Sunshine Gold expands its options with Rockfire Resources JV

North Queensland explorer Sunshine Gold has entered into a farm-in Joint Venture with Rockfire Resources for access to the neighbouring Lighthouse Gold Project. The projects are centred in the ‘golden mile’ between Mount Wright south west of Townsville near Ravenswood and Mount Leyshon about 24kms south of Charters Towers. The buy-in terms include 75 percent ownership by spending $2.2million over three years. There is no upfront consideration payable by Sunshine Gold by way of cash or securities. Sunshine Gold and Rockfire Farm in and JV Milestones Lighthouse contains a JORC 2012 Inferred Resource of 961kt @ 1.66 g/t Au totalling 50K oz Au at the Plateau Breccia Prospect. The consolidated Ravenswood West Project, comprising Lighthouse tenements (blue) and Sunshine Gold’s current tenements (red). Gold and base metal/rare prospect locations are also shown Related to Mount Leyshon Plateau remains open at depth and along strike and, importantly, is geologically analogous to the nearby Mt Leyshon Gold Mine (3.5M oz). Lighthouse contains a strong pipeline of advanced breccia pipe and orogenic Au prospects with known, high-grade mineralisation extending over significant areas, Sunshine Gold told the ASX. Related: Triumph as Sunshine heads into next drilling phase First field work is scheduled to commence in late January 2023 ahead of drilling in March. The transaction is a win for both parties said Sunshine Gold Managing Director, Dr Damien Keys. “We are very excited to be partnering with Rockfire at the Lighthouse Gold Project,” Dr Keys said. “The deal allows Rockfire to focus on their emerging Molaoi Zn-Pb-Ag-Ge deposit in Greece, while allowing us access to a number of high-quality, advanced prospects adjacent to Ravenswood West. “Lighthouse further consolidates Sunshine Gold’s holding in the prolific and highly prospective Ravenswood District. “The initial 50koz Au Resource at Plateau gives Sunshine Gold a second Resource front (with Triumph 118 koz Au Resource1) with potential for rapid growth. “In addition to Plateau, Lighthouse contains a suite of advanced prospects with strong gold and base metals results from soils, rock chips and drilling. “Field validation of drill targets at Plateau, Double Event- Lighthouse, Cardigan Dam and Horse Creek will commence in January 2023 ahead of first drilling planned for March 2023. “We will build on the solid foundation built by Rockfire at Lighthouse where there is plenty of opportunity to build on the existing Resource base as well as make multiple discoveries.” Lighthouse adjoins Sunshine Gold’s 100 percent owned Ravenswood West Project. The consolidated Ravenswood West will comprise ~16% of the exposed Lolworth-Ravenswood Block which accounts for ~20Moz of produced gold. Photo: Lighthouse gold tenements, Rockfire Resources

Sunshine Gold expands its options with Rockfire Resources JV

Industry Queensland

Related News

Industry group backs community consultation push

LNP presses ‘pause’ on wind farm proposals

Peabody gives a glimpse of Anglo asset plans

Get access to breaking mining news, now.