Sunshine Metals (ASX:SHN) has agreed to acquire the Sybil Epithermal Gold Project for $1.225 million, bolstering its presence in the Charters Towers region of Queensland. The acquisition aligns with Sunshine Metals’ strategy to identify and develop shallow oxide gold resources. The consideration involves $125,000 in cash and $1.1 million in shares, contingent on achieving resource and production milestones. The deal is expected to close in July, with fieldwork commencing in August.

Key milestones include the issuance of $300,000 in shares upon defining a JORC-compliant resource of 100,000 ounces of gold and another $300,000 for 200,000 ounces. An additional $500,000 in shares will be issued upon the commencement of mining operations at Sybil. Managing Director Damien Keys highlighted the project’s similarities to the Pajingo Mine, noting the potential for near-surface gold discoveries. Historical drilling results at the Francis Creek prospect showed promising grades, including 7m @ 10.6 g/t gold. The acquisition represents a strategic move for Sunshine Metals to capitalize on underexplored epithermal systems in a well-mapped region.

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