Sunshine Metals Unveils Fault Structures and Identifies High-Grade Gold Vein Targets at Sybil Project via Extensive Airborne Survey

Extensive Geophysical Survey Defines Structural Framework at Sybil Project

Sunshine Metals successfully executed a helicopter-mounted geophysical survey over the Sybil project tenement EPM 26931, utilizing a caesium vapour magnetometer stinger and gamma ray spectrometer to collect magnetic and radiometric data. The survey maintained a consistent 35-metre terrain clearance to optimize data resolution across priority prospect zones. This represents the first detailed airborne magnetic dataset specifically acquired over the Sybil epithermal vein field, delivering a comprehensive geological and structural baseline previously unavailable.

The magnetic survey produced detailed images of magnetic field variations, reflecting the magnetic susceptibility of underlying rocks and fault zones. Sunshine's geophysical team identified faults within the host Hells Gate Rhyolite as linear magnetic low zones, attributed to destruction of magnetic minerals or emplacement of low-magnetic minerals like quartz and adularia. The data indicates mineralisation host rocks exhibit moderate magnetic signatures within a downthrown block controlled by northwest-southeast trending structures parallel to the Sybil Graben.

Identification of Six Buried Intrusive Bodies Linked to Gold Mineralisation

Preliminary magnetic data analysis revealed six reverse polarity intrusive bodies across the Sybil project, with the largest being the Solitary Hill buried intrusive pipe of Carboniferous to Early Permian age intruding older Silurian to Devonian Kangaroo Hills Formation sediments. These intrusions are interpreted as contemporaneous with epithermal mineralisation, making them compelling exploration targets.

The distinct magnetic signatures of these intrusions enabled their spatial delineation. Sunshine Metals noted that further drilling and geological studies are needed to clarify their relationship with gold mineralisation at Sybil. The discovery of intrusions of similar age to known mineralisation enhances understanding of the geothermal system and gold concentration processes.

Radiometric Survey Highlights Potassium Depletion Zones Correlated with Epithermal Quartz Veining

The radiometric survey used gamma ray spectroscopy to map potassium, thorium, and uranium abundances in surface rocks and soils. The potassium-rich Hells Gate Rhyolite normally shows strong positive potassium responses, but areas with epithermal quartz veining display characteristic potassium depletion, creating negative anomalies.

Two potassium depletion zones south of Francis Creek East were mapped and ground-truthed through rock chip sampling and vein inspections. The Pancho vein yielded 21.6 grams per tonne gold (sample CI26_008), while the Cisco vein returned assays including 6.04 grams per tonne gold (CI26_001), 1.97 grams per tonne (CI26_003), and 1.70 grams per tonne (CI26_004). These results validate the radiometric survey’s effectiveness in generating new exploration targets within Sybil.

Francis Creek Drilling Program to Extend Known High-Grade Mineralisation

The upcoming drilling at Francis Creek aims to test strike extensions from Sunshine’s October 2025 campaign, which reported high-grade intercepts such as 4.4 metres at 57.51 grams per tonne gold from 23.6 metres (hole 25FCDD003), 5.2 metres at 9.01 grams per tonne gold from 52.0 metres (hole 25FCDD007), and 4.5 metres at 17.23 grams per tonne gold from 82.5 metres (hole 25FCDD0012). These results established Francis Creek as a key exploration focus.

The program includes 44 holes totaling 3,083 metres targeting extensions of previously defined mineralisation zones. This approach reflects confidence in continuity of high-grade gold mineralisation along strike and at depth, testing multiple structural and stratigraphic horizons to delineate vein geometry and grade distribution.

First-Ever Drilling at Francis Creek East Following Surface Vein Exposure

Drilling at Francis Creek East, 1.7 kilometres east of Francis Creek, will be the first ever at this prospect. Surface-exposed epithermal quartz veins have returned promising rock chip assays, with the highest at 23.4 grams per tonne gold (sample FCE25_004). This surface mineralisation supports the planned drilling.

The Francis Creek East component includes 20 holes totaling 1,070 metres, reflecting the prospect’s size, vein density, and grade potential from prior sampling and geophysical data. This drilling will provide critical subsurface data on ore body geometry, thickness, and grade distribution.

Blue Range Drilling to Test Northern Extension of Vein System

The program also covers Blue Range, about 6 kilometres north of Francis Creek, where previous exploration identified epithermal quartz veining with rock chip grades up to 20.4 grams per tonne gold. Blue Range represents a northern extension of Sybil’s epithermal vein field and requires subsurface evaluation for mineral potential.

Blue Range drilling consists of 8 holes totaling 375 metres, aimed at providing initial geological and grade data. The modest hole count reflects its status as a secondary target compared to Francis Creek and Francis Creek East. Results will guide future exploration priorities and may reveal additional high-grade zones.

Survey Data Reveals Cross-Cutting Regional Structures Influencing Mineralisation

Magnetic data shows northeast-southwest trending lineaments cutting across local stratigraphy, interpreted as long-lived, reactivated regional structures that may have controlled fluid flow and mineralisation during epithermal ore formation. These cross-cutting structures likely served as pathways for gold-bearing fluids.

The interplay between northwest-southeast faults bounding the Sybil Graben and northeast-southwest lineaments suggests a complex tectonic history with multiple deformation phases. This structural complexity affects the thickness and continuity of the prospective Hells Gate Rhyolite host, influencing epithermal veining and gold distribution. Planned drilling and structural mapping will test these interpretations.

Ongoing Radiometric Data Analysis to Identify Additional Targets

Sunshine Metals plans further radiometric dataset analysis in the coming weeks to identify additional potential epithermal vein targets. Areas highlighted will undergo systematic ground truthing including geological mapping, rock chip sampling, and vein validation to confirm mineralisation.

This iterative post-survey interpretation aligns with best exploration practices, often revealing subtle anomalies missed during initial reviews. The results may generate new drill targets or identify fresh prospects within the Sybil tenement.

Drilling to Begin in July 2026 with Multiple Exploration Milestones Ahead

RC drilling at Francis Creek East is scheduled to start on Friday, 24 July 2026, with the broader program commencing by end of July 2026. This accelerated schedule underscores Sunshine Metals’ commitment to advancing exploration rapidly based on strong survey-generated targets. The company has a full slate of exploration and development activities planned from July to September 2026.

Key upcoming events include presentation at the Noosa Mining Conference (22-24 July 2026), Sybil project drilling commencement in July, completion of an updated Liontown Gold Mining Study in August, and finalization of engineering and design works at Mt Moss in August. These milestones reflect Sunshine Metals’ integrated strategy encompassing exploration at Sybil and development at Liontown and Mt Moss, providing regular updates for shareholders and market engagement.