greater Liontown Project that now forms part of Ravenswood Consolidated and targeted the Western Footwall and Carrington lodes.
At the Western Footwall Lode, this hole returned 8.5m @ 10.17% zinc-equivalent (Zn-Eq) comprising 5.47g/t Au and 0.4% Cu from 73.5m, including 2.8m @ 26.51% Zn-Eq comprising 15.64g/t Au and 0.4% Cu from 76.3m.
At the Carrington Lode, the hole intersected 12.6m @ 4.19% Zn-Eq comprising 0.13g/t Au and 1.02% Cu from 127m, including 1m @ 17.21% Zn-Eq comprising 0.26g/t Au, 5.2% Cu, and 1.7% Zn from 129m.
Sunshine reports the previous owners of Liontown completed 25 diamond drillholes prior to the acquisition announced on 8 May 2023. Of these, 21 holes have been announced by Sunshine, while 3 remaining holes are at the laboratory, with results expected to be reported in August 2023. The company says 1 drillhole failed to reach the target depth and has not been analysed.
Modelling of the Liontown resource indicates the deposit is composed of both copper-gold-rich, and zinc-lead-rich lodes within a volcanogenic massive sulphide (VMS) system. The hanging wall lodes including Main Lode and New Queen trend towards more lead-zinc dominant, whereas the footwall lodes such as Western Footwall and Carrington are more copper-gold enriched.
Sunshine reports the Western Footwall continues to report ‘significant’ gold grades in the upper levels, with Carrington continuing to show copper enrichment at depth. The company also notes the Carrington Lode in LTDD22068 sits outside the current resource.
With assays for the 3 remaining holes pending, Sunshine reports it will complete the transaction for Greater Liontown this month and plans to start drilling at Liontown and Ravenswood Consolidated in August and September 2023.
Commenting on the results, Sunshine Metals Managing Director Dr Damien Keys says: “The footwall lodes of the Liontown VMS system continue to deliver fantastic copper and gold intersections. LTDD22068 improves confidence in the western end of the Liontown Resource which remains open along strike and at depth.”
On 8 May 2023, Sunshine announced it was acquiring Greater Liontown for $3.25 million in cash, with a further $2 million cash payable once production milestones are met.
Sunshine Metals is a gold and copper explorer focused on developing its portfolio of projects in Queensland. These assets include the Ravenswood Consolidated, Triumph, Investigator, and Hodgkinson projects.
Write to Harry Mulholland at Mining.com.au
Images: Sunshine Metals Ltd
