Sunshine Metals Identifies High-Grade Gold at Queensland Project, Shares Up 10%

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Sunshine Metals (ASX:SHN) received final assays from resource definition drilling at Liontown, part of its Ravenswood Consolidated project in North Queensland, Australia, according to a Wednesday Australian bourse filing.

The results were up to 22 meters at 20.25 grams per tonne grade of gold from 69 meters, including eight meters at 39.58 g/t gold from 68 meters and four meters at 29.45 g/t gold from 81 meters.

The company said it will incorporate all the latest assays in an updated Liontown resource due in June, with the updated resource and additional metallurgical data to form the basis for a revised Liontown Mining Study commencing the same month.

A share purchase plan open until May 22 aims to raise up to AU$3 million as part of a AU$22 million capital raising to support the Mt Moss Operations acquisition and advance plans for gold production in 2027, the filing added.

The company's shares rose 10% in recent Wednesday trade.

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