SUNRISE RESOURCES PLC Sunrise Resources plc, the AIM quoted diversified mineral exploration and development company ('the Company'), is pleased to provide the following update on its Nevada projects and details of a new gold project in Nevada:
HIGHLIGHTS: | |
| Lease agreement signed on additional claims at Bay State Silver Project |
| Additional 8 claims staked at 100% owned County Line Diatomite Project |
| New gold project generated with reconnaissance sampling results up to 16 g/t gold (Junction Gold Project) |
Commenting today, Executive Chairman Patrick Cheetham said: 'We are pleased to have increased our ground holding at the Bay State and County Line Projects and to be reporting the generation of a new gold project with high gold values from our reconnaissance sampling in an overlooked area of Nevada.'
Further information
Patrick Cheetham Executive Chairman Sunrise Resources plc
Tel: +44 (0)845 868 4590
Northland Capital Partners Limited
Edward Hutton/David Hignell
John Howes/Mark Treharne (Broking)
Tel: +44 (0)207 382 1100
DETAILED INFORMATION
Bay State Silver Project, Nevada
The Bay State Silver Project is located in White Pine County, Nevada close to the mining town of Eureka. It was acquired in September 2014 and favourable sampling results for silver, zinc and lead from two sampling campaigns were announced in November 2014 and January
2015.
A Diversified Mineral Exploration AIM: SRES | Find out more at
and Development Specialistwww.sunriseresourcesplc.com
The Company is now announcing an agreement with Victory Exploration Inc. (a subsidiary of gold producer Allied Nevada Gold Corp.) to lease two further patented mining claims - the Battery & Sanchez claims ('the Claims') - that are currently excised from its Bay State Silver Project. The agreement also grants the Company the option to purchase the Claims.
A map showing the location of the Claims is available on the Company's website.
The Claims are reported by a previous owner of the Claims to contain silver bearing veins and bedded replacement mineralisation considered by the Company to lie on the southern strike extensions to the Chihuahua vein system which is now being targeted over a 1km length within the Company's expanded claim block.
The term of the lease agreement is initially 10 years and it is renewable for a further 10 year term and thereafter for so long as exploration and development is taking place. The Company can terminate the lease at any time. The option to purchase may be exercised by payment of US$250,000 at any time whilst the lease is current but must be exercised prior to start of any commercial production from the Claims. Victory Exploration Inc. will retain a 2% Net Smelter Return royalty on the Claims of which half can be purchased by the Company at any time in future for the sum of US$1 million. The lease agreement requires the Company to pay an annual advance royalty starting at US$3,000 in the first year and rising by US$2,500 per year to a maximum of US$20,000 per year. These annual payments can be credited against future royalty obligations once production starts. The lease, therefore, has a low cost to the Company in the first few years.
County Line Diatomite Project, Nevada
The County Line Diatomite project is located in southern Nevada and covers a large area of the diatomite, an industrial mineral used for filtration of beer, wine and other liquids as well as an industrial filler.
The Company has added a further 8 claims to its existing 101 claim block to cover additional areas of diatomite. Sampling and metallurgical testing of diatomite samples is continuing with encouraging results.
New Project - Junction Gold Project, Nevada
As a result of the Company's reconnaissance sampling programmes in Nevada the Company has staked 15 claims to cover a new area of gold mineralisation in Nevada which now forms the Company's Junction Gold Project.
The project is located far from any modern-era gold mine or deposit. It has, however, previously been prospected for copper with old bulldozer trenches and shallow excavations scattered over the 1.2 sq km area targeting copper mineralisation in quartz veins in granite in a northeast trending zone. The copper mineralisation is spotty in nature and contains only low gold values (generally less than 0.5 grammes/tonne (g/t) gold).
Parallel to, and to the northwest of the main copper zone, the Company has identified a northeast striking gold zone where at least one quartz reef (c. 1m wide) is exposed in a number of locations but most of the zone and its potential strike extensions are soil covered. Five grab samples taken from exposures of the quartz vein over a strike length of 240m all contain gold with assays ranging from 1.3 to 12.9 g/t gold, averaging 5.6 g/t gold. Two samples of altered granite wall rock from near the reef assayed 1.6 and 3.8 g/t gold suggesting potential for more significant widths of gold mineralisation. The gold zone samples are low in copper.
A Diversified Mineral Exploration AIM: SRES | Find out more at
and Development Specialistwww.sunriseresourcesplc.com
Two grab samples of quartz taken from a separate quartz reef 275m to the southeast also contained significant gold values with assays of 3.3 and 16.2 g/t gold. This reef occurs within the main copper zone but the samples are low in copper, suggesting that the gold and copper mineralisation may be spatially related but formed in two separate episodes of mineralisation.
The significance of this new gold find remains to be determined but initial sampling results are very favourable. Further sampling will take place this week and will include orientation soil sampling.
The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
About Sunrise Resources plc
Sunrise Resources plc is a diversified mineral exploration and development company.
The Company has diamond and gold exploration interests in Western Australia and has an active project programme to generate new exploration projects in Australia and Nevada, USA. It has staked claims over the Strike Copper Project, the County Line Diatomite Project, the Garfield Gold-Silver-Copper Project and the Junction Gold Project in Nevada, USA and has acquired an interest in the Bay State Silver Project.
The Company also holds diamond exploration interests in Finland and a white barite project in South-West Ireland which are currently on hold.
Shares in the Company trade on AIM. EPIC: 'SRES' www.sunriseresourcesplc.com
A Diversified Mineral Exploration AIM: SRES | Find out more at
and Development Specialistwww.sunriseresourcesplc.com
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