Sunshine Gold has entered an agreement to acquire the Ravenswood West gold-copper-rare earths project in North Queensland.
The project ticks all the boxes in the recently listed company’s acquistion strategy, according to managing director Damien Keys.
He describes it as an under-explored historical goldfield area with big system potential and close to infrastructure and mining hub workforces.
“With this acquisition we take a significant, under-explored landholding in a district that has produced over 20 Moz,” he said.
“The project is located 100km south of our Townsville office, laboratories, drillers and is a logical fit in the Sunshine Gold portfolio.
“Given the strength of rock chip, soil and stream sediment anomalism, we are excited about the potential for a significant discovery.”
The 392q km package of highly prospective gold-copper ground lies within 5km of the Ravenswood Gold operation, owned by EMR Capital and Golden Energy & Resources.
Ravenswood West is comprised of several historic gold mining areas including the Dreghorn, Kirkers, Trieste and Conolly goldfields.
The acquisition – from a Stavely Minerals subsidiary (Ukalunda) – is conditional upon the completion of due diligence by March 26.
Terms include payment of $400,000 plus a $10,000 non-refundable option fee and a a 1 per cent Net Smelter Royalty.
With that acquisition came the Triumph gold project, 50km south of Gladstone, the Investigator copper project just 12km south of the Mount Gordon (Capricorn Copper) mine in North West Queensland and the Hodgkinson gold-copper project 100km north-east of Cairns.