Sunshine Metals Unveils Promising Gold Prospects at Lighthouse Farm-In
SHN (SHN) Share Update August 2024 Sunday 11th
Sunshine Metals Identifies High-Grade Gold Prospects at Lighthouse Farm-In
Sunshine Metals Limited (ASX: SHN) has announced the identification of three shallow, high-grade gold prospects at their Lighthouse Farm-In tenements, part of the Ravenswood Consolidated Project near Charters Towers in Queensland.
Instant Summary:
- High-grade gold-bearing quartz veins confirmed at Lighthouse Farm-In tenements.
- Mineralised veins traced over 3.5km strike length with new trends identified.
- Significant rock chip results include up to 32.7 g/t Au and 35.7 g/t Ag.
- 208 soil samples collected, returning highly anomalous gold assays up to 0.352 g/t Au.
- Preparations underway for extended magnetic and geochemical surveys.
Discovery Details
Recent field mapping and geochemical sampling programs at the Lighthouse Farm-In tenements have confirmed the presence of high-grade, gold-bearing quartz veins. These veins have been traced over a 3.5km strike length, with new, undrilled mineralised trends identified.
Sunshine Metals collected 13 rock chips at the Double Event prospect, with 7 of them reporting high-grade gold and silver results:
- 32.7 g/t Au, 31.2 g/t Ag (DE24_001)
- 25.9 g/t Au, 35.7 g/t Ag (DE24_011)
- 23.5 g/t Au, 28.1 g/t Ag (DE24_007)
- 22.5 g/t Au, 30.4 g/t Ag (DE24_008)
- 15.95 g/t Au, 20.4 g/t Ag (DE24_004)
- 6.32 g/t Au (DE24_006)
- 3.1 g/t Au (DE24_010)
Soil Sampling Results
In addition to rock chips, soil samples were collected at Double Event to validate vein locations under shallow cover. A total of 208 samples were collected, returning highly anomalous gold with assays up to 0.352 g/t Au.
Upcoming Surveys and Drilling
Preparations are underway to extend high-resolution magnetic and geochemical surveys at Double Event and two other nearby prospects, Lower Lighthouse and Bluff Creek. These surveys aim to refine targets ahead of drilling, scheduled to commence in October 2024.
Project Potential
Sunshine Metals' Managing Director, Dr. Damien Keys, commented, 'Boots on ground fieldwork has confirmed high-grade gold in mineralised quartz veins over a large area at Double Event. These veins are also evident in detailed magnetic surveys, where the veins express as linear magnetic lows.'
The high-grade gold in quartz veining, accompanied by elevated silver and lead, is similar to mineralisation at the Charters Towers Gold Mine, which has produced 7M oz Au.
The identification of high-grade gold prospects at the Lighthouse Farm-In tenements is a significant development for Sunshine Metals. This discovery could potentially increase the company's stock value as investors react positively to the promising results. The upcoming surveys and drilling activities are likely to further validate the project's potential, attracting more investor interest.
Investor Reaction:
Analysts are likely to react positively to this announcement, given the high-grade results and the potential for further discoveries. The correlation with the Charters Towers Gold Mine's mineralisation style adds credibility to the project's prospects. However, investors will be keenly watching the results of the upcoming surveys and drilling activities to gauge the full potential of the Lighthouse Farm-In tenements.
Conclusion:
Investors should closely monitor Sunshine Metals' progress at the Lighthouse Farm-In tenements. The high-grade gold prospects identified so far are promising, and the upcoming surveys and drilling activities could further enhance the project's value. Sunshine Metals' strategic approach and continued exploration efforts will be crucial in maintaining investor confidence and unlocking the full potential of this project.