Sunshine Gold Limited has completed the first of three diamond drill holes at Wilbur's Hill, within its wholly owned Ravenswood West Project near Townsville. The drill holes are testing a breccia pipe gold target analogous to nearby major gold mines at Mt Leyshon (3.5 Moz Au) and Mt Wright (1 Moz Au). Aircore drilling has also been completed at Elphinstone Creek rare-earths prospect, 25km south-east of Wilbur's Hill to assess the nature of highly anomalous rare-earth mineralisation identified in soil sampling and stream sediment sampling.

The first of three planned diamond drill holes (22WHDD001) has been completed at 510.5m depth at Wilbur's Hill. The hole targeted a strong chargeability response from a recent Titan Induced Polarisation ­ Magnetotelluric (IP-MT) survey. Strong chargeability responses from IP are typically indicative of high sulphide contents.

Ore at the Mt Wright and Mt Leyshon gold mines contained abundant sulphides (pyrite ± marcasite). The diamond drill hole intersected abundant pyrite (1 ­ 4%) within granodiorite and rhyolite from ~60 to 460m. Alteration was strong throughout the hole, grading from chlorite-epidote-hematite, to sericite dominated and biotite alteration.

Magnetite is also seen accompanying pyrite as disseminations and veins (up to 4cm) at depth. The hole also intersected several intrusive units up to 9m wide, including locally flow banded and brecciated rhyolites and andesite dykes. The second drill hole has been collared 100m to the south of 22WHDD001.

The drill hole will be the deepest in the three-hole program (planned depth 800m) and is testing the IP resistivity low and a coincident MT resistive anomaly. The alignment of anomalism across the two independent geophysical datasets provides an excellent target. The second diamond hole is anticipated to take around two weeks to complete.

Wilbur's Hill sits on the Boori Lineament, a terrane-spanning trend that contains the 3.5 Moz Mt Leyshon Gold Mine (in the west) and the 1.0 Moz Mt Wright Gold Mine (in the east). Wilbur's Hill shares several geological affinities with both Mt Leyshon and Mt Wright. Host Rocks ­ brecciated Permian-Carboniferous aged rhyolites intruded into older granites or granodiorites.

Surface Geochemistry ­ soil samples elevated in gold, bismuth, tellurium and copper seen proximal to deposits. Distal assemblages elevated in lead, zinc and antimony. Mineral Assemblages ­ sulphide rich assemblages (pyrite-marcasite dominant) that display in geophysics as strong IP chargeable zones and deep resistivity lows.

Topography ­ all form prominent topographic highs Bulk mining methods (sub-level caving) were used at Mt Wright which allowed the extraction of 0.9 ­ 1.5 million tonnes of ore per annum between 2008 and 2017. Gold production for the period ranged between 82koz Au and 153koz Au per annum. An aircore drilling traverse across the prospective 27km2 Barrabas Adamellite has been completed.

The 67 hole program had an average hole depth of 6 metres, confirming a shallow regolith profile. Samples have been collected every metre and will be analysed for rare-earth and gold content. Assays are expected in December 2022.