Sunshine Metals Drilling Extends Gold Mineralization Footprint at Queensland Project; Shares Down 12%

MT Newswires Live
Oct 06

Sunshine Metals (ASX:SHN) extended the gold mineralization footprint at its Sybil project in Queensland through a 66-hole reverse circulation drill program, according to a Tuesday filing with the Australian bourse.

The first-ever drilling at the Francis Creek East target area intercepted shallow mineralization, including three meters at 2.36 grams per tonne grade of gold from 15 meters; one meter at 5.08 g/t from 44 meters; and two meters at 2.2 g/t from 36 meters.

Meanwhile, the Francis Creek area continued to return gold mineralization along the prospective A-Vein structure, including four meters at 11.11 g/t from 62 meters; six meters at 3.76 g/t from 20 meters; and five meters at 3.52 g/t from 25 meters.

The company said follow-up drilling is expected to start later this month, while an extension to an airborne magnetic-radiometric survey will start in November.

Sunshine Metals shares fell 12% in recent Tuesday trade.

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