When Will Sunshine Metals Next Phase of Drilling Commence at Liontown, and What Are the new Objectives?

In a quest to uncover the hidden treasures beneath the Earth's surface, mining companies often embark on ambitious drilling campaigns. Sunshine Metals Limited (ASX: SHN), a prominent player in the mining industry, recently wrapped up a small, yet highly informative, drilling campaign at Liontown, part of the Ravenswood Consolidated Project in North Queensland, Australia.

This endeavor, designed to explore the untapped gold potential, has yielded promising results that could significantly impact the future of mining in this region. In this detailed analysis, we delve into the highlights, significance, and implications of Sunshine's recent drilling efforts.

Unveiling the Gold Potential

Historically, Liontown has been associated with the mining of Au-Cu lodes, setting the stage for Sunshine's ambitious exploration campaign. The company's decision to prioritize gold-focused geological modeling at Liontown stems from the realization that this resource-rich area has seen minimal exploration activity. In line with this vision, Sunshine's geological model has pinpointed three potential gold-rich feeder zones:

Main Feeder: Located within the 2.

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3 million ton (mt) Zn-Au-Cu-Pb-Ag volcanogenic massive sulphide (VMS) Resource.

Carrington Feeder: Adjacent to the historic Carrington Main Shaft.

Gap Zone Feeder: Situated in the under-drilled Gap Zone.

A Successful First-Pass Drill Campaign

To test the Main Feeder concept, Sunshine embarked on a small, first-pass drill campaign, consisting of one diamond hole and one effective reverse circulation (RC) hole with a total depth of 272. 24 meters. The results have not only confirmed the feasibility of this concept but also unveiled high-grade gold located within the feeder fault zones and pumice breccia stratigraphic positions. The standout results include:

17 meters @ 22. 05 g/t Au from 67 meters (23LTRC002): Supported by 8 meters @ 10. 65 g/t Au from 152. 2 meters (LTDD22055), both within a pumice breccia unit.

2 meters @ 3. 84 g/t Au, 0. 45% Cu, 4. 43% Zn from 107 meters in a diamond hole (23LTRD001), which also intersected two faults at 78-87 meters & 106-110 meters, interpreted to be feeder fault zones.

Context and Significance

While the drilling campaign was relatively small, it provided invaluable insights into the potential of Liontown. The presence of high-grade gold in the Main Feeder fault zone, particularly within pumice breccia units, is a groundbreaking discovery. These findings have led to the identification of high-grade targets within and adjacent to the NNE striking Main Feeder fault zone.

Diamond hole 23LTRD001, although targeting a previous drill hole with significant gold mineralization, encountered some challenges due to an influx of groundwater. Nevertheless, it still managed to intersect two feeder fault zones and discovered large zones of barite dissolved from the rock, shedding light on the intricate geological processes at play.

The pumice breccia units, bounded by dacite, are emerging as hotspots for gold and copper mineralization, enhancing the prospects for further exploration. With the winter program set to commence in January 2024 and plans to apply these learnings to Carrington and Gap Zone Feeders, Sunshine is on the brink of an exciting phase in its exploration journey.

The Road Ahead

As the drill pad clearing gets underway at Liontown, Sunshine's next phase of drilling will be meticulously focused on high-grade targets within the NNE striking feeder fault zone. Additionally, east-west (EW) drilling will be deployed to target the footwall pumice breccia unit north of 23LTRC002 and LTDD22055, where prior sparse drilling has returned promising results.

Results from this comprehensive work will also contribute to targeting high-grade gold in the potential Carrington and Gap Zone Feeders, slated for exploration in early 2024. Furthermore, a Resource update is in the pipeline, scheduled for release in January 2024, which will encompass all recent and pending drill results.

In conclusion, Sunshine's recent drilling endeavors have the potential to unlock significant value in the form of high-grade gold resources. With the promise of continued exploration and a data-driven approach, Liontown is poised to become a focal point in the mining industry's ongoing quest for valuable resources.

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