Elephant hunter Sunshine lights up after drilling into thick, shallow gold at Coronation
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Special Report: Sunshine Metals has intersected shallow gold at the Coronation prospect, part of a larger drill program at the wider Ravenswood Consolidated project – including the Liontown, Cardigan Dam and Plateau gold projects in Queensland.
The explorer is hunting for large mineral systems in a district which has produced over 20Moz gold and 14Mt of volcanic massive sulphide ore (copper-gold, zinc-lead).
Notably, the Coronation prospect is a “geological analogue” for the nearby, historic high-grade Highway-Reward mine which produced 3.9Mt at 5.4% copper and 1.1 g/t gold.
The company has now completed eight RC holes testing six gravity anomalies at Coronation, where rock chip samples up to 13.8 g/t Au have been recorded.
These latest assays included 8m at 1.29 g/t gold from 10m (23CORC004), including 3m at 2.23 g/t gold from 10m (23CORC004) and 1m at 1.51 g/t gold from 16m (23CORC004).
Hole 23CORC004 also intersected a 13m wide zone of oxidised quartz-barite veining beneath an outcropping barite vein hosting up to 5.33g/t gold (CORX082).
The outcropping vein is mapped over 100m of strike.
“We are excited to see a significant gold intercept in the recent Coronation drilling,” Sunshine Metals (ASX:SHN) managing director Dr Damien Keys said.
“The gold bearing, quartz-barite veining in 23CORC004 has been mapped at surface over 100m of strike before being obscured by thin cover.
“A broad shallow intersection gives a solid target for follow up in early 2024.”
The analogue for Coronation is the Highway-Reward copper-gold mine where a zinc-lead halo surrounded the gold/copper-gold zones.
Elevated zinc and lead have also been intersected at Coronation with anomalous results including 2m at 1.79% zinc, 0.62% lead, 0.17 g/t gold, 0.15% copper from 90m (23CORC003).
“Aside from the obvious gold potential at Coronation, quartz-barite veining is accompanied by base metal anomalism (zinc to 2%, lead to 0.8%),” Dr Keys said.
“The Highway-Reward mine also contained low level lead and zinc in the halo to the mineralised massive sulphide pipes.
“The program has demonstrated the potential for copper-gold massive sulphide style mineralisation.
“A review of historical geophysical programs will be undertaken during December 2023 to design a new geophysical survey in early 2024.”
The plan going forward is for extensional drilling to test the potential of the gold mineralised zone.
The potential for deeper Highway-Reward style copper-gold mineralisation will also be tested.
“The rig has also recently completed programs at Liontown and Plateau before moving to Cardigan Dam, where drilling is nearing completion,” Dr Keys said.
“One final diamond hole is planned at Liontown to complete the broader drilling program.”
This final diamond hole will assess the potential for a gold-rich feeder to the zinc-copper-lead VMS system at Liontown.
This article was developed in collaboration with Sunshine Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.