Sunshine Gold : Final Results from Triumph Southern Corridor

ASX Announcement

21 March 2022

For personal use only

Con nued Success - Final Results from Triumph Southern Corridor

Sunshine Gold Limited (ASX:SHN, "Sunshine Gold", "the Company") is pleased to announce the final assay results from infill and extensional drilling in the Southern Corridor, part of the Triumph Gold Project ("Triumph").

HIGHLIGHTS

• Assay results from the final 14 RC holes (1,310m) of drilling in the Southern Corridor have been returned and include best results of:

	21BNRC017	2m	@ 16.28 g/t Au	from	52m;
	22SHRC014	24m @ 1.86 g/t Au	from	45m;
	Including	4m	@ 4.32 g/t Au	from	46m
	And incl.	4m	@ 2.42 g/t Au	from	54m
	And incl.	5m	@ 2.23 g/t Au	from	61m
	21NCRC018	2m	@ 6.46 g/t Au	from	13m;
	And	4m	@ 5.22 g/t Au	from	26m
	21BNRC026	2m	@ 7.40 g/t Au	from	46m;
	And	4m	@ 2.28 g/t Au	from	109m.

• These encouraging results will be included in the maiden JORC Resource which remains on track to be released in late March 2022.

Figure 1. RC drilling at Triumph.

Sunshine Gold's Managing Director, Damien Keys commented: "The last remaining batch of assays has returned further high-grade intersections in areas likely to be converted to JORC Resource in late March 2022. Several RC holes contained multiple zones of significant mineralisation, again confirming the interpretation of a stacked vein system. Assay results for four diamond drill holes are expected to be received in April 2022 and will be included in a further JORC Resource upgrade to be released after completion of the planned mid-2022 drill program at Triumph."

SUNSHINE GOLD LIMITED (ASX:SHN)

Directors:	Postal Address:	Contact:	Capital:
Mr Alec Pismiris	PO Box 572	T [phone]	Ordinary shares: 467,822,730
Dr Damien Keys	Floreat WA 6014	E [e-mail]	Unquoted shares: 93,400,000 (24m Esc)
Mr Anthony Torresan	Queensland Office:	Wwww.shngold.com.au	Deferred shares: 100,000,000 (24m Esc)
Mr Paul Chapman	3/50 Tully Street	ABN 12 063 388 821	Unlisted options: 65,000,000 (24m Esc)
Mr Les Davis	South Townsville QLD 4810		Unlisted plan options: 2,700,000
			Perf Rights: 17,000,000 (24m Esc)

For personal use only

ASX Announcement

21 March 2022

TRIUMPH SOUTHERN CORRIDOR

A total of 80 RC holes (8,832m) and 4 diamond holes (523.6m) were recently drilled in the Triumph Southern Corridor. The drilling campaign was designed to bring the individual Southern Corridor targets to a sufficient drill density for use in a maiden JORC Resource (Figure 2 - red boxes). The most recent results confirm continuity of grade within the infill drilled zones. Further broader spaced, extensional drilling was completed to extend the successful maiden drilling campaign completed in March 2021.

Figure 2. Location of infill and extensional drilling and significant intercepts.

Assays have now been returned for all RC holes testing extensions along the Southern Corridor. Pleasingly, the drilling has successfully delineated a stacked series of parallel veins. Cumulatively these veins are drill delineated over 1,500m of strike length. The best results from all Sunshine Gold drilling to date include:

	22SHRC018	16m @ 8.44 g/t Au	from	38m;
	Including	9m	@ 13.06 g/t Au	from	43m
	And	9m	@	2.97 g/t Au	from 0m
	And	2m	@ 10.82 g/t Au	from 105m
	21BNRC001	4m	@ 27.12 g/t Au	from	43m;
	21SHRC002	16m @ 5.48 g/t Au	from	34m;
	21BNRC006	4m	@ 11.53 g/t Au	from	69m;
	22SHRC029	10m @ 4.54 g/t Au	from	20m;
	21SHRC003	3m	@ 12.95 g/t Au	from	30m;
	21BNRC022	6m	@	5.36 g/t Au	from	89m;
	Including	3m	@ 10.28 g/t Au	from	91m,
	22SHRC020	7m	@	4.67 g/t Au	from	41m;
	22BNRC039	4m	@	5.34 g/t Au	from	106m;
	22BNRC032	4m	@	4.86 g/t Au	from	106m;
	21SCRC004	4m	@ 11.71 g/t Au	from	16m;
	21BNRC017	2m	@ 16.28 g/t Au	from	52m;
	22NCRC022	2m	@ 16.18 g/t Au	from	98m;
	21NCRC013	3m	@ 10.41 g/t Au	from	161m;
	21SCRC007	6m	@	4.48 g/t Au	from	46m; and
	21NCRC012	3m	@	7.97 g/t Au	from	26m;
	And	6m	@	3.33 g/t Au	from	66m,

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ASX Announcement

21 March 2022

Including

2m @ 8.53 g/t Aufrom 67m.

The best results from historical drilling include:

	TDH058	10m	@ 26.86 g/t Au	from	51m;
	TDH118	17m	@ 4.30 g/t Au	from	1m;
	TDH253	9m @	4.33 g/t Au	from	36m; and
	TDH181	2m @	7.57 g/t Au	from	1m.

Four diamond holes (523.6m) were also drilled in order to confirm vein orientations and geology. Assay results from these drill holes are expected in April 2022 and will be included in a further JORC Resource upgrade to be released after completion of the planned mid-2022 drill program at Triumph.

Figure 3. Sulphide-rich mineralised position in diamond hole 22NCDD001 (28m - 29m).

The Southern Corridor remains open in all directions and will be a focus for continued JORC Resource growth through drilling planned for mid-2022.

PLANNED ACTIVITIES

• 23-24March 2022: Presentation at the Brisbane Mining Conference.
• March 2022:Triumph maiden JORC Resource.

 March 2022:

Titov diamond drill hole results.

• March 2022:Elphinstone Creek REE soil sampling recommencement, Ravenswood West.

 April 2022:	Titov IP results, Ravenswood West.
 April 2022:	Metallurgical test work results Titov, Ravenswood West.
 April 2022:	IP/MT Survey Wilburs Hill - Smiths, Ravenswood West.
 April 2022:	Shallow RC drilling, Titov East, Ravenswood West.
 May 2022:	Gagarin IP results, Ravenswood West.
 June 2022:	RC drilling Triumph Southern Corridor.

SUNSHINE GOLD LIMITED (ASX:SHN)

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For personal use only

ASX Announcement

21 March 2022

		ENDS
For further informa on:
Dr Damien Keys		Mr Alec Pismiris
Managing Director		Director & Company Secretary
Telephone: [phone]	466	Telephone: [phone]
E-mail: [e-mail]	E-mail: [e-mail]

This ASX announcement is authorised for market release by the Board of Sunshine Gold.

Competent Person's Statement

The informa on in this report that relates to Explora on Results is based on, and fairly represents, informa on compiled by Dr Damien Keys, a Competent Person who is a Member of the Australian Ins tute of Geoscien sts (AIG). Dr Keys has sufficient experience that is relevant to the style of mineralisa on and type of deposit under considera on, and to the ac vity being undertaken to qualify as a Competent Person as defined in the 2012 Edi on of the JORC Code. Dr Keys consents to the inclusion in the report of the ma ers based on his informa on in the form and context in which it appears.

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ASX Announcement

21 March 2022

TABLE 1. INTERSECTIONS > 0.5 g/t Au

Cut off	Hole ID	From	To	Width	Au_ppm	Type
0.5 Au	21BNRC017	36	38	2	0.73	Infill
0.5 Au	21BNRC017	42	43	1	1.10	Infill
0.5 Au	21BNRC017	47	48	1	1.05	Infill
0.5 Au	21BNRC017	52	54	2	16.28	Infill
0.5 Au	21BNRC026	46	48	2	7.40	Infill
0.5 Au	21BNRC026	109	113	4	2.28	Infill
1.0 Au	inc	109	112	3	2.82	Infill
0.5 Au	21NCRC015	55	56	1	1.84	Infill
0.5 Au	21NCRC015	61	62	1	1.23	Infill
0.5 Au	21NCRC015	65	66	1	6.02	Infill
0.5 Au	21NCRC016	37	38	1	0.73	Infill
0.5 Au	21NCRC016	44	45	1	4.69	Infill
0.5 Au	21NCRC016	58	59	1	2.30	Infill
0.5 Au	21NCRC017	44	45	1	1.46	Infill
0.5 Au	21NCRC018	13	15	2	6.46	Infill
0.5 Au	21NCRC018	19	20	1	1.99	Infill
0.5 Au	21NCRC018	26	30	4	5.22	Infill
1.0 Au	inc	26	29	3	6.72	Infill
0.5 Au	21NCRC018	61	62	1	0.74	Infill
0.5 Au	22SHRC014	38	39	1	0.68	Infill
0.5 Au	22SHRC014	45	69	24	1.86	Infill
1.0 Au	inc	46	50	4	4.32	Infill
1.0 Au	and	54	58	4	2.42	Infill
1.0 Au	and	61	66	5	2.23	Infill
0.5	22SHRC021	109	110	1	1.15	Infill
0.5	22SHRC022	13	17	4	2.01	Infill
1.0 Au	inc	13	15	2	3.62	Infill
0.5	22SHRC022	24	25	1	1.34	Infill
0.5	22SHRC022	28	36	8	1.43	Infill
1.0 Au	inc	32	36	4	2.20	Infill
0.5	22SHRC022	39	40	1	1.31	Infill
0.5	22SHRC022	45	46	1	1.15	Infill
0.5 Au	22NCRC029	78	79	1	1.90	Infill
0.5 Au	22NCRC029	86	87	1	2.74	Infill
0.5 Au	22NCRC030	15	18	3	2.85	Infill
1.0 Au	inc	15	17	2	3.98	Infill
0.5 Au	22NCRC030	49	50	1	0.54	Infill
0.5 Au	22NCRC031	34	36	2	0.69	Infill
0.5 Au	22NCRC032	91	93	2	4.08	Infill
0.5 Au	22NCRC033	36	37	1	0.63	Infill
0.5 Au	22NCRC033	48	49	1	0.72	Infill

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