Sunshine Metals (ASX:SHN) has completed its due diligence and made an early move to exercise its option to acquire the Sybil Epithermal Gold Project in Queensland.
As part of the acquisition, Sunshine Metals has paid $125,000 to an unrelated privately held third party.
The company aims to begin a drilling program at the project in July or August 2025.
Managing Director Damien Keys says Sybil is an under-explored gold project with near-surface gold drilling and rock chip sample results.
“It fits our strategy of achieving near-term production while expanding our district presence around Charters Towers,” Keys says.
“We are looking forward to getting snuck into our first exploration at Sybil. Exciting times ahead!”
Some of the previous drill results include 7m @ 10.6 grams per tonne gold from 7m and 3m @ 23.2g/t gold from 6m. In addition, rock chips of 907g/t gold and 262g/t gold have been returned, as well as a bulk sample which produced 961 tonnes @ 7.6g/t gold for 235,000 ounces of gold.
Sybil is an epithermal gold system, located 135km west of Townsville. The project sits on a 40km-long extensional structure infilled with Permian-Carboniferous volcanics.
Sunshine says the project is highly prospective for Pajingo-style gold mineralisation and remains underexplored. Minimal modern exploration has occurred at Sybil despite significant advances in knowledge and understanding of low-sulphidation epithermal systems.
Sunshine Metals is a gold and copper-focused explorer with a portfolio of assets in Queensland.
The company will be attending the Noosa Mining Investor Conference, held between 23-25 July, at the Peppers Noosa Resort.
Mining.com.au is an official media partner of this year’s conference.
Write to Aaliyah Rogan at Mining.com.au
Images: Sunshine Metals
