Sunshine Gold : 16m @ 8.44 g/t Au in Triumph Southern Corridor Drilling

ASX Announcement

3 March 2022

16M @ 8.44 G/T AU IN TRIUMPH SOUTHERN CORRIDOR DRILLING

Sunshine Gold Limited (ASX:SHN, "Sunshine Gold", "the Company") is pleased to provide further assay results from infill and extensional drilling in the Southern Corridor, part of the Triumph Gold Project ("Triumph").

HIGHLIGHTS

• Assay results from a further 44 RC holes (4,662m) of drilling in the Southern Corridor have been returned and
onlyinclude best results of:
use		16m @ 8.44 g/t Aufrom	38m,	22SHRC018; (infill)
	Including	9m	@ 13.06 g/t Aufrom 43m
	And	9m	@ 2.97 g/t Aufrom 0m
	And	2m	@ 10.82 g/t Aufrom 105m
	10m @ 4.54 g/t Aufrom	20m,	22SHRC029; (extensional)
		6m @ 5.36 g/t Aufrom	89m,	21BNRC022; (infill)
		Including	3m	@ 10.28 g/t Aufrom 91m; and

 7m @ 4.67 g/t Aufrom 41m, 22SHRC020. (infill)

• Assays are expected for the remaining 13 holes (1,222m) of infill drilling (refer to Figure 2) in mid March 2022. personal• These encouraging results will be included in the maiden JORC Resource to be released in late March 2022.

ForSunshine Gold's Managing Director, Damien Keys commented: "The intersection of 16m @ 8.44 g/t Au is the best intercept drilled by Sunshine Gold at Triumph, to date. Also encouraging was that the hole contained multiple zones of significant mineralisation, reinforcing the stacked nature of the veins. The remaining 13 holes to be returned are largely infilling previously drilled zones and will contribute to the JORC Resource to be released in March 2022.

Figure 1. RC drilling at Triumph.

The successful results from the RC and diamond drilling programs have greatly enhanced our understanding of the Southern Corridor and we are looking forward to the next program in mid-2022."

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)

ASX Announcement

3 March 2022

TRIUMPH SOUTHERN CORRIDOR

onlyA total of 80 RC holes (8,832m) and 4 diamond holes (523.6m) were recently 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 broader spaced, extensional drilling follows up on the successful maiden drilling campaign completed in March 2021. Assays in this announcement are from both infill drilling and extensional drilling (Figure 2 - green box).

use

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

A ays have now been returned for 67 RC holes testing extensions along the Southern Corridor. Pleasingly, the drilling has successfully delineated a stacked series of parallel veins. Cumulatively these veins are drill delineated over 1,500m of strike length. The best results from all Sunshine Gold drilling to date include:

personal		16m @ 8.44 g/t Aufrom	38m,	22SHRC018
	Including 9m	@ 13.06 g/t Aufrom 43m
	And		9m	@ 2.97 g/t Aufrom 0m
	And		2m	@ 10.82 g/t Aufrom 105m
	10m @ 4.54 g/t Aufrom	20m,	22SHRC029
For
	6m @ 5.36 g/t Aufrom	89m,	21BNRC022
	Including 3m	@ 10.28 g/t Aufrom 91m
	7m	@	4.67 g/t Aufrom	41m,	22SHRC020
	4m	@	5.34 g/t Aufrom	106m,	22BNRC039
	4m	@	4.86 g/t Aufrom	106m,	22BNRC032
	4m	@ 11.71 g/t Aufrom	16m,	21SCRC004
	2m	@ 16.18 g/t Au	from	98m,	22NCRC022
		3m	@ 10.41 g/t Au from	161m, 21NCRC013
						46m,	21SCRC007
		6m	@	4.48 g/t Au from
						26m,	21NCRC012
		3m	@	7.97 g/t Au from

And 6m @ 3.33 g/t Aufrom 66m, 21NCRC012

Including 2m @ 8.53 g/t Aufrom 67m, 21NCRC012

• 4m @ 27.12 g/t Aufrom 43m, 21BNRC001
• 16m @ 5.48 g/t Aufrom 34m, 21SHRC002
• 4m @ 11.53 g/t Aufrom 69m, 21BNRC006
• 3m @ 12.95 g/t Aufrom 30m, 21SHRC003

SUNSHINE GOLD LIMITED (ASX:SHN)

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ASX Announcement

3 March 2022

The best results from historical drilling include:

	10m	@ 26.86 g/t Au	from	51m,	TDH058
	17m	@ 4.30 g/t Au	from	1m,	TDH118
	9m @	4.33 g/t Au	from	36m,	TDH253
	2m @	7.57 g/t Au	from	1m,	TDH181

F	ur diamond holes (523.6m) were also drilled in order to confirm vein orientations and geology. The Southern
C	rridor remains open in all directions and will remain a focus for JORC Resource growth in drilling planned for mid-
only

2022.

For personal use

Figure 3. Cross Section through 335695mE.

SUNSHINE GOLD LIMITED (ASX:SHN)

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ASX Announcement

3 March 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.
• March 2022:	Titov diamond drill hole results.
• March 2022:	IP/MT Survey Wilburs Hill - Smiths, Ravenswood West.
• March 2022:	Elphinstone Creek REE soil sampling recommencement, Ravenswood West.
• April 2022:	Titov IP results, Ravenswood West.
• 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.
use• J ne 2022:	RC drilling Triumph Southern Corridor.
personal		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.
Competent 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

3 March 2022

TABLE 1. INTERSECTIONS > 0.5 g/t AU

only		Cut off			Hole ID			From			To			Width			Au_ppm			Type
	0.5 Au		21BNRC008	25		26		1		0.83			Extension
	0.5 Au		21BNRC008	34		36		2		2.20			Extension
	1.0 Au		inc	35		36		1		3.89			Extension
	0.5 Au		21BNRC008	73		81		8		1.22			Extension
	1.0 Au		inc	73		75		2		2.85			Extension
	1.0 Au		and	78		79		1		1.96			Extension
	0.5 Au		21BNRC009	2		3		1		0.62			Extension
	0.5 Au		21BNRC009	41		43		2		1.98			Extension
use		0.5 Au		21BNRC009	45		46		1		0.50			Extension
	0.5 Au		21BNRC009	49		50		1		0.65			Extension
			0.5 Au		21BNRC010	85		88		3		0.57			Extension
			0.5 Au		21BNRC011	100		101		1		0.53			Extension
			0.5 Au		21BNRC012	24		25		1		0.56			Extension
			0.5 Au		21BNRC013	54		55		1		0.53			Extension
			0.5 Au		21BNRC013	58		59		1		0.84			Extension
			0.5 Au		21BNRC013	61		69		8		1.34			Extension
			1.0 Au		inc	63		65		2		4.05			Extension
			0.5 Au		21BNRC014							No sig ints					Extension
personal		0.5 Au		21BNRC015	46		48		2		1.50			Infill
	0.5 Au		21BNRC015	57		58		1		1.15			Infill
	0.5 Au		21BNRC016	12		13		1		2.43			Extension
			0.5 Au		21BNRC016	16		17		1		1.12			Extension
			0.5 Au		21BNRC016	32		34		2		0.88			Extension
			0.5 Au		21BNRC018	48		52		4		3.53			Infill
			0.5 Au		21BNRC019	8		9		1		1.28			Infill
			0.5 Au		21BNRC019	28		32		4		2.07			Infill
			1.0 Au		inc	29		31		2		3.44			Infill
			0.5 Au		21BNRC019	46		47		1		2.15			Infill
			0.5 Au		21BNRC020	29		30		1		0.69			Infill
			0.5 Au		21BNRC020	41		46		5		1.32			Infill
			1.0 Au		inc	44		46		2		2.23			Infill
			0.5 Au		21BNRC020	60		61		1		1.47			Infill
			0.5 Au		21BNRC020	86		87		1		0.68			Infill
			0.5 Au		21BNRC021	100		101		1		0.81			Infill
			0.5 Au		21BNRC022	18		19		1		0.58			Infill
			0.5 Au		21BNRC022	75		76		1		0.58			Infill
			0.5 Au		21BNRC022	89		95		6		5.36			Infill
			1.0 Au		inc	91		94		3		10.28			Infill
			0.5 Au		21BNRC023	30		31		1		0.58			Infill
			0.5 Au		21BNRC023	76		80		4		3.15			Infill
			1.0 Au		inc	76		77		1		10.90			Infill
For		1.0 Au		and	79		80		1		1.05			Infill
	0.5 Au		21BNRC023	85		90		5		2.04			Infill
	1.0 Au		inc	87		89		2		4.13			Infill
	0.5 Au		21BNRC023	102		103		1		2.56			Infill
	0.5 Au		21BNRC024	39		41		2		2.39			Infill
	0.5 Au		21BNRC024	64		66		2		4.02			Infill
	0.5 Au		21BNRC025	35		37		2		2.54			Infill
	0.5 Au		21BNRC027	10		12		2		3.77			Infill
	0.5 Au		21BNRC027	81		83		2		1.58			Infill
	0.5 Au		21BNRC027	124		125		1		2.05			Infill
			0.5 Au		21BNRC028	16		17		1		0.50			Infill
			0.5 Au		21BNRC028	33		34		1		11.10			Infill
			0.5 Au		21BNRC028	40		42		2		4.85			Infill
			0.5 Au		21BNRC028	51		53		2		6.83			Infill
			1.0 Au		inc	51		52		1		12.80			Infill
			0.5 Au		21BNRC028	55		56		1		0.53			Infill
			0.5 Au		21BNRC028	104		105		1		2.31			Infill
			0.5 Au		21BNRC029	43		44		1		6.93			Infill
			0.5 Au		21BNRC029	55		58		3		2.97			Infill
			1.0 Au		inc	56		58		2		4.20			Infill
			0.5 Au		21BNRC029	76		79		3		1.29			Infill
			1.0 Au		inc	77		79		2		1.68			Infill
	SUNSHINE GOLD LIMITED (ASX:SHN)																			5 | P a g e