Sunshine Metals (ASX:SHN) Completes Sybil Project Acquisition
Project Acquisition
Sunshine Metals Limited has completed due diligence and made an early exercise of its option to acquire the high-grade Sybil Epithermal Au Project from a private party, with a cash payment of $125,000 settled.
Drilling Plans
The company plans to commence drilling in July-August 2025, targeting shallow oxide gold resources near Charters Towers.
Project Highlights
Sybil’s most advanced prospect, Francis Creek, boasts 108 drill holes to date, with best results including 7m @10.6g/t Au from 7m (FCP05), 3m @23.2g/t Au from 6m (FCP04), and 6m @10.5g/t Au from 7m (FCP46). Rock chips of 907g/t Au and 262g/t Au have been returned, and a bulk sample yielded 961t @7.6g/t Au (235oz Au). The Sybil project is comparable to the nearby Pajingo system, which has produced approximately 4Moz Au, and has been underexplored for 20 years.
Executive Comments
Dr Damien Keys, Managing Director of Sunshine Metals, stated, “We move a step closer to completing the Sybil epithermal gold project acquisition by completing our due diligence and exercising the option to acquire the project. Importantly, Sunshine can now prepare for drilling in July-August 2025. Sybil is an under-explored gold project with exceptional, 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. We are looking forward to getting stuck into our first exploration at Sybil. Exciting times ahead!”
Motley Fool contributor Lauren Surplice 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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