Sunshine Metals Limited (ASX:SHN) Announces High-Grade Gold Discovery and Drilling Milestones
Exploration Highlights
Sunshine Metals Limited (ASX:SHN) reported the discovery of a high-grade gold rock chip assaying 64.50g/t Au at the new Mt Pleasant prospect within its Ravenswood Consolidated Project. The company is actively reviewing multiple shallow gold targets and advancing its Liontown oxide gold drilling program.
Mt Pleasant Prospect
During a recent reconnaissance visit, Sunshine collected rock chips, including samples of 64.50g/t Au, 10.15g/t Au, and 3.05g/t Au. These results corroborate historical assays of up to 95.20g/t Au from the area. Geological mapping has identified multiple veins over a 500-meter north-northwest trend, with plans to broaden the geochemical footprint and initiate drill testing in 2025.
Liontown Drilling Update
Drilling at the Liontown oxide gold resource is progressing well, with 19 of 29 holes completed. Assays for the first 17 drill holes are currently in the laboratory, with results expected in late May 2025. The inferred resource includes 21Koz Au and 307Koz Ag, and the drilling aims to delineate historic underground mine workings.
Future Exploration Plans
Sunshine plans to commence RC drilling at Plateau oxide in May 2025, alongside ongoing metallurgy upgrades and a mining study at Liontown, scheduled for June 2025. Further drilling results from Plateau are also expected in June.
Executive Comments
Dr Damien Keys, Managing Director of Sunshine, stated, “Sunshine is excited with these early results at a new target within the Charters Towers region. Whilst it’s early days, Mt Pleasant is so far ticking the boxes as a shallow, oxide gold target close to existing infrastructure. It is amazing to think that prospects at surface remain undrilled in the 150 year old district.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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