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- Sunshine Gold (SHN) begins reverse circulation drilling across the Titov and Keans prospects which are part of the Ravenswood West Project in Queensland
- This marks the first time these prospects have been drilled since the 1960s and the company is looking forward to unlocking their potential
- Both prospects have historically returned encouraging molybdenum values as well as copper, silver and gold
- Once this drilling has been completed, SHN will complete an 8500-metre program at the Triumph Gold Project to deliver a maiden JORC resource
- Company shares ended the day 10.4 per cent in the green to close at 5.3 cents
Sunshine Gold (SHN) has begun reverse circulation (RC) drilling across two prospects within the Ravenswood West Project in Queensland.
The company will complete 1400 metres of focused drilling at the Titov prospect and 1400 metres of reconnaissance drilling at the Keans prospect.
Interestingly, this marks the first time these prospects have been drilled since the 1960s and the company is looking forward to unlocking their potential with modern exploration techniques.
Titov
In the late 1950s, three holes were drilled at the Titov prospect for molybdenum and re-assayed for copper in the 1960s. The best reported intersection was 25.9 metres at 0.37 per cent copper and 0.02 per cent molybdenum.
In 1968, encouraging survey results led to another nine holes being drilled which were only assayed for molybdenum and copper and precious metals weren’t typically assayed for at that time. The results suggested a moderate to steep southerly plunge to mineralisation.
In 2019, 25 rock chip samples were assayed for a suite of elements with best assays including 8.44 per cent copper, 8060 parts per million molybdenum and 82 grams of silver per tonne (g/t). Gold values include 2.03g/t gold and 14.75g/t gold.
Based on this information, Sunshine Gold aims to confirm large intervals of copper and molybdenum, assess potential for gold-silver mineralisation, define high-grade mineralised zones and test the nature of the induced polarisation (IP) anomaly at depth.
Managing Director, Damien Keys, commented on the Titov prospect.
“Recent gold in rock chips indicate Titov may be a large copper-molybdenum-gold-silver intrusion related system with the potential to host gold/silver and to improve at depth. We also now have the benefit of modern day exploration tools to focus our targeting,” he said.
Keans
Between 1959 and 1962, eight diamond holes were drilled at the Keans prospect and returned results including 3.3 metres at 1.02 per cent molybdenum and three metres at 1.36g/t gold as well as 0.5 metres at 61g/t silver.
Rock chip samples also returned exceptionally high grades including 25 per cent copper, 1.03 per cent molybdenum, and 8.7g/t gold.
Recent field mapping at the prospect shows two dominant vein orientations with both molybdenum and copper seen in both vein sets.
“The vein system at Heuirs Shaft is currently undrilled and represents an exciting walk-up target. Molybdenum is typically found in quantities of 0.01 to 0.25 per cent in porphyry or skarn deposits and is often associated with larger copper and tungsten occurrences, so the grades we are seeing are most encouraging.”
The 1400-metre drilling program will test several veins south of Keans that may be associated with the Buck Reef Fault as well as assess the prospectiveness for copper, molybdenum, gold and silver of both vein sets.
Outlook
Once drilling has been completed at both prospects, drilling will recommence at the Triumph Gold Project. Sunshine Gold will drill 8500 metres to infill and extend on the maiden drilling program.
The company hopes this program will offer enough information for a maiden JORC 2012 resource in early 2022.
Company shares ended the day 10.4 per cent in the green to close at 5.3 cents.
