Gold and copper developer Sunshine Metals Ltd (ASX:SHN) has seen its share price fall by more than 7% on news it has sold its Triumph Gold Project in Queensland to Dart Mining NL (ASX:DTM) for $2 million.
The two companies have finalised a binding sale and purchase agreement for the sale, which will see Sunshine divest the project – which comprises two exploration permits located 50 kilometres south of Gladstone – for $1 million in cash, together with $1 million worth of Dart shares.
Triumph has been under operation by Sunshine Metals since 2020, producing a maiden resource estimate of 118,000 ounces of gold at 2.0 grams per tonne through several drilling campaigns, although much of the interpreted structure in its Southern Corridor remains undrilled.
Managing Director Dr Damien Keys said the main reason for the sale was Sunshine’s desire to concentrate on its Ravenswood Consolidated Project (gold-copper-molybdenite and rare earths) – also in Queensland.
“When completed, the divestment of Triumph represents a win-win for both businesses. Sunshine will then focus on Ravenswood Consolidated, while Triumph is progressed by the capable team at Dart,” he said.
“The core focus for Sunshine is at Ravenswood which has a substantial high-grade gold and base metal Resource and a plethora of exciting large-scale, exploration targets.
“Resource extensional diamond drilling is well underway at Liontown with assay results expected in early September 2024.
“As significant shareholders, we wish the Dart team every success at Triumph.”
Atb 15:52 AEST, shares in Sunshine Metals were trading at 1.2 cents: a fall of 7.69% since the market opened.