- Sunshine Gold (SHN) has exercised its option to acquire the Ravenswood West gold-copper-rare earths project from Stavely Minerals
- Ravenswood West is considered prospective for porphyry molybdenum, copper and gold mineralisation
- Sunshine Gold has paid $400,000, plus a deposit of $4500, to cover the security bond
- Stavely will also be granted a 1 per cent net smelter royalty in respect of gold revenues from the tenements
- Soil surveys, mapping and rock chip sampling are set to begin at Ravenswood West in April 2021
- Sunshine Gold is down 1.82 per cent, trading at 5.4 cents
Sunshine Gold (SHN) has exercised its option to acquire the Ravenswood West gold-copper-rare earths project from Stavely Minerals.
Sunshine Gold has paid a $10,000 non-refundable option fee to Stavely plus a payment of $400,000 and a deposit of $4500 to cover the security bond. Additionally, Stavely will be granted a 1 per cent net smelter royalty in respect of gold revenues from the tenements.
Sunshine Gold will also become liable for existing obligations including Native Title, Aboriginal Heritage, replacement of the security bonds and environmental rehabilitation.
The company says Ravenswood West is considered prospective for porphyry molybdenum, copper and gold mineralisation.
“We will initially focus on delineating the source of rare earths and gold in stream sediment samples at Elphinstone Creek,” said Sunshine Gold’s Managing Director, Damien Keys.
“We will also refine a copper porphyry target at Gagarin while preparing drill-ready, gold targets in the Dreghorn Goldfield area. One field crew will then commence works at Ravenswood West, comprising soils, mapping and rock chip sampling.”
The company has also revised its exploration plan to incorporate activities at Ravenswood West.
Soil surveys, mapping and rock chip sampling are set to begin at Ravenswood West in April 2021.
Sunshine Gold is down 1.82 per cent, trading at 5.4 cents at 1:00 pm AEDT.