Sunshine Metals Strikes 64.5g/t Gold at Mt Pleasant, Liontown Drilling Nears Completion

High-Grade Gold Discovery at Mt Pleasant

Sunshine Metals Limited (ASX: SHN) has revealed promising early exploration results from its Mt Pleasant prospect, part of the Ravenswood Consolidated Project in Queensland. Rock chip sampling returned assays as high as 64.5 grams per tonne (g/t) gold from shallow oxide targets less than 50 metres deep. This new target lies just 20 kilometres south of the historic gold mining hub of Charters Towers.

Importantly, these recent samples align with historical rock chips in the area that yielded even higher grades, including a standout 95.2g/t gold assay. The mineralised trend extends over 500 metres along a north-northwest vein system, with three historic shafts nearby that remain untested by modern drilling. Sunshine’s geological team is now focused on expanding the geochemical footprint through detailed mapping and soil sampling, aiming to define drill targets for 2025.

Progress at Liontown Oxide Gold Resource

Meanwhile, drilling at the Liontown prospect within the same project is advancing steadily. Sunshine has completed 19 of 29 planned holes targeting the oxide gold zone, which currently hosts an inferred resource of approximately 21,000 ounces of gold and 307,000 ounces of silver at grades of 1.8g/t Au and 26g/t Ag. Assay results from the first 17 holes are expected by late May, which could provide critical insights into resource expansion and metallurgical characteristics.

The Liontown drilling program also aims to delineate the limits of historic underground workings from the early 20th century, which have so far been excluded from the resource estimate. Encouragingly, recent drill intersections have included high-grade intervals such as 3 metres at 46.2g/t gold from 20 metres depth, suggesting potential for resource growth near these old workings.

Strategic Exploration in a Historic Gold District

Sunshine Metals’ Managing Director, Dr Damien Keys, highlighted the significance of discovering undrilled, high-grade gold prospects in a district with over 150 years of mining history. The company’s strategy focuses on shallow oxide gold targets that can leverage existing infrastructure, potentially accelerating development timelines.

Beyond Mt Pleasant and Liontown, Sunshine’s Ravenswood Consolidated Project encompasses multiple gold and base metal prospects, including advanced VMS (volcanogenic massive sulphide) targets and under-explored orogenic and epithermal gold systems. The company is also progressing metallurgical studies, resource upgrades, and mining studies at Liontown, with a busy schedule of exploration and development milestones planned through mid-2025.

Looking Ahead

With follow-up exploration at Mt Pleasant and imminent assay results from Liontown drilling, Sunshine Metals is positioning itself to unlock further value from its Queensland portfolio. The combination of high-grade surface samples and ongoing drilling success could underpin a new wave of resource growth in this historically prolific gold region.