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Sunshine Metals (ASX: SHN) has shared a positive update on its diamond drilling program at the Sybil Epithermal Gold Project in Queensland, reporting “steady progress and encouraging geological observations.”
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The company has now completed nine of 14 planned diamond holes, totalling 599.1 metres of drilling out of a target 1,135 metres at the Francis Creek prospect.
Drilling has intersected up to three vein systems, Sunshine reported today, with individual vein widths reaching as much as nine metres. Sunshine also noted multiple veins have been intersected in most drill holes.
Importantly, the company reported the presence of classic epithermal “boiling zone” textures such as colloform, crustiform, cockade, and moss features. Marcasite, an iron sulphide often linked with high-grade mineralisation at comparable deposits such as Pajingo, was also identified in banding and vug fill.
Managing director Dr Damien Keys today said drilling is “progressing as hoped,” with early results helping to clarify the relationships between the Francis Creek veins. “We are seeing what we were hoping to see,” he explained.
The initial four drill hole samples have been dispatched to the laboratory, with the explorer now expecting first assay results in early October 2025.
The program is on track to conclude around the same time, Sunshine confirmed.
Detailed vein intercepts recorded so far include six metres of A Vein and nine metres of the Splay Vein in hole 23FCDD008A, 4.6 metres of A Vein in hole 23FCDD006, and multiple narrower intersections across other holes.
Sunshine highlighted the Splay Vein, a newly interpreted structure located between the A and Main veins, has been routinely intercepted during the campaign.
Next steps for the program will include drilling the eastern extension of the A Vein, where surface sampling has previously returned assays of up to 17.85 grams per tonne gold but remains underexplored at depth.
The Main Vein will also be tested beneath a shallow hole that previously delivered four metres at 11.6 grams per tonne gold from just four metres.
Investors can expect further updates in October, when assay results from the ongoing Francis Creek program are due to be released.
SHN heads into Tuesday trade selling at around 2cps.
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