Sunshine Metals Accelerates Drilling at High-Grade Sybil Gold Project

Strategic Acquisition and Drilling Acceleration

Sunshine Metals Limited (ASX – SHN) has taken a decisive step in its exploration strategy by exercising its option early to acquire the Sybil Epithermal Gold Project for a cash consideration of A$125,000. This move follows a thorough due diligence process and is aimed at expediting the commencement of drilling activities scheduled for July-August 2025.

Located approximately 140 kilometres north of Charters Towers and 135 kilometres west of Townsville, Sybil is a high-grade epithermal gold system that has seen limited exploration over the past two decades. The project is particularly attractive due to its shallow oxide gold mineralisation, which aligns with Sunshine’s strategy to identify resources amenable to near-term processing.

Historic High-Grade Gold Potential

Sybil’s most advanced prospect, Francis Creek, has a rich history of exploration with 108 drill holes totalling over 6,100 metres. Historic drilling has returned impressive intercepts such as 7 metres at 10.6 grams per tonne (g/t) gold from 7 metres depth, and 3 metres at 23.2 g/t gold from 6 metres, with some holes ending in mineralisation, indicating potential for further extensions.

Rock chip samples from the area have yielded extraordinary grades, including samples with 907 g/t and 262 g/t gold. Additionally, a bulk sample of 961 tonnes from the A Vein processed through the Ravenswood Gold Mine produced an average grade of 7.6 g/t gold, underscoring the project's metallurgical potential.

Geological Context and District Significance

Geologically, Sybil shares many characteristics with the nearby Pajingo gold mine, which has produced approximately 4 million ounces of gold. Both deposits are Carboniferous in age and hosted in volcanic sequences with similar vein textures and orientations. This analogy enhances the prospectivity of Sybil, which remains underexplored despite its promising attributes.

Sunshine’s acquisition consolidates its presence in the Charters Towers-Ravenswood district, a prolific gold-producing region with a history of significant discoveries. The company’s broader portfolio includes the Ravenswood Consolidated Project and other advanced prospects, positioning Sunshine as a notable player in Queensland’s gold exploration landscape.

Looking Ahead – Exploration and Development Plans

With the option now exercised, Sunshine is preparing for a busy exploration season. Drilling at Sybil is expected to commence shortly, targeting shallow oxide gold zones that could support near-term production. Concurrently, the company is advancing other projects, including metallurgical studies and resource upgrades at Liontown and Plateau.

Managing Director Dr Damien Keys expressed enthusiasm about the acquisition and upcoming drilling, highlighting Sybil’s exceptional historic results and strategic fit within Sunshine’s growth plans. The company’s forthcoming activities also include participation in key industry conferences, signaling its commitment to maintaining investor engagement and transparency.