Join our daily newsletter At The Bell to receive exclusive market insights
- Sunshine Gold (SHN) commences conventional induced polarisation (IP) and TITAN IP-magnetotelluric (MT) surveying at its Ravenswood West project in Queensland
- Conventional IP surveying has commenced at the Gagarin porphyry Cu-Au-Ag-Mo target and will cover all mapped, sampled and historically drilled areas
- IP survey lines are planned to extend the current survey at the Titov porphyry Cu-Au-Ag-Mo target with RC drilling expected to commence in June to test the anomalies identified in the original survey
- A TITAN IP-MT survey is set to commence at the Wilburs Hill intrusion-related Au-Ag target with the data to be used to assess the potential for sulphide mineralisation
- SHN shares are down 5.41 per cent, trading at 3.5 cents at market close
Sunshine Gold (SHN) has commenced conventional induced polarisation (IP) and TITAN IP-magnetotelluric (MT) surveying at its Ravenswood West project in Queensland.
Conventional IP surveying has commenced at the Gagarin porphyry Cu-Au-Ag-Mo target, located eight kilometres southeast of Titov within the 15-kilometre long porphyry corridor.
The prospect has been intermittently reviewed since the 1960s, with the most recent exploration consisting of 14 shallow reverse circulation (RC) drill holes in 1999, with the best-reported intercept of 31 metres at 0.32 per cent copper and 1264 parts per million molybdenum.
However, drilling from this program was limited to an average hole depth of just 43 metres and therefore remains largely untested at depth.
The IP survey will cover all of the mapped, sampled and historically drilled areas.
IP survey lines are planned to extend the limits of the current survey at the Titov porphyry Cu-Au-Ag-Mo target, where the company completed a conventional dipole-dipole IP survey in February.
The initial IP survey successfully demonstrated that the Titov Main mineralisation appears to be associated with elevated chargeability, trending in an east-northeast orientation.
Drilling in 2021 returned assays of up to 66 metres at 2.10 per cent copper equivalent.
RC drilling commencing in June 2022 will test the anomalies identified in the original survey.
A TITAN IP-MT survey is set to commence at the Wilburs Hill intrusion-related Au-Ag target, which is analogous to the Mt Wright deposit that produced over a million ounces of gold.
The IP data will assess the potential for sulphide mineralisation with the MT survey, complimenting it through a deeper seeking methodology that can distinguish conductors exceeding 750 metres in depth.
The company was a recipient of a geological survey of Queensland’s collaborative exploration initiative grant to complete the Titan IP-MT survey at Wilburs Hill.
They received $92,144 which will cover around 30 per cent of the overall survey cost.
SHN shares were down 5.41 per cent, trading at 3.5 cents at market close.
