Join our daily newsletter At The Bell to receive exclusive market insights
- Sunshine Gold (SHN) reports a JORC 2012 compliant maiden Mineral Resource Estimate at its Triumph gold project in Queensland
- The resource came in with 1.8 million tonnes at 2 grams per tonne of gold for 118,000 ounces of contained gold
- It was delivered over 16 months, with a discovery cost of $22.83 per ounce and an acquisition cost of $3.39 per ounce
- All resources remain open along strike and at depth, with expectations to grow over the course of the year
- Shares closed 6.52 per cent lower today at 4.3 cents each
Sunshine Gold (SHN) has reported a JORC 2012 compliant maiden Mineral Resource Estimate at its Triumph gold project in Queensland.
The resource is 1.8 million tonnes at 2 grams per tonne of gold for 118,000 ounces of contained gold.
It was delivered over 16 months, with a discovery cost of $22.83 per ounce and an acquisition cost of $3.39 per ounce.
Majority of the resource was located over 1.25 kilometres of strike in the Triumph Southern Corridor.
All resources remain open along strike and at depth, with expectations to grow over the course of the year.
Another resource update is planned for December, after completion of extensional drilling mid-year.
Initial metallurgical test work indicates recoveries over 96 per cent, with further work on new diamond drill core expected to upgrade a portion of resources into the Indicated category.
Drilling is expected to restart in June.
Managing Director Damien Keys believes there is scope to extend the known mineralisation.
“We are pleased to report a maiden resource at Triumph from a modest amount of drilling,” he said.
“The low cost per ounce of the resource addition is testament to the systematic nature of the exploration effort.
“Our team has successfully targeted and drilled a robust resource within the first 16 months since acquisition.”
Shares closed 6.52 per cent lower today at 4.3 cents each.
