Exploration Update

RNS Number : 4836Q

Sunrise Resources Plc

18 June 2015

 



18 June 2015

 

SUNRISE RESOURCES PLC

(the "Company")

EXPLORATION UPDATE

Sunrise Resources plc, the AIM-traded diversified mineral exploration and development company, is pleased to provide the following update on a number of its Nevada, USA and Australian exploration projects.

Highlights

Bay State Silver Project, Nevada

·     Following receipt of bonanza silver grades, the revised drill plan now complete

·     Notice-level permit application being submitted to US Bureau of Land Management

Garfield Gold-Copper-Silver Project, Nevada

·    Results from preliminary soil sampling programme around original high-grade prospecting discovery define a discrete anomaly with soil values up  to 258ppb gold, 0.33% copper and 10.3g/t silver

Cue Diamond Project, Western Australia

·     Modelling and interpretation of airborne magnetic data now completed

·     Numerous anomalies defined - field checking of newly generated anomalies to follow

Baker's Gold Project, Western Australia

·     New Prospecting Licence included in Native Title Agreement

·     Results from soil sampling programme over new licence show up to 132ppb gold - defining new drill target at the Dicky Lee Prospect

Commenting today, Executive Chairman Patrick Cheetham said: "Having recently announced bonanza silver grades from underground sampling of the Chihuahua Vein at our Bay State Silver Project in Nevada I am pleased to be reporting the completion of follow-up drill planning as well as further activity and encouraging results across a number of our other projects."

Further information

Sunrise Resources plc Patrick Cheetham, Executive Chairman	Tel:	[phone]
Northland Capital Partners Limited Edward Hutton/David Hignell John Howes/Mark Treharne (Broking)	Tel:	[phone]

Detailed Information

The Bay State Silver Project, Nevada

The Bay State Silver Project is located in Eastern Nevada, 15km east of the County town of Eureka. It was acquired by the Company in September 2014.

At the beginning of this month the Company reported bonanza silver grades from underground sampling of the Chihuahua Vein where 18 vein samples averaged over 1kg/tonne (1,123g/t or 33oz/t) of silver with bonanza grades up to 4kg/t (4,020g/t or 117oz/t) silver over 61cm.

The provisional drill plan for the project has now been amended and finalised. Drilling will focus on the Chihuahua Vein, although it is possible that the programme will test parallel vein structures including the Lincoln Vein which occurs to the west of the Chihuahua Vein and also returned high silver values in the Company's previous surface sampling campaigns.

The drilling will be conducted in phases depending on progressive results. A notice-level permit application will be submitted to the US Bureau of Land Management this week for the revised programme. Approval would normally be expected within a few weeks. An archaeological survey may be required to ensure that historic mine infrastructure is not disturbed during the programme.

Garfield Gold-Copper-Silver Project, Nevada

The Garfield Project was staked as a 24 claim block following the discovery of high grade surface material grading 6% copper, 3.5 grammes/tonne (g/t) gold and 126g/t silver.

The surface material at this locality includes transported material originating from surrounding basalt hills and in order to confirm the local provenance of this material a small soil sampling programme was complete over an area of 300m x 200m surrounding the discovery site as announced in April 2015.

Results have now been received and reveal a soil anomaly associated with the discovery site with values up to 258 parts per billion (ppb) gold, 0.33% copper and 10.3g/t silver in soil. The anomaly is discrete and extends over approximately 50m. The Company considers this to reflect an in-situ source.

A programme of trenching is now planned to provide further exposures of the mineralisation for sampling.

Cue Diamond Project, Western Australia

Earlier in 2015, the Company commissioned Southern Geoscience Consultants (SGC) to carry out detailed modelling and interpretation of airborne magnetic and radiometric data over the project area.

The objective of this work has been to identify and better define the structures hosting the known kimberlite dykes, to identify additional such structures and to identify potential kimberlite pipes having larger tonnage potential than the kimberlite dykes so far tested by the Company.

This work is now completed and numerous targets have been defined for field checking.

Baker's Gold Project, Western Australia

An application for a new Prospecting Licence (PL) adjoining the west side of the claim block was recently granted following amendment to the project's Native Title Agreement to include this area.

The new PL covers the historic Dicky Lee mine workings where a limited programme of shallow drilling by a previous operator encountered wide intervals of anomalous gold mineralisation and narrow intervals of higher-grade gold mineralisation (maximum 1m at 5.7g/t gold from 5m depth) within a quartz-vein stock work in dolerite. Metals detecting of mine spoil was reported to have returned several ounces of gold nuggets.

The Company has now completed soil sampling over the new licence area and results have been received. A gold in soil anomaly up to 132ppb gold has been detected immediately north of Dicky Lee mine and this anomaly will now be scheduled for drill testing alongside other targets defined in the Company's earlier soil sampling programme.

The completion of soil sampling across the full project area has allowed for the rationalisation of the Company's licence block and consequently a number of project PL's have been surrendered over areas now considered non-prospective.

Corona Gold Project, Western Australia

The Corona Gold Project is located south of Baker's on the same Meekatharra Greenstone Belt.

Follow-up soils sampling around discrete gold-soil anomalies found in the Company's earlier wide-spaced soil sampling programme did not enhance the original anomalies and so this project now has a lower priority.  As a result, the Company's licence area has been reduced to a core holding surrounding the historical Corona gold workings where high grade gold values have previously been reported from surface sampling.

An updated Company presentation will be posted to the Company's website shortly.

Ends

Notes:

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 an AIM-traded diversified mineral exploration and development company.

The Company's objective is to develop profitable mining operations to sustain the Company's wider exploration efforts and create value for shareholders through the discovery of world-class deposits.

The Company has diamond and gold exploration interests in Western Australia and has staked claims and acquired leases over a number of projects in Nevada, USA, most recently at the Junction Gold Project.

The Company also holds diamond exploration interests in Finland and a white barite project in South-West Ireland.

Shares in the Company trade on AIM. EPIC: "SRES" www.sunriseresourcesplc.com

 

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