Sunshine Gold : High Grade Gold Intercepts in Triumph Southern Corridor

Figure 1. Diamond drilling at Triumph.

ASX Announcement

25 February 2022

HIGH GRADE GOLD INTERCEPTS IN TRIUMPH SOUTHERN CORRIDOR EXTENSIONAL DRILLING

onlySunshine Gold Limited (ASX:SHN, "Sunshine Gold", "the Company") is pleased to provide an update on recent drilling from the Southern Corridor, part of the Triumph Gold Project ("Triumph").

HIGHLIGHTS

• The 84-hole campaign (9,355m) has been completed and initial results have already delineated extensions to known mineralisation in the Southern Corridor.

• Initial results from 23 holes (3,581m) of extensional drilling have been returned and include:  4m @ 11.71 g/t Aufrom 16m, 21SCRC004;

use		2m	@ 16.18 g/t Aufrom	98m,	22NCRC022;
	3m	@ 10.41 g/t Aufrom	161m, 21NCRC013;
	6m	@	4.48 g/t Aufrom	46m,	21SCRC007;
		3m	@	7.97 g/t Aufrom	26m,	21NCRC012; and
		6m	@	3.33 g/t Aufrom	66m,	21NCRC012.

• These encouraging results will be included in the maiden JORC Resource to be released in March 2022.

• Assays are expected for the remaining 61 holes (5,774m) of both infill and extensional drilling (refer to Figure 2) in March 2022.

personal

For2022 JORC Resource. Intercepts from areas where extensional drilling needs to be infilled, will be drilled in mid-2022 and incorporated into subsequent Resource releases.

Sunshine Gold's Managing Director, Damien Keys commented: "The first results from the Southern Corridor drilling

are encouraging. The results received are for extensional drilling, of which some are likely to make it into the March

As interpreted, veins of different orientations coalesce into one mineralised network. It is our interpretation that this is indicative of the entire Southern Corridor - a network of interconnected mineralised veins, that in due course have the potential to form a large system."

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)

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

ASX Announcement

25 February 2022

TRIUMPH SOUTHERN CORRIDOR

onlyA total of 80 RC holes (8,832m) and 4 diamond holes (523.6m) were 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 drilling program also tested extensions to known mineralisation at each of the targets (Figure 2 - yellow boxes). The broader spaced, extensional drilling follows up on the successful maiden drilling campaign completed in March 2021. Assays in this announcement are from extensional drilling and by their nature considered higher risk than infill drilling (Figure 2 - green box).

usepersonalAssays have been returned for 23 RC holes testing extensions along the Southern Corridor. Pleasingly, the drilling has successfully delineated a stacked series of parallel veins over 600m of strike length. Results from the drilling confirm

this interpretation with multiple intersections observed in several holes. The best results from the extensional drilling include:

• 4m @ 11.71 g/t Aufrom 16m, 21SCRC004
• 2m @ 16.18 g/t Aufrom 98m, 22NCRC022
• 3m @ 10.41 g/t Aufrom 161m, 21NCRC013

For		6m	@	4.48 g/t Aufrom	46m,	21SCRC007
	3m	@	7.97 g/t Aufrom	26m,	21NCRC012
	and 6m @ 3.33 g/t Aufrom 66m, 21NCRC012
	including 2m @ 8.53 g/t Aufrom 67m, 21NCRC012
	5m	@	3.20 g/t Aufrom	51m,	21SCRC006
	3m	@	4.62 g/t Aufrom	70m,	22NCRC028
	1m	@ 13.00 g/t Aufrom	169m, 22NCRC024
		1m	@ 11.90 g/t Aufrom	115m, 22NCRC023

The results follow up on the successful first pass program completed in March 2021 which intersected better results including:

• 6m @ 13.11 g/t Aufrom 96m, 21NCRC008
• 3m @ 10.30 g/t Aufrom 64m, 21NCRC002
• 1m @ 21.91 g/t Aufrom 135m, 21NCRC006

 2m @ 4.55 g/t Aufrom 64m, 21NCRC003

• 3m @ 2.50 g/t Aufrom 80m, 21NCRC001

SUNSHINE GOLD LIMITED (ASX:SHN)

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Figure 3. Significant intercepts from Southern Corridor extensional drilling.

ASX Announcement

25 February 2022

Two diamond holes (238.5m) were also drilled confirming vein orientations and geology. The Southern Corridor onlyremains open in all directions and will remain a focus for resource growth in drilling planned for mid-2022.

usepersonal

Forigure 4. Distinct sulphide-rich mineralised zone (between red lines) from diamond drilling (Tray 57.2m-60.7m, 22SCDD001).

SUNSHINE GOLD LIMITED (ASX:SHN)

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ASX Announcement

25 February 2022

PLANNED ACTIVITIES
only	Results from JORC Resource RC drilling at Triumph Au Project.
• February - March 2022:
• February - March 2022:	Historic Titov diamond drill core relogging.
• February 2022:	Field mapping, Investigator.
• 23-24 March 2022:	Presentation at the Brisbane Mining Conference.
• March 2022:	Triumph maiden JORC Resource estimate.
• March 2022:	Titov diamond drill hole results.
• March 2022:	CEI IP/MT Survey Wilburs Hill - Smiths, Ravenswood West.
• March 2022:	CEI Elphinstone Creek REE soil sampling recommencement, Ravenswood West.
use	Titov IP results, Ravenswood West.
• April 2022:
• April 2022:	Metallurgical test work results Titov, Ravenswood West.
• April 2022:	Gagarin IP results, Ravenswood West.
• April 2022:	Shallow RC drilling, Titov East, Ravenswood West.
		ENDS
F r further informa�on:
Dr Damien Keys		Mr Alec Pismiris
Managing Director		Director & Company Secretary
Telephone: [phone]		Telephone: [phone]
E-mail:[e-mail]	E-mail:[e-mail]
This ASX announcement is authorised for market release by the Board of Sunshine Gold.
personalCompetent Person's Statement
For

The information in this report that relates to Exploration Results is based on, and fairly represents, information c mpiled by Dr Damien Keys, a Competent Person who is a Member of the Australian Institute of Geoscientists (AIG). Dr Keys has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Dr Keys consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

SUNSHINE GOLD LIMITED (ASX:SHN)

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ASX Announcement

25 February 2022

TABLE 1. INTERSECTIONS > 0.5 g/t AU

For personal use only

	Cut off			Hole ID			From			To			Width			Au_ppm			Type
	0.5 Au		21NCRC009	164		165		1		0.60			Extension
	0.5 Au		21NCRC010	11		13		2		3.56			Extension
	0.5 Au		21NCRC010	111		113		2		1.17			Extension
	1.0 Au		inc	112		113		1		1.53			Extension
	0.5 Au		21NCRC011	9		10		1		0.51			Extension
	0.5 Au		21NCRC011	43		44		1		2.62			Extension
	0.5 Au		21NCRC012	26		29		3		7.97			Extension
	1.0 Au		inc	26		28		2		11.50			Extension
	0.5 Au		21NCRC012	66		67		1		0.67			Extension
	0.5 Au		21NCRC012	66		72		6		3.33			Extension
	1.0 Au		inc	67		69		2		8.53			Extension
	0.5 Au		21NCRC012	108		110		2		2.31			Extension
	0.5 Au		21NCRC012	149		150		1		2.40			Extension
	0.5 Au		21NCRC013	29		30		1		1.38			Extension
	0.5 Au		21NCRC013	43		45		2		1.03			Extension
	0.5 Au		21NCRC013	53		54		1		0.70			Extension
	0.5 Au		21NCRC013	159		160		1		0.54			Extension
	0.5 Au		21NCRC013	161		164		3		10.41			Extension
	0.5 Au		21NCRC014	81		82		1		0.88			Extension
	0.5 Au		21NCRC014	109		112		3		1.76			Extension
	0.5 Au		22NCRC019	51		52		1		4.13			Extension
	0.5 Au		22NCRC019	59		62		3		0.78			Extension
	0.5 Au		22NCRC020	9		10		1		1.48			Extension
	0.5 Au		22NCRC020	41		42		1		6.33			Extension
	0.5 Au		22NCRC020	60		61		1		1.39			Extension
	0.5 Au		22NCRC020	64		65		1		0.96			Extension
	0.5 Au		22NCRC021						No sig ints					Extension
	0.5 Au		22NCRC022	23		25		2		0.96			Extension
	0.5 Au		22NCRC022	31		32		1		1.77			Extension
	0.5 Au		22NCRC022	72		73		1		2.66			Extension
	0.5 Au		22NCRC022	98		100		2		16.18			Extension
	0.5 Au		22NCRC023	57		58		1		0.97			Extension
	0.5 Au		22NCRC023	88		89		1		0.53			Extension
	0.5 Au		22NCRC023	115		116		1		11.90			Extension
	0.5 Au		22NCRC023	118		120		2		1.09			Extension
	0.5 Au		22NCRC023	126		127		1		0.61			Extension
	0.5 Au		22NCRC023	129		130		1		0.76			Extension
	0.5 Au		22NCRC024	56		58		2		0.91			Extension
	0.5 Au		22NCRC024	67		69		2		2.61			Extension
	0.5 Au		22NCRC024	75		76		1		1.26			Extension
	0.5 Au		22NCRC024	113		115		2		2.81			Extension
	1.0 Au		Inc	113		114		1		4.97			Extension
	0.5 Au		22NCRC024	123		124		1		0.50			Extension
	0.5 Au		22NCRC024	154		155		1		3.25			Extension
	0.5 Au		22NCRC024	169		170		1		13.00			Extension
	0.5 Au		22NCRC025	134		135		1		0.88			Extension
	0.5 Au		22NCRC026	121		122		1		1.27			Extension
	0.5 Au		22NCRC026	127		128		1		0.60			Extension
	0.5 Au		22NCRC026	130		131		1		0.56			Extension
	0.5 Au		22NCRC026	183		184		1		1.37			Extension
	0.5 Au		22NCRC027	41		42		1		1.61			Extension
	0.5 Au		22NCRC027	43		44		1		0.70			Extension
	0.5 Au		22NCRC027	53		56		3		0.81			Extension
	0.5 Au		22NCRC027	58		60		2		1.79			Extension
	0.5 Au		22NCRC027	80		81		1		0.56			Extension
	0.5 Au		22NCRC027	85		89		4		1.14			Extension
	1.0 Au		inc	85		87		2		1.69			Extension
	0.5 Au		22NCRC027	91		92		1		0.67			Extension
	0.5 Au		22NCRC027	93		94		1		0.82			Extension
	0.5 Au		22NCRC028	36		38		2		0.82			Extension
	0.5 Au		22NCRC028	54		56		2		1.82			Extension
	0.5 Au		22NCRC028	70		73		3		4.62			Extension
	1.0 Au		inc	70		71		1		12.00			Extension

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