Sunshine Metals Limited has received encouraging first pass drilling results across its Lighthouse Farm-In ground, with Cardigan Dam returning 3m @ 1.56g/t Au. The drilling completes part of a larger 2023 drill program at the wider Ravenswood Consolidated Project, near Charters Towers in north Queensland. Cardigan Dam RC Drill Program: 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: 23.4 g/t Au, 15.6 g/t Au, 11.4 g/t Au and 9.9 g/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. Drilling (3 holes, 327m) was spaced ~60m apart along the Main Gossan.

Hole 23CDRC002 tested an EW striking section of the Main Gossan anomaly and returned: 3m @ 1.56g/t Au, 3.93g/t Ag from 31m (23CDRC002) Hole 23CDRC005 (119m) was the tested a breccia zone ~500m east of the Main Gossan and returned an anomalous result of: 1m @ 0.65g/t Au from 351m (23CDRC005) The Southern Gossan is comprised of sheared volcanics and sits 480m south of the Main Gossan ridge. The shear has been defined in mapping over 180m strike, with rock chips assaying: 59.50 g/t Au, 41 g/t Ag (CD23_059); 9.58 g/t Au (CD23_004). One reconnaissance hole was drilled into the Southern Gossan (23CDRC001, 119m) and contained multiple discrete zones of gold anomalism.

Plateau RC Drill Program: Outcropping gossans were first recognised at Plateau in 1976. Gold focussed drilling (1,352m) was completed in 1985 by Esso with a best intersection of 86m @ 1.62 g/t Au. More recent infill and extensional drilling on the Plateau Breccia and Eastern Limb Fault Zones, has culminated in an initial Resource of 961kt @ 1.66 g/t Au for 50k oz Au.

Sunshine completed 5 reconnaissance RC holes (505m) aimed at the undrilled northeast corner of the Plateau breccia pipe. Three of the five holes intersected rhyolitic breccia and four holes returned anomalous gold. Horse Creek: A highly nickel and cobalt anomalous rock chip sample (1.1% Ni, 544ppm Co, 0.5 g/t Pd, 0.8 g/t Pt and 0.1g/t Au) was collected in 2021 at Horse Creek.

The rock chip was located within a magnetic anomaly and coincided with a nickel, chromium and magnesium soil anomaly. One RC drill hole (97m) tested the bedrock beneath the rock chip location and a meteorite was likely identified. Sunshine will work with government and universities to further assess the likely meteorite.

Horse Creek is considered highly prospective for gold and copper mineralisation. Extensive mapping and rock chip sampling has identified anomalism on two inferred fault orientations. Mapping will be completed at Horse Creek ahead of further drilling.