Sunshine Metals about to drill lookalike copper prospect 3km away from 5.4% Cu grade mine
Sunshine Metals is building the bank balance thanks to a $3m placement, paving the way for an intense drilling season across the polymetallic Ravenswood Consolidated project in Queensland.
The explorer is eager to hit the ground running as soon as next week, where a broad suite of precious and base metal targets are already primed for the drill bit.
The first cab of the rank will be drilling the exciting Coronation Cooper Gold Target which is only 3kms away from the historic high-grade Highway-Reward Mine.
Sunshine managing director Dr Damien Keys said the placement paves the way for an exciting period of drilling.
“[Work] will commence at the highly prospective Coronation Target, which is analogous to the nearby high-grade Highway-Reward Copper Gold Mine, which produced 3.9Mt @ 5.4% Cu, 1.1 g/t Au, which equates to production of approximately 215,000 tonnes of copper and 138,000 ounces of gold ” he explained.
That’s Degrussa style grade which you don’t see very often and based on todays copper price of A12,850 and a gold price of A$2,995, Stockhead calculates that to be about A$3.2 billion worth of metal.
The Coronation work program – a nine-hole expedition designed to test six strong gravity anomalies (inferred to be massive sulphide pipes) – sets Sunshine up for 2-3 months of solid drilling activity.
And after the first campaign, it won’t be long until the drill bit turns on the Liontown prospect – a VMS zinc-gold-copper target where the explorer is eager to test extensions of the resource.
“Resource growth drilling will focus on a sparsely drilled zone between the Liontown and Liontown East Resource known as the Gap, where one historic intersection assayed 1.75mt @ 50.02% ZnEq, including 16.42g/t Au and 6.27% Cu,” Keys confirmed.
There is already a significant Resource at the Project which stands at 4.9Mt at 12% ZnEq. Further, there are 96 holes that have been previously drilled with intersections above cut-off that are yet to be included in the Resource, which is planned to be upgraded by December 2023.
Sunshine also plans to send the rig out to Ravenswood’s shallow gold prospects, Tigertown and Plateau.
Just down the road, Sunshine has staked its claim at another exploration play with system potential.
The ASX-lister is prospecting for gold at the nearby Triumph project, home to a 118,000oz Inferred Resource grading at 2.03 g/t. Triumph’s gold footprint is reported to run more than 100m deep and is largely located within 1.2km of strike along a 6km trend.
Interestingly, recent drilling has revealed that Triumph’s intrusion-related gold system is analogous to the 5.6Moz Ravenswood Gold Mine.
Beyond Ravenswood and Triumph, Sunshine’s non-core projects – namely the Investigator copper camp and the Hodgkinson gold-tungsten play – have attracted external interest, teeing the company up for an asset divestment in due course.
With the campaign ready to kick off from next week, Sunshine is bunkering down ahead of a busy three-month run; drilling will inform a Liontown resource update, expected towards year’s end.
“This all amounts to continuous news flow and an exciting period ahead for Sunshine and we would like to thank our shareholders, new and existing, for the continued support and we look forward to reporting on a busy end to 2023,” Keys said.
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.