Sunshine Metals (ASX:SHN) has restarted drilling at the Liontown prospect near Charters Town in North Queensland.
The $15.91 million market capitalisation company is targeting footwall extensions of the pumice breccia horizon east of the Main Feeder Zone and into the 400m long Gap Zone.
Drilling comprises 9 reverse circulation (RC) and diamond drillholes for 2,800m, covering a 250m strike length in the Gap Zone.
Managing Director Damien Keys says the company is rapidly growing its understanding of the footwall with every hole drilled.
“Even with sparse non-gold focused historic drilling, the Gap Zone has already demonstrated its likely potential with intersections including 1.75m @ 16.4 grams per tonne gold and 6.3% copper and 6.4m @ 3.2g/t Au. The 1.6km gold-copper rich footwall at Liontown was last a focus when it was mined in the early 1990s.”
Upon completing this program, a downhole electromagnetic (EM) survey will be conducted which will guide future deeper Gap Zone drilling.
Assays are pending for the Liontown RC drilling program that was completed in February 2024.
The Liontown prospect is part of the Ravenswood Consolidated Project in the Ravenswood district. The project is considered to be prospective for zinc, copper, lead, gold, silver, and molybdenum.
As of 31 December 2023, the company had $2.071 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Sunshine Metals
