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Newly listed explorer Sunshine Gold is heading into 2021 on a bright note, Townsville-based managing director Damien Keys says.

The company has a 7500m reverse circulation drilling program underway at the Triumph gold project in Central Queensland and recently completed a 5500 line km airborne magnetic survey over its Hodgkinson project in Far North Queensland.

It listed on December 11 with an offer price of 2 cents per share and saw that reach 6.7 cents by late December 16.

“It’s a fantastic place to start from,” Dr Keys said.

“Hopefully we can consolidate that when we start getting assay results from Triumph. It’s a great starting point for the new company.”

The listed company represents a rebadging of Pelican Resources, which snapped up exploration company XXXX Gold a few months ago.

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.

Dr Keys said he and the Sunshine Gold exploration manager were based Townsville while four board members were based in Perth.

“(Townsville) is the technical base for the company and we are hiring geologists from a local labour hire company and using a lab in Townsville for our assay work,” he said.

Dr Keys said the company was happy with the assets it had, but would also be in the market for new projects if the right opportunities presented.