Sunshine Metals (ASX:SHN) has recommenced drilling at its Liontown prospect within its Ravenswood Consolidated Project in North Queensland to test some gold and copper targets in the area.
The $13.5 million market capitalisation company says the 5-hole, 1000m drilling program will focus on the 2.3-million-tonne volcanogenic massive sulphide (VMS) resource at the project, where it struck an intersection of 17m @ 22.05 grams per tonne (g/t) gold in its last drilling program in 2023.
This intersection came from the ‘gold-rich’ pumice breccia zone in the Liontown area.
Further to this, the drilling work will follow up on copper hits such as 4.65m @ 5.48% Cu and 2.05g/t Au from 188m and 2.35m @ 3.75% Cu from 197m.
These hits came from near the Carrington Lode footwall zone near the western end of the Liontown resource.
Following the fresh bout of drilling, Sunshine Metals will take on an induced polarisation (IP) geophysical survey in February 2023 to assess the Liontown footwall stratigraphy.
Sunshine Managing Director Damien Keys says the drilling marks just one part of the company’s planned work in the Liontown region over the coming weeks.
“Results from this high-impact campaign will tie in with an IP geophysical survey, scheduled for early February 2024, to guide a broader 2024 drill campaign at Liontown.”
“Results from this high-impact campaign will tie in with an IP geophysical survey, scheduled for early February 2024, to guide a broader 2024 drill campaign at Liontown”
All this comes as Sunshine plans to release a resource upgrade for the Liontown project, which will incorporate 108 extra holes drilled since the last resource estimate in March 2020. This new resource update is slated for release before the end of February.
Alongside Ravenswood, Sunshine Metals owns the Triumph, Investigator, and Hodgkinson Projects in Queensland.
The company had around $2.07 million cash and cash equivalents at hand at the end of December 2023, according to its latest quarterly report.
