Sunshine Metals Limited has recently commenced field work at Cardigan Dam part of the Ravenswood Consolidated Project (100%), North Queensland. Cardigan Dam is located 3.5km SE of the Plateau Au deposit and comprises a 300m long, sub- cropping zone of brecciated and sheared granodiorites. Historic rock chip results from the Main Gossan include: 23.4g/t Au, 15.6g/t Au, 11.4g/t Au and 9.9g/t Au.

The rock chips correlate with a 300m long, >50ppb Au soil anomaly and are coincident with a magnetic feature interpreted to be a large fault zone. Field reconnaissance 2 located the historic ridge of rock chip gold anomalism and identified the Main Gossan, being a gossanous breccia with clasts of rhyolite and granodiorite. A sample of the manganiferous gossan was elevated in gold, silver, copper, cobalt and a significant amount of barium.

The Main Gossan extends for >300m in strike and is 2m wide at the sampled location. A rock chip assayed: o 8.35g/t Au, 32.8g/t Ag, 0.28% Cu, 0.13% Co, >1% Ba (CD23_001). The Southern Gossan comprised of sheared volcanics was identified 480m south of the Main Gossan ridge.

The shear has been defined in mapping over 180m strike, with rock chips assaying: 59.50g/t Au, 41g/t Ag (CD23_059) 9.58g/t Au (CD23_004). Both the Main and Southern Gossans are drill ready targets and will be drilled in October- November 2023. Cardigan Dam Breccia Pipe is located ~1.6km ESE of the gossanous Au-rich outcrops at Cardigan Dam.

The target is likened to the Mt Wright (1Moz Au), Mt Leyshon (3.5Moz Au) and Plateau (50Koz Au) breccia-pipe hosted Au deposits. The breccia pipe has been identified from magnetics and field mapping. Field reconnaissance work has identified anomalous Au in rock chip samples.

Best rock chip results include: 1.68g/t Au, 415g/t Ag at Cardigan Dam Breccia Pipe (CD23_057), 1.27g/t Au at Cardigan Dam Breccia Pipe (CD23_051). Six historic drill holes have been drilled from a north-south oriented station track. Encouragingly, the holes intersected rhyolitic and granitic breccias with discrete zones of anomalous Ag mineralisation including: o 2.8m @ 430g/t Ag, 0.9% Pb and 0.2% Zn (from 253.3m, CDDH0001) o 24m @ 20.6g/t Ag, 0.1% Pb and 0.42% Zn (from 351m, CDDH0004) Further geophysical testwork is required to determine sulphide rich portions of the breccia.