Sunshine doubles down on three shallow gold prospects at Lighthouse farm in

SHN says Lighthouse is highly prospective for Charters Towers style gold mineralisation
Planning to extend exploration over three promising prospects
Company can earn up to 75% by spending up to $2.2m over 3 years

Special Report: Sunshine Metals believes its Lighthouse farm-in tenement within the broader Ravenswood Consolidated project in Queensland has the potential to host a large, shallow gold system.

The company has the right to earn up to a 75% interest in the project by spending $2.2m over three years.

Lighthouse is highly prospective for Charters Towers style gold mineralisation with limited historic production (pre-1910) of 1,889 tonnes for 1,744oz at 28.72g/t gold.

And the company says recent field mapping and geochemical sampling programs have confirmed high-grade, gold bearing quartz veins over a 3.5km strike.

The focus going forward will be on the Double Event, Lower Lighthouse and Bluff Creek prospects.

Golden rock chip and soil sampling

At Double Event, 7 out of 13 rock chips collected reported high-grade gold/silver results, including 32.7g/t gold and 31.2g/t silver.

In addition, soil samples from at Double Event returned highly anomalous gold with assays up to 0.352g/t gold.

“Boots on ground fieldwork has confirmed high-grade gold in mineralised quartz veins over a large area at Double Event,” Sunshine Metals (ASX:SHN) managing director Dr Damien Keys said.

“These veins are also evident in detailed magnetic surveys, where the veins express as linear magnetic lows.

“Anomalous gold results in rock chip and soil sampling extend for ~3.5km of strike length and multiple veins are interpreted across a ~1km section.

“The high-grade gold in quartz veining, accompanied with elevated silver and lead, is similar to mineralisation at the Charters Towers Gold Mine (7Moz gold produced).”

The Double Event, Lower Lighthouse and Bluff Creek prospects are located on the Lighthouse Farm-In tenements. Pic: SHN.

Extending surveys over three prospects

Historic drilling at the Lower Lighthouse prospect has returned 2m at 6.33g/t gold from 12m and 4m at 1.42g/t gold from 32m.

Historical rock chip samples from Bluff Creek showed values between 12.7g/t and 47g/t gold and historical drilling returned 4m at 5.91g/t gold from 16m.

Preparations are now underway to extend high resolution magnetic and geochemical surveys at Double Event, and will include Lower Lighthouse and Bluff Creek, ahead of drilling in October.

“Potential exists for further shallow, high-grade mineralisation at the nearby Lower Lighthouse and Bluff Creek prospects, where limited historic drilling has 4m at 5.81g/t gold (from 16m) and 2m at 6.33g/t gold (from 12m),” Keys said.

The surveys will delineate mineralised structures in areas under shallow cover looking to identify previously unrecognised potential gold bearing veins.

The strongest anomalies will be ranked ahead of shallow RC drilling, scheduled for October 2024.

Drilling is currently ongoing at Liontown in the Au-Cu prospective Gap Zone where previous drilling returned 16.2m @ 4.54 g/t Au & 1.11% Cu (from 319m, 24LTDD024).

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.