Sunshine Metals (ASX:SHN) is progressing 2024 drilling preparations at the Liontown prospect, as part of the Ravenswood Consolidated Project in North Queensland, to deliver a JORC resource this month.
The $14.68 million market capitalisation company says drill pad clearing will begin at Liontown after the company posted ‘encouraging’ first results from reverse circulation (RC) drilling at the Cardigan Dam prospect, part of the Lighthouse Farm-in Ground.
Sunshine reports drilling comprised 11 RC holes testing the Cardigan Dam, Plateau, and Horse Creek prospects.
Drilling at Cardigan Dam targeted 2 separate gossanous shear zones, which sit within a 300m long soil anomaly, and uncovered multiple anomalous gold zones including a shallow intersection of 3m @ 1.56 grams per tonne (g/t) gold (Au) from 31m (23CDRC002).
Meanwhile, drilling at the Plateau prospect assessed the northeast corner of the mineralised rhyolite pipe with prospective breccia, up to 2.29g/t Au, intersected in 3 holes.
Managing Director Damien Keys says results from Cardigan Dam paves the way for follow-up exploration beneath an area of surface anomalism and along western extensions to gossanous shear zones.
“The intersection of shallow quartz/sulphide (3m @ 1.56g/t Au) from limited drilling at Cardigan Dam provides a vector for follow-up beneath an area of surface anomalism that extends for ~300m. Multiple anomalous gold zones were also intersected.
Further mapping will refine follow-up drill targets along the western extensions to the gossanous shear zones at Cardigan Dam.”
Sunshine Metals is a mineral explorer with a portfolio of ‘high-quality’ gold and copper assets in Ecuador and Australia.
The company’s Ravenswood Consolidated Project sits in the Charters Towers-Ravenswood district, which has produced over 20 million tonnes (Mt) of gold and 14Mt of VMS zinc-copper-lead-gold ore.
As of 30 September 2023, Sunshine Metals had $3.183 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Sunshine Metals
