Sunshine Gold : Update on Diamond Drill Hole at Titov, Ravenswood West

ASX Announcement

10 January 2022

UPDATE ON DIAMOND DRILL HOLE AT TITOV, RAVENSWOOD WEST

onlySunshine Gold Limited (ASX:SHN, "Sunshine Gold", "the Company") is pleased to provide an update on diamond drilling at Titov Cu-Ag-Mo target ("Titov"), Ravenswood West.

HIGHLIGHTS

• 21TVDD001 was drilled to 501.5m, intersecting the projected mineralised position at 297m. This intersection is approximately 200m down dip from the nearest intersection in hole 21TVRC006.

• Drilling intersected an 84m zone of intense quartz veining and chlorite-sericite alteration. The mineralised zone also

contained abundant molybdenite and chalcopyrite.

useoutcropping quartz vein swarm mapped at surface.

• The mineralised zone in 21TVDD001 gives context to the mineralisation seen in recent RC drilling and to the

personalSunshine Gold's Managing Director, Damien Keys commented: "The Titov core looks quite spectacular! Coarse molybdenite is common in quartz veining and chalcopyrite is observed in veining and disseminated in the host porphyry.

Figure 1. Chalcopyrite - pyrite in quartz vein and associated intense potassic alteration (149.4m).

The hole provides context to observations made in weathered surface outcrop and RC drill chips. We can see lithological and alteration contacts, mineralisation styles and have been able to gather orientation data on small faults and veining.

We have now defined the Titov Cu-Ag-Mo system over 300m of strike and 300m down dip from the outcrop. Titov is open at depth and to the east, where the highest copper grades have been intersected. There is also a gold in soil

Foranomaly to the east of the drill defined system and exploration efforts will focus on extending the system in 2022."

TITOV DIAMOND DRILL HOLE (Sunshine Gold 100%)

The Titov diamond drill hole was completed in late December 2021. The 501.5m deep hole, 21TVDD001, collared approximately 300m south-east of the surface outcrop. The drill hole targeted an Induced Polarisation ("IP") anomaly, interpreted to be an extension of the Cu-Ag-Mo mineralisation intersected in the recent RC drilling (completed September 2021). The sulphide abundance in the mineralised zone adequately explains the IP anomaly.

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

10 January 2022

The drill hole geology is summarised below:

only	0m - 135m	Granodiorite host. Sparse quartz veining with weak potassic or sericitic vein
•
	selvedges (altered host rock on vein margins). Weak disseminated pyrite and chalcopyrite throughout. Two
	sheared zones (70m and 90m) contain molybdenite (Mo) + pyrite (Py) + chalcopyrite (Cpy) fracture fill. An
	intense potassic alteration halo is seen to surround a vein at 149.4m. The halo emanates approximately 1m
	either side of a 2cm thick quartz vein that contains abundant chalcopyrite (Figure 1).
•	135m - 300.1m	Potassic altered granodiorite. The intensity of alteration increases toward the end of
use	the interval. Weakly disseminated chalcopyrite is observed throughout the interval. A sharp contact between
the potassic zone and the mineralised zone is observed at 300.1m (Figure 2).
300.1m - 384.4m	Mineralised zone. Intense chlorite and sericite alteration appears to be overprinting
•
	potassic altered host. Quartz veining abundant, often containing coarse molybdenite and chalcopyrite.
	Disseminated chalcopyrite is common throughout the interval.
•	384.4m - 460m	Potassic altered footwall. The intensity of alteration decreases toward the end of the
	interval. Chalcopyrite-pyrite is common in quartz veining and weakly disseminated chalcopyrite is observed
personalFor	throughout the interval. Quartz veining becomes less regular and veins typically thinner toward the end of
the interval.
460m - End of Hole	Granodiorite host. Sparse quartz veining with weak potassic or sericitic vein
•

selvedges.

The drill hole has now been geologically logged. Structural data has also been collected from the oriented core. The core will be cut and assayed, with results expected by the end of March 2022.

P tassic Alteration (135m - 300.1m)

The granodiorite host becomes pervasively potassic altered. The intensity of altera�on increases from weak to intense toward the end of the interval. The pervasive potassic altera�on also contains weak disseminated pyrite and chalcopyrite throughout. A sharp contact between the potassic zone and the mineralised zone is encountered at 300.1m (Figure 2).

Figure 2. Chalcopyrite - pyrite within vein in strong potassic altered granodiorite (135.0m).

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10 January 2022

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Figure 3. Contact between intense potassic alteration (red altered) and the quartz-sericite altered mineralised zone.

Mineralised Zone - Strong Sericitic Alteration (300.1m - 384.4m)

The rocks are heavily brecciated and contain disseminated molybdenum throughout the sericite altered zone either side of the abrupt upper contact. Quartz veining is abundant throughout the mineralised zone. Veins vary in width

	from 1cm width to 60cm width and regularly contain coarse molybdenite and chalcopyrite. The zone reflects quartz
personal
	abundances logged in the RC drill program and appears similarly propor�onal to the amount of veining mapped in
	su face outcrop.
For
		Figure 4. Molybdenite (blue/silver) and chalcopyrite (yellow) in quartz vein (338.1m).
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ASX Announcement

10 January 2022

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Figure 5. Molybdenite in quartz vein (338.1m).

Figure 6. Chalcopyrite within core (333.3m).

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ASX Announcement

10 January 2022

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use	Figure 7. Abundant quartz veining and brecciation in intense sericite alteration (323.1m - 326.6m).

Mineralised Footwall Zone - Potassic Alteration (384.4m - 460m)

The main chlorite-sericite-quartz mineralised zone grades into a zone of potassic altera�on. The footwall potassic zone personalis characterised by regular quartz veining (1cm to 10cm thick) that typically contains chalcopyrite and pyrite. The regularity and thickness of the veining decreases at depth in the interval. As observed in the RC drilling, negligible

molybdenite was observed within the footwall zone.

For	Figure 8. Chalcopyrite within minor molybdenum within vein in strong potassic altered granodiorite (381.1m).

TITOV CU-AG-MO (Sunshine Gold 100%)

Titov is a swarm of Mo-bearing quartz veins hosted within a malachite (Cu carbonate) stained granodiorite. The prospect is located on a hill and is devoid of trees, owing to the elevated Cu in soils. A shaft and series of shallow copper workings are spread across the 300m x 120m surface anomaly.

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