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Sunrise Resources (SRES)

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Wednesday 07 November, 2018

Sunrise Resources

Junction Project - Exploration Update

RNS Number : 6746G
Sunrise Resources Plc
07 November 2018
 

SUNRISE RESOURCES PLC

("Sunrise" or "the Company")

 

7 November 2018

 

 VR COMPLETES AIRBORNE EM SURVEY AND PREPARES FOR DRILLING ON ITS JUNCTION COPPER-SILVER PROPERTY IN NEVADA

 

Sunrise Resources plc, the AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project in Nevada, USA, is pleased to provide the following update announced today by VR Resources Ltd ("VR") on planning and targeting for its upcoming first pass diamond drill programme on the Junction Copper-Silver-Gold Project area in Nevada, USA, ("Junction") in which Sunrise holds an interest1.

 

This follows on from the exploration update announced on 11 July 2018.  

 

Highlights

 

VR has announced that field preparations are now underway for a targeted, first pass drill programme on the copper-silver mineralization at Junction.  The company has received final approvals for required drill permits, a drill contract has been executed, and start-up is planned for later this month.  Highway access to the property, and ranch roads throughout the property facilitate cost-effective exploration at Junction. This drill programme is the result of more or less continuous surface exploration at Junction since April, 2018. 

 

VR reports that the copper-silver mineralization at Junction has been sampled at surface along a 6 kilometre trend, in coarse-grained quartz-feldspar granite dykes hosted within a sheared, polyphase cretaceous batholith and that bornite-chalcopyrite copper sulfide aggregates contain micro-inclusions of silver, resulting in a nearly 1:1 correlation of copper and silver in assay data from more than 100 samples.  VR states that the correlation does not vary along the 6 kilometre trend, nor does it vary depending on the copper grade of a sample, or the ratio of copper sulfide versus oxide.

 

VR's two drill targets include the Denio Summit Target at the western end of the copper-silver trend. The Denio Summit Target occurs wholly within the Sunrise Area of Interest1

 

Denio Summit Target

 

VR reports the following information at this target: 

 

·    a series of mineralized quartz-feldspar granite dykes and gold-bearing quartz veins occur at surface along a 1.5 kilometre trend;

 

·    a broad soil anomaly with copper, silver, gold and tungsten enriched in multiple stations on multiple lines underlies the northern 1,000 m of the surface trend of showings

 

·    geophysical test lines identify chargeability and resistivity anomalies below the surface dykes;

 

·    VR will drill-test these anomalies in the area of a sharply defined, 400 metre in diameter gravity anomaly which potentially outlines a larger-volume source body to the mineralized, altered granite dykes and veins at surface.

 

 

Executive Chairman Patrick Cheetham today commented: "I am pleased that VR is shortly to commence its drill programme, an event that will trigger a further issue of shares to Sunrise. Whilst our focus remains firmly on developing the CS Project in Nevada, this news is a useful reminder of the value that we have built up in our wider portfolio of drill stage exploration projects.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

 

 

Further information

 

Sunrise Resources plc

Patrick Cheetham, Executive Chairman  

Tel:

+44 (0)1625 838 884




Northland Capital Partners Limited

Nominated Adviser & Broker

Matthew Johnson/Edward Hutton/

Jamie Spotswood

John Howes/Rob Rees

 

 

Tel:

+44 (0)20 3861 6625

 

Notes:

 

1.   Sunrise holds shares in VR and ongoing interests in the Junction Project which may result in additional VR shares being issued to Sunrise if certain exploration milestones are met, for example drilling and then resource estimation, and which includes a 3% royalty on any future production payable to Sunrise. Full details of the original sale agreement with VR are given in Sunrise's news release dated 30 August 2017.The ongoing interests held by Sunrise relate to the Area of Interest defined as the original 15 mining claims staked by Sunrise on the Denio Summit Target, and to all claim areas staked by Sunrise or VR within a 2-mile area surrounding these original mining claims (the Area of Interest).

 

2.   The version of this news release posted on the Sunrise website will include additional illustrative maps. More complete information on the Junction property overall, including field photographs and maps, is available at the Company's website at www.sunriseresourcesplc.com

 

3.   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.

 

 

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

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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