Epithermal gold systems are tested with step-out drilling along veins. Sunshine Metals Limited (ASX:SHN) reported assays from a 66-hole RC program at its Sybil project in North Queensland on 6 October 2026.

Company overview

Sunshine Metals Limited (ASX:SHN) is a North Queensland explorer and developer. Sybil is about 135 kilometres west of Townsville, close to its Mt Moss processing facility, which is being refurbished toward first gold production next year, and its Liontown resource is intended to feed initial production.

RC drilling results

The 66-hole, 4,357 metre program tested Francis Creek, Francis Creek East and Blue Range. Results included 4 metres at 11.11 g/t gold from 62 metres (including 2 metres at 20.22 g/t), 6 metres at 3.76 g/t and 5 metres at 3.52 g/t along the A-Vein. First drilling at Francis Creek East returned shallow results including 3 metres at 2.36 g/t.

Follow-up

Follow-up drilling is expected from mid-October 2026 to test the A Vein west, Francis Creek East at depth and the Burdekin Veins and Cisco targets. A new vein found in mapping 300 metres north returned 3.11 g/t gold, and an extension to an airborne magnetic-radiometric survey starts in November 2026.

What comes next at Sybil

The next drilling phase will test Francis Creek A Vein (west), Francis Creek East at depth, and a first drill test of the Burdekin Veins and Cisco targets. Sunshine said it is planning follow-up drilling at the Francis Creek targets as well as targets yet to be tested, while expanding the magnetic-radiometric survey to generate more targets. The company has not published a resource estimate for Sybil, and exploration results at this stage are indications of potential rather than measures of quantity.

Francis Creek results in detail

At Francis Creek, 4 metres at 11.11 g/t gold from 62 metres in 26FCRC031 included 2 metres at 20.22 g/t from 62 metres. Other intercepts along the A-Vein included 6 metres at 3.76 g/t from 20 metres (26FCRC001) and 5 metres at 3.52 g/t from 25 metres (26FCRC018). Sunshine also described a new mineralised shoot on the Main Vein structure.

The first drilling at Francis Creek East intercepted shallow mineralisation of 3 metres at 2.36 g/t from 15 metres, 1 metre at 5.08 g/t from 44 metres and 2 metres at 2.20 g/t from 36 metres.

Mapping, geophysics and processing context

Reconnaissance mapping after a radiometric survey found new veining 300 metres north of Francis Creek East, with a sample returning 3.11 g/t gold (FCE26_006). An extension of the airborne magnetic-radiometric survey is due to start in November 2026.

Sybil is about 135 kilometres west of Townsville and 140 kilometres north of Charters Towers. The company said any discovery success could add to a resource base built on the Liontown deposit, which is intended to feed initial production at the Mt Moss processing facility.

Sector backdrop

North Queensland epithermal gold projects near processing plants can add feed, subject to resources and approvals.

Low-sulphidation epithermal gold systems often host narrow high-grade veins whose continuity can be difficult to predict. Drilling programs typically step out along veins and test parallel structures to understand shoots and plunge.

North Queensland has several gold processing facilities and historic Mining areas, and restarts of plants depend on feed, permits and funding.

Risks shareholders should weigh

No Mineral Resource is reported for Sybil, and results are drilling intercepts.

Mt Moss is under refurbishment, and first gold timing is an expectation.

Funding, weather and approvals affect follow-up.

High-grade results come from narrow intervals, and widths and continuity between holes are not established. Sybil does not yet have a Mineral Resource.

The Mt Moss refurbishment and first gold target depend on factors described elsewhere and are not covered in the release.

What’s next

Follow-up drilling starts mid-October. Shareholders may wish to watch for assays and the Mt Moss restart.

Follow-up drilling from mid-October 2026 and the November survey extension are the next milestones for shareholders to watch.