Garfield Royalty Interest

Sunrise Resources Plc

16 May 2024

 

16 May 2024

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

Garfield Royalty Interest

Sunrise Resources plc notes the announcement made yesterday by Golden Metal Resources plc, ("GMR") owner of the Garfield Copper Project in the Walker Lane Mineral Belt, Nevada USA, where Sunrise holds a 2% Net Smelter Return ("NSR") Royalty.

Under the heading "Garfield Update - Inversions Confirm Porphyry" GMR has announced the findings of inversion modelling of the magnetic geophysics survey data, undertaken by SJ Geophysics Ltd, which was expedited following the identification of significant coincident magnetic geophysical and geochemical anomalies constituting potential porphyry targets at the Project, further details in respect of which were released by GMR on 16 April 2024.

GMR has postulated that the extensive mineralisation found at or near surface may be related to a buried porphyry system(s). Porphyry style mineral deposits are the source of a large portion of the world's copper production. Two significant potential porphyry targets are being reported at Garfield.

At the Power-Line Zone ("PPL" target), all of which is within Sunrise's royalty entitlement area, the PPL anomaly is located at approximately 200m depth and at surface is coincident with a significant copper-in-soil anomaly as well as rock samples with individual results up to 2.6% Cu, 0.54g/t Au and 7g/t Ag.

At the High-Grade Zone, ("PN" and "PS" targets) two discrete magnetic lobes apparent at surface, coalesce into one large magnetic body which remains open at depth. The main anomaly measures approximately 800m x 500m and is reported by GMR as representing "a very enticing target for future exploration".  The tops of the PS and PN anomalies are located at approximately 150m depth and at surface are coincident with a significant copper-in-soil anomaly as well as rock samples with individual results up to 2.4% Cu, 27.2g/t Au and 29.9g/t Ag. Approximately half of the High-Grade Zone is covered by Sunrise's royalty interest.

The image below shows the area of Sunrise's royalty interest relative to the geophysical images published by GMR.

Commenting today, Executive Chairman Patrick Cheetham said:

"Sunrise made the original surface discovery of copper-gold mineralisation prior to selling the project and retained a 2% NSR royalty over the original claim area and a 1-mile surrounding area. NSR royalty interests such as this are risk-free to the holder as they are payable from revenue and not exposed to profitability. Furthermore, they are free carried and so, as holder, we are not required to contribute to exploration or mine development costs. Royalty interests also have a ready market amongst numerous specialist royalty holding companies. The Garfield Royalty is just one of a number of royalty interests held by the Company and built into our agreements with other parties.

"We will continue to follow GMR's progress with great interest."

GMR's news release, yesterday, can be viewed in full at:

https://www.londonstockexchange.com/news-article/GMET/garfield-inversions-confirm-porphyry-potential/16470264

Further information:

Sunrise Resources plc Patrick Cheetham, Executive Chairman	Tel: [phone]
Beaumont Cornish Limited Nominated Adviser James Biddle/Roland Cornish	Tel: [phone]
Peterhouse Capital Limited Broker Lucy Williams/Duncan Vasey	Tel: [phone]

Shares in the Company trade on AIM.

EPIC: "SRES". Website: www.sunriseresourcesplc.com

 

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