- Sunshine Gold (SHN) confirms the presence of a copper-silver-molybdenum system at the Titov prospect in Queensland
- This follows receiving results from six holes drilled at the prospect, which reportedly intersected high-grade copper and molybdenum
- Highest grades include 5.93 per cent copper, 6.87g/t silver, and 3.02 per cent molybdenum
- SHN is now embarking on the first diamond drill program at Titov in over five decades to test extensions to high-grade zones as well as a chargeability conductor at depth
- Company shares are up 7.5 per cent to trade at 4.3 cents
Sunshine Gold (SHN) has reported that assays from the Titov prospect confirm the presence of a copper-silver-molybdenum system.
The discovery follows the receipt of results from the last six reverse circulation (RC) holes of an eight-hole drilling program at Titov which is part of the Ravenswood West project in Queensland.
Sunshine Gold said best results include 10 metres at 1.32 per cent copper, 2.11 grams per tonne (g/t) silver from 115 metres including two metres at 5.93 per cent copper, 0.13g/t gold, 6.87g/t silver from 123 metres, and 18 metres at 0.5 per cent copper, 0.12 per cent molybdenum, 2.89g/t silver from 38 metres.
Additional results with higher grade molybdenum include six metres at 0.42 per cent copper, 3.02 per cent molybdenum, 3.94g/t silver from 70 metres.
Managing Director Damien Keys said the RC drilling program provided valuable information on the Titov prospect.
“We are especially enthused by the zones of high-grade copper (to 5.93 per cent) and molybdenum (to 3.02 per cent) within the broader mineralised envelope. In particular, copper appears to be increasing in grade to the east of the drilled area and at depth,” he said.
Sunshine Gold has now begun diamond drilling at the Titov prospect, which marks the first diamond drilling undertaken at the prospect in over 50 years.
One hole is currently at 270 metres and has intersected potassic alteration containing disseminated chalcopyrite and quartz veins with both chalcopyrite and molybdenite. This hole is planned to be drilled to 500 metres and is expected to intersect the target zone at a 350-metre depth.
SHN shares were up 7.5 per cent to trade at 4.3 cents at 1:36 pm AEDT.