Sunshine Metals has identified encouraging geophysical responses at the Truncheon and Highway East Targets, with another two IP targets outlined at Liontown. Pic: Getty Images
Mining
Special report: Recently completed induced polarisation surveys have identified seven exciting targets based on chargeable anomalies with gold and base metal anomalism near the historic Highway-Reward mine in Queensland’s Charter Towers district.
Exploration at Sunshine Metals (ASX:SHN) Ravenswood Consolidated project has been focused on the Liontown, Truncheon and Highway East prospects, where recent reverse circulation drilling has aimed to extend high-grade gold zones to surface.
The project is within a prolific mining district which hosts some of Queensland’s largest mines and has collectively produced over 20Moz gold and 14Mt of volcanogenic massive sulphide (VMS) ore.
With a VMS resource of 5.45Mt at 12% zinc equivalent, the emerging base metals company has been using $4m of recently raised capital to accelerate drilling programs across the 1,760km2 of prospective tenure in hopes of building a district presence.
While copper and gold mineralisation remain the focus at Ravenswood, recent induced polarisation (IP) surveys have refined targets at Truncheon and Highway East and have provided insight into two new target horizons near the 2.94Mt Liontown resource.
SHN says the resource at Liontown is expressed as an IP chargeable anomaly and moderate resistivity low, with two undrilled stratigraphic positions bearing similar geophysical expressions only 1km away.
Both Truncheon and Highway East are large gravity anomalies of similar magnitude to Highway Reward, which mined 3.9Mt at 5.4% copper and 1.1g/t gold during its time.
Two new shallow targets at Truncheon show no signs of previous historical drilling and dedicated gold exploration, SHN says.
A deep IP resistive low presents a third target at Truncheon while two continuous, strong IP chargeability anomalies extend over 400m at Highway East.
“Truncheon and Highway East targets are analogues of the pipe-like, high-grade massive sulphide system mined at Highway Reward,” SHN managing director Dr Damien Keys says.
“The geophysical responses are particularly exciting and drill testing will commence in mid-2024.
“Drilling is progressing well with the final hole of 18 planned holes having commenced on 1 May.
“The current hole is targeting high-grade gold and copper mineralisation 100m from [an intercept of] 1.75m at 16.42g/t gold and 6.27% copper.”
Drill planning is in progress for the seven new targets at Liontown, Truncheon and Highway East.
Meanwhile, geophysical exploration will continue at Liontown including downhole electromagnetics on select holes to refine copper targets in the Gap Zone where drilling is widely spaced.
Drilling results from 16 holes carried out at Liontown are expected in mid-May.
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.
