Sunshine Gold Limited has reported abundant sulphide intersections over 250m following the completion of a second diamond drill hole at the Wilbur's Hill Prospect, within its 100% 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). A second diamond drill hole (22WHDD002) has been completed to a depth of 807.5m depth at Wilbur's Hill.

The was collared 100m to the south of the initial diamond drill hole (22WHDD001). The second hole targeted coincident strong IP chargeability, low IP resistivity and low magnetotelluric resistivity responses from a recent Titan 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). Drill hole 22WHDD002 intersected abundant pyrite (1 - 10%) within granodiorite and rhyolite from ~400m to 655m. Alteration was strong throughout the hole, grading from carbonate- chlorite-epidote-hematite to sericite dominated and biotite alteration.

Magnetite is also seen accompanying pyrite as disseminations and veins (up to 4cm) from 480m. The hole also intersected several intrusive units up to 12m wide, including locally flow banded and brecciated rhyolites, felsic porphyries and mafic dykes. Drill hole 22WHDD001 (510.5m) intersected rhyolites (up to 9m thickness), within a biotite- chlorite-magnetite alteration assemblage.

The hole also displayed pyrite as the dominant sulphide over a broad interval. The sulphide was coincident with a strong IP chargeable response in geophysical survey data. The lithologies, alteration assemblages and sulphide zones correlate well between the drilled holes.

A third hole was initially designed to be drilled with the current diamond program. The success of the first two diamond holes in explaining the geophysical survey information has led to a decision to await assays before drilling the third hole. This will also allow time to complete detailed structural logging to better inform drill hole targeting.

Based on the prospectivity of Wilbur's Hill, a further 10 targets with similar geophysical and geochemical signatures have been identified at Ravenswood West. Field validation and baseline geochemical surveys will commence on highest ranking targets in early 2023.