Join our daily newsletter At The Bell to receive exclusive market insights
- Sunshine Gold (SHN) shares rise following a market update on drilling at the Titov target within its Queensland-based Ravenswood West Project
- A diamond drill hole completed in December intersected an 84-metre zone of intense quartz veining and chlorite-sericite alteration
- Managing Director Damien Keys said the core looks “spectacular” and provides context to observations made in previous drilling
- Assays are expected in March with follow-up drilling planned for April
- Shares in Sunshine Gold were up 5.26 per cent on Monday, closing at 4 cents each
Sunshine Gold (SHN) shares have risen following an update on drilling at the Titov target within its Queensland-based Ravenswood West Project.
A diamond drill hole was completed in December and targeted an induced polarisation anomaly, which was interpreted to be an extension of copper-silver-molybdenum mineralisation intersected during drilling completed in September.
Drilling intersected an 84-metre zone of intense quartz veining and chlorite-sericite alteration.
The mineralised zone also contained abundant molybdenite and chalcopyrite.
The company said this zone gives context to the mineralisation seen in the recent reverse circulation drilling, as well as to the outcropping quartz vein which was mapped at surface.
Managing Director Damien Keys said the core looks “spectacular” and the company has now defined the system to over 300 metres of strike and 300 metres down-dip from the outcrop.
“Coarse molybdenite is common in quartz veining and chalcopyrite is observed in veining and disseminated in the host porphyry,” Mr Keys said.
“The hole provides context to observations made in weathered surface outcrop and RC drill chips.
“We can see lithological and alteration contacts, mineralisation styles and have been able to gather orientation data on small faults and veining.”
Moreover, the company identified a gold-in-soil anomaly to the east of the drill-defined system and moving forward exploration will focus on extending the system.
Assays are expected in late March with select samples to be sent for petrology for Sunshine to gain a clearer understanding the timing of alteration events and mineralisation. Follow up reverse circulation drilling is scheduled for April.
Sunshine’s geologists have also been tasked with assessing historic diamond drill core from Titov drilling in 1967, which was located at the Queensland Exploration Data Centre in Brisbane.
Shares in Sunshine Gold were up 5.26 per cent on Monday, closing at 4 cents each.
-1200x645-380x200.jpg)
