Sunshine Gold : Diamond Holes & IP Survey Confirm Mineralised Zones at Titov

DIAMOND HOLES AND IP SURVEY CONFIRM MULTIPLE MINERALISED ZONES AT TITOV

Sunshine Gold Limited (ASX:SHN, "Sunshine Gold", "the Company") is pleased to announce assay results from the 501.5m diamond hole drilled (21TVDD001) and from the resampled historic diamond hole (DDH5) at the Titov Prospect ("Titov"), Ravenswood West. Results from an Induced Polarisation (IP) survey completed in February 2022 provide context for these results and have defined exciting targets for future drilling.

HIGHLIGHTS

• • Hole 21TVDD001 was collared 430m SSE of the outcropping mineralisation at Titov (Titov Main). The hole intersected intervals of high-grade Cu-Au-Ag-Mo mineralisation at shallow depths and will now be referred to as Titov South. Assays remain outstanding for the last 99.4m of the 501.5m hole. Best results include:

o	(from 69m, Titov South)
3m @ 1.69% Cu, 0.22 g/t Au, 17.28 g/t Ag, 0.01% Mo
o	(from 89m, Titov South)
4m @ 0.36% Cu, 0.07 g/t Au, 4.31 g/t Ag, 0.02 % Mo
o	(from 134m, Titov South)
5m @ 0.70% Cu, 0.03 g/t Au, 6.30 g/t Ag, 0.01% Mo
o	(from 149m, Titov South)
2m @ 0.99% Cu, 0.08 g/t Au, 3.55 g/t Ag, 0.49% Mo
o	(from 172m, Titov South)
1m @ 0.75% Cu, 0.04 g/t Au, 2.02 g/t Ag, 0.03% Mo
o	(from 194m, Titov South)
2m @ 0.90% Cu, 0.09 g/t Au, 4.82 g/t Ag, 0.02% Mo
o	(from 303m, Titov Main)
76m @ 0.16% Cu, 0.07% Mo
o	(from 389m)
7m @ 0.34% Cu, 0.02 g/t Au, 1.8 g/t Ag

• • Historic hole DDH5 (drilled 1969) was relogged and partially resampled. The hole, DDH5, is located ~85m along strike from the nearest Sunshine Gold drilled RC holes (21TVRC007 and 21TVRC008).

  The historic sampled interval was 112m @ 0.35% Cu, 0.09% Mo (from 0m, Titov Main) The partial resampling highlighted the following zones:

  • o 6m @ 0.67% Cu, 0.08 g/t Au, 2.80 g/t Ag, 0.18% Mo

  • o 2m @ 1.52% Cu, 0.14 g/t Au, 6.30 g/t Ag, 1.12% Mo

  • o 4m @ 1.55% Cu, 0.09 g/t Au, 8.28 g/t Ag, 0.18% Mo

  • o 2m @ 0.83% Cu, 0.13 g/t Au, 3.70 g/t Ag, 0.37% Mo

  (from 40m, Titov Main) (from 94m, Titov Main) (from 97m, Titov Main) (from 110m, Titov Main)

• • An IP survey conducted in February 2022 identified distinct areas of anomalism: a chargeability and resistivity anomaly at Titov Main; a second zone of chargeability at Titov South; and a zone of low resistivity coincident with rock chip samples grading 3.95% Cu, 418 g/t Ag, 0.16 g/t Au and 0.23% Zn to the north of Titov Main.

• • Preliminary metallurgical results are expected in April 2022 and will allow Sunshine Gold to report a copper equivalent value for all Titov drill results.

Sunshine Gold's Managing Director, Damien Keys commented: "Sunshine Gold has made huge strides in the understanding of Titov in a short period of time. Our 501m diamond hole confirms that the Titov Main zone, the focus of exploration to date, continues and is open at depth. Importantly the hole has also intersected previously unrecognised, higher-grade Cu-Au-Ag-Mo mineralisation at Titov South.

We were able to locate portions of historic 1969 drill holes, including DDH5, which was drilled 85m along strike of Sunshine Gold's nearest RC holes. We were able to selectively resample the core which demonstrated the potential for improving copper, molybdenum and gold grades east of the current drilling.

We have also completed a 1km x 1km IP geophysical survey which binds the broader Titov interpretation together and has identified a new drill target at Titov North. Titov North is a resistivity anomaly coincident with a mapped breccia grading 3.95% Cu and 418 g/t Ag (ASX release 19 October 2021).

Our next phase of drilling will commence in late April 2022 and test eastern extensions to Titov Main, the new opportunity at Titov South and test beneath the mapped breccia at Titov North."

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: 151,900,000 (24m Esc)
Mr Anthony Torresan	Queensland Office:	Wwww.shngold.com.au	Deferred shares: 50,000,000 (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: 8,500,000 (24m Esc)

Figure 1. Cross section through Titov Main and Titov South showing the location of 21TVDD001.

TITOV DRILLING

Sunshine Gold drilled 8 RC holes at Titov in September 2021. The RC holes intersected thick intervals of Cu and Mo mineralisation, often exceeding 100m in width. Following a detailed review of the drilling program, some broad metal zonation relationships were noted. They included;

• • Elevated Mo in the western end of the Titov lode grading to moderate Mo grades in the east;

• • Elevated Cu grades and thickness in the eastern end of the tested Titov lode system.

In February 2022, the drill core from the 1969 diamond core drilling program at Titov was reviewed. Drill hole DDH5 is located ~85m northeast along strike from Sunshine Gold's easternmost RC drill holes 21TVRC007 & 21TVRC008. Hole DDH5 reported a historic intersection of 112m @ 0.35% Cu and 0.09% Mo, however no assays were taken for Ag and Au amongst others. Select intervals were assayed by Sunshine Gold which confirmed the Cu and Mo tenor, and notably returned elevated Au grades. Furthermore, the drill hole is believed to have intersected the eastern chargeability anomaly of the Titov Main area and confirms this anomaly as a significant drill target.

DDH5 also contained higher grade mineralisation on the footwall and hangingwall contacts of the Titov Main mineralisation. The higher grade margins are consistent with observations in Sunshine Gold RC holes 21TVRC006, 21TVRC007 and 21TVRC008. Assays for the RC program and resampled assays for historic diamond hole DDH5 are summarised in Table 1.

Hole ID	From	To	Width	Cu_%	Mo_%	Ag_ppm
21TVRC001	1	122	121	0.35%	0.11%	1.99
21TVRC002	0	91	91	0.25%	0.06%	1.37
21TVRC003	87	173	86	0.27%	0.02%	1.28
21TVRC004	26	92	66	0.38%	0.42%	2.22
including	70	76	6	0.42%	3.02%	3.94
21TVRC005	38	84	46	0.23%	0.08%	1.34
21TVRC005	166	187	21	0.31%	0.02%	1.50
21TVRC006	115	125	10	1.32%	0.02%	2.11
including	123	125	2	5.93%	0.13%	6.87
21TVRC007	0	158	158	0.37%	0.07%	2.25
including	38	56	18	0.50%	0.12%	2.89
and	128	145	17	0.65%	0.15%	4.00
21TVRC008	0	112	112	0.44%	0.08%	2.48
including and	0 50	15 67	15 17	0.62% 0.58%	0.02% 0.21%	2.38 3.34
DDH5	0	112	112	* 0.35%	* 0.09%	* ?
including	40	46	6	0.67%	0.18%	2.80
And	94	96	2	1.52%	1.12%	6.30
And	97	101	4	1.55%	0.18%	8.28
And	110	112	2	0.83%	0.37%	3.70

Figure 2. Titov area prospects, diamond hole (21TVDD001), historic hole (DDH5) and location of cross section in Figure 1.

Table 1. Results from Sunshine Gold RC drilling and resampling of historic diamond hole DDH5. Intervals in red are interpreted as a high-grade footwall to the broader mineralised envelope, intervals in green are interpreted as a high grade hanging wall to the broader mineralised envelope at Titov. Original sampling composite for DDH5 denoted with *.

Figure 3. DDH 5 Interval 44m to 45m.

Figure 4. DDH 5 Interval 94m to 95m. Inset is a vein of chalcopyrite with a molybdenite vein margin.

Figure 5. DDH 5 Interval 98m to 99m.

Figure 6. DDH 5 Interval 110m to 111m.

Sunshine Gold diamond core hole 21TVDD001 was collared 430m SSE of the outcropping mineralisation at Titov Main and was designed to assess:

• • A down dip extension to the Titov Cu-Ag-Mo system;

• • Determine vein orientations, confirm broad envelope orientation and refine the geological model;

• • Assess metal zonation at depth, to assist future vectoring toward higher-grade mineralisation; and

• • Determine the nature of an historic, deep Pole-Dipole IP chargeability anomaly.

21TVDD001 was completed in December 2021 down to 501.5m and successfully intercepted the Titov Main mineralisation at 303m, confirming the southerly dip of the zone. Furthermore, the hole identified additional Cu-bearing zones in the upper levels (Titov South) which contain elevated Mo, Ag and, notably, Au. Titov Main is now defined over 350m of strike, to depths of 350m and at an average true thickness of 65m.

The discovery of mineralisation at Titov South confirms the potential of the broader region to contain more significant Cu-Au-Ag-Mo mineralisation that is obscured by shallow cover.