Sunshine Gold : High Grade Cu-Au-Ag-Mo Intersected at Keans Ravenswood West

ASX Announcement

22 December 2021

HIGH GRADE CU-AU-AG-MO INTERSECTED AT KEANS, RAVENSWOOD WEST

Sunshine Gold Limited (ASX:SHN, "Sunshine Gold", "the Company") is pleased to present the final drilling results from the Keans Cu-Au-Ag-Mo prospect ("Keans"), part of a >15km long Cu-Au-Ag-Mo corridor at Ravenswood West.

HIGHLIGHTS

• Reconnaissance RC drilling has delineated Cu-Au-Ag-Mo mineralisation throughout the Keans prospect. Best results

for all Keans drilling included:
only	o	21m @ 0.37% Cu, 1.53 g/t Ag, 0.13% Mofrom 16m, 21KNRC003
	o	Including 2m @ 0.57% Cu, 0.07 g/t Au, 2.58 g/t Ag, 1.11% Mofrom 35m, 21KNRC003

o 3m @ 0.19% Cu, 1.72 g/t Ag, 0.54% Mofrom 49m, 21KNRC008 o 2m @ 0.99% Cu, 7.53 g/t Ag, 0.24% Mofrom 50m, 21KNRC0012

Previously released results included:

use	o 12m @ 1.43% Cu, 33.07 g/t Ag, 0.03% Mofrom 81m, 21KNRC004
	Including 3m @ 4.11% Cu, 120.27 g/t Ag, 0.07% Mofrom 89m, 21KNRC004
o	4m	@ 5.56 g/t Ag, 0.41% Mofrom 21m, 21KNRC005
	o	6m	@ 0.49 % Cu, 2.06 g/t Au, 4.96 g/t Ag, 0.09 % Mofrom 51m, 21KNRC006
personalCu-Au-Ag-Mo. The rock chip samples open up another potential line of mineralisation along a major regional fault.
		Including 2m @ 1.03% Cu, 6.02 g/t Au, 12.59 g/t Ag, 0.20 % Mofrom 55m, 21KNRC006
	o	1m	@ 0.44% Cu, 2.29 g/t Au, 5.63 g/t Ag, 0.10 % Mofrom 41m, 21KNRC006
	o	1m	@ 0.40% Cu, 1.12 g/t Au, 14.13 g/t Ag, 0.04% ppm Mofrom 44m, 21KNRC006
	o 11m @ 0.30% Cu, 0.05 g/t Au, 7.05 g/t Ag, 0.11 % ppm Mofrom 40m, 21KNRC009

• Rock chip sampling of veins highlight the potential of the broader Keans area. Four rock chip samples from veining associated with a major NNW striking fault returned high grade Cu-Au-Ag-Mo. Results include:

o 6.44% Cu, 24.58 g/t Ag, 0.18% Mo(EL04)

o 3.89% Cu, 0.20 g/t Au, 46.00 g/t Ag, 0.35% Mo(EL05) o 0.51% Cu, 0.17 g/t Au, 17.98 g/t Ag, 0.19% Mo(EL06)

Sunshine Gold's Managing Director, Damien Keys commented: "The Keans reconnaissance drilling program was successful in defining strong Cu-Au-Ag-Momineralisation throughout the prospect area. Rock chip sampling has further enhanced the prospectivity of the broader Keans area with three of the four rock chips containing abundant

Our first pass successes at Titov and Keans give us confidence to advance exploration along the 15km corridor of Cu- Au-Ag-Mo porphyry targets at Ravenswood West." For

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)

SUNSHINE GOLD LIMITED (ASX:SHN)

0.24%

2

21KNRC012

7.53

52

50

0.04

0.99%

Table 1. Best intersections from the SHN 15 hole reconnaissance RC program.

16

21KNRC009

5.04

0.08%

0.27%

0.05

56

40

3

21KNRC008

0.54%

1.72

52

49

0.02

0.19%

1

1

6

2

2

21KNRC006

21KNRC006

21KNRC006

inc

21KNRC006

5.63

14.13

4.96

12.59

2.62

0.10%

0.04%

0.09%

0.20%

0.23%

42

45

57

57

101

41

44

51

55

99

2.29

1.12

2.06

6.02

0.02

0.44%

0.40%

0.49%

1.03%

0.27%

3

21KNRC005

6.66

0.54%

24

21

0.04

0.05%

12

2

5

21KNRC004

inc

and

33.07

7.65

74.43

93

83

92

81

81

87

0.05

0.05

0.09

0.03%

0.02%

0.06%

1.43%

1.10%

2.77%

21

1

2

21KNRC003

inc

and

0.13%

0.11%

1.11%

37

28

37

16

27

35

1.53

2.48

2.58

0.04

0.02

0.07

0.37%

0.19%

0.57%

2

21KNRC002

17.65

0.03%

0.56%

0.33

35

33

Cu (%)

Mo (%)

Hole ID

Ag (g/t)

Au (g/t)

Width

To

From

Figure 1. Map of the >15km long Cu-Au-Ag-Mocorridor at Ravenswood West.

ASX Announcement 22 December 2021

onlyuse

personalKEANS DRILL PROGRAM (Sunshine Gold 100%)

A 15 hole (1,830m) reconnaissance program was completed at the Keans during October 2021. The program tested a suite of outcropping quartz-sulphideveins and geophysical targets. The drilling intersected discrete veins with chlorite-sericitealteration haloes. The veins contained abundant sulphide, particularly in holes drilled near the historic gold mines (Shaft A and Heuirs Shaft).

For

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ASX Announcement

22 December 2021

Four rock chip samples collected during reconnaissance mapping have returned significant assays (Table 2) giving confidence in expanding the exploration effort at Keans. The samples were collected over 500m from the nearest RC drilling and highlight the potential for a broader mineralised system. The samples collected are in the vicinity of an interpreted major regional fault zone, a parallel to the NNW striking Podosky Fault. The area warrants follow up mapping and drill testing in 2022.

		Sample													Au			Ag			Cu			Mo
					Easting			Northing			Description
only	ID										(g/t)			(g/t)			(%)			(%)
		EL003		481596		7772733			Qz vein ~30cm thick. 30m of strike length	0.03		0.52		0.32%	0.01%
		EL004		481489		7773077			Jointed qz outcrop with patchy malachite	0.05		24.58		6.44%	0.18%
		EL005		481446		7773387			2-3m thick qz vein. 70m strike length	0.20		46.00		3.89%	0.35%
		EL006		481544		7773627			Qz vein 2 - 3m thick near 1.5m deep workings	0.17		17.98		0.51%	0.19%
personaluse										Table 2. Results of rock chip sampling at Keans.
				Figure 2. Location of recent significant RC intersections (yellow & white) and rock chip samples (purple).

ForKeans is a series of outcropping quartz-sulphide veins within a granodiorite that were initially worked for gold in the

1930s. The two shafts, Shaft A and Heuirs Shaft, were sunk to depths of ~20m and ~7m respectively. No production totals are available. However, Shaft A reported mined grades of 28 g/t Au near the top of the shaft decreasing to 3 g/t Au at the base. Heuirs Shaft reported 46 g/t Au mined grades at top of the workings decreasing to 15 g/t Au at

base (Company Report #465).

The first documented exploration at Keans in 1959, noted high amounts of molybdenite within the shaft spoils which led explorers to target porphyry-style mineralisation. Rock chip samples taken from the prospect were highly encouraging, including highest values of 25% Cu, 1.03% Mo, 8.7 g/t Au and 183 oz/t Agacross various samples

(Company Report #465).

SUNSHINE GOLD LIMITED (ASX:SHN)

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ASX Announcement

22 December 2021

Between 1959 and 1962, 8 diamond holes were drilled at Keans. Assay information is limited to select intersections

onlyRecent field mapping of Keans shows two dominant vein orientations. Mo and Cu (malachite and azurite) are c mmonly seen in both vein sets. A series of 1-4m thick, north-south oriented veins are mapped with moderate,

of Cu, Au, Ag and Mo. Both the drill core and the "drill sludge" were assayed. Assays from core record impressive Mo

results including 3.3m @ 1.02% Mo(Hole R1) and 13.8m @ 0.26% Mo(Hole R4). Gold showed a best intercept of 3m

@ 1.36 g/t Au(Hole R2) from sludge sampling. This result, whilst deemed unreliable, highlights the potential for gold

in the system. Elevated silver including 0.5m @ 61 g/t Ag(Hole R6) was also recorded. No further historic drilling has been recorded at Keans.

westerly dips and which are laterally continuous for up to 200m in areas. In 1962, 3 east-west oriented costeans were usecut to sample prominent north-south veins (Figure 3). A second set of east-west oriented veins has also been mapped throughout the prospect. The east-west veins are often narrower (50cm-2m thickness) but are typically sheeted and are believed to be the mineralisation host in Shaft A. Many of the significant rock chip assays reported have been

ampled from the east-west oriented veining.

personalForFigure 3. Sunshine Gold's MD, Damien Keys and Exploration Manager, Matt Price, mapping a 1962 costean at Keans.

The 4m wide, N-S striking, quartz vein contains abundant fine-grained molybdenite. This costean is located 30m south

of the collars of holes 21KNRC003 and 21KNRC004.

SUNSHINE GOLD LIMITED (ASX:SHN)

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ASX Announcement

22 December 2021

PLANNED ACTIVITIES
only	RC JORC Resource drilling at Triumph Gold Project.
• Ongoing:
• January 2022:	31 December 2021 Quarterly Report.
• January -February 2021:	Results from RC JORC Resource drilling at Triumph Gold Project.
• 10-11 February 2022:	Presentation at the Australian Gold Conference, Sydney.
• 15-17 February 2022:	Presentation at the RIU Explorers Conference, Fremantle.
• Feb - March 2022:	Results from Titov diamond hole
• 15 March 2022:	Financial Statements for half year ended 31 December 2021.
• March 2022:	Triumph maiden JORC Resource estimate.
use		ENDS
personal
For 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

The information in this report that relates to Exploration Results is based on, and fairly represents, information compiled 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

Forin the form and context in which it appears.

SUNSHINE GOLD LIMITED (ASX:SHN)

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