High grade discovery, Junction Project

RNS Number : 0659Z

Sunrise Resources Plc

12 December 2017

 

 

SUNRISE RESOURCES PLC

("Sunrise" or "the Company")

 

12 December 2017

VR DISCOVERS HIGH GRADE COPPER-SILVER-GOLD MINERALIZATION
ALONG 6,000 METRE TREND AT THE JUNCTION PROPERTY, NEVADA

Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project, is pleased to  provide the following exploration update from TSX-V listed VR Resources Ltd ("VR") on the Junction Copper-Silver Gold Project in Nevada, USA,  included in full at the end of this section.

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 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 date 30th August 2017.

The ongoing interests held by Sunrise relate to the original 15 mining claims staked by Sunrise, which now comprise the core of VR's extended Western Zone claim block, and also to a 2 mile area surrounding the original mining claims which now encompass all of VR's expanded Western Zone claim block and a small part its Eastern Zone claim group.

Commenting today, Executive Chairman Patrick Cheetham said: "To quote VR's President, Michael Gunning, the results ''surpassed expectations'. Our ongoing interests in VR and the Junction Project result from the sale of the project and allow us to participate in the value creation that mineral discoveries can bring, at no further cost to Sunrise and this provides a great template for the valorisation of our portfolio of 100% owned projects now that we are focussed on the development of our CS Project."

Further information:

Sunrise Resources plc Patrick Cheetham, Executive Chairman	Tel:	[phone]
Northland Capital Partners Limited Nominated Adviser & Broker Edward Hutton/David Hignell John Howes/Rob Rees	Tel:	[phone]
Beaufort Securities Limited Joint Broker Jon Belliss	Tel:	[phone]

Notes:

1. The news release may contain certain statements and expressions of belief, expectation or opinion which are forward-looking statements, and which relate, inter alia, to the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely unduly on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

2. This announcement contains inside information.

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

VR RESOURCES NEWS RELEASE

VR DISCOVERS HIGH GRADE COPPER-SILVER-GOLD MINERALIZATION
ALONG 6,000 METRE TREND AT ITS JUNCTION PROPERTY, NEVADA

NR-17-14

December 12, 2017, Vancouver, B.C.: VR Resources Ltd. (TSX.V: VRR, FSE: 5VR), the "Company", or "VR", is pleased to announce the discovery of high grade, polymetallic copper-silver-gold sulphide mineralization along a strike length of 6 kilometres at its Junction property in north-central Nevada, located some 50 kilometres north of its flagship Bonita copper-gold Property. Highlights of the Company's surface prospecting and mapping program at Junction include:

·     High grade copper-silver-gold mineralization on surface at 29 different locations in two main areas spanning a 6 kilometre strike length within a regional-scale shear zone.

·     Of 99 surface grab samples collected for geochemistry from across the property:

o  47 samples contain greater than 1 % copper:

§ Samples of tenorite-cuprite veins have up to 37.4% Cu, with 340 g/t Ag and 2.13 g/t Au.

§ Samples of massive digenite-covelite-chalcopyrite veins contain up to 45.1% Cu, with 560 g/t Ag and 1.09 g/t Au.

o  17 samples contain greater than 100 g/t silver:

§ Samples of massive cuprite-argentite veins contain up to 735 g/t Ag, with
36.2% Cu and 0.388 g/t Au.

o  32 samples contain greater than 1 g/t gold:

§ Samples of quartz vein spatially associated with pegmatites contain up to 26.8 g/t Au (0.78 oz/ton), with 14.4 g/t Ag and 0.06% Cu as disseminated sulphides within the veins.

o  Very high statistical correlation coefficient (0.88) between copper and silver in 99 samples

·     Continuity of copper, gold and silver enrichment in soil is evident along 1 kilometre of strike over the western zone (grid = 307 samples on 16 lines; the eastern zone is yet to be covered).

o  High temperature trace elements such as tungsten (W) demonstrate continuity between the surface showings of copper-silver-gold sulphide mineralization.

·     The Company has quadrupled the size of the property, to 70 claims covering 1446 acres (585 ha).

Copper-silver sulphide mineralization is related to quartz-feldspar pegmatite dykes and associated quartz veins within biotite-hornblende orthogneiss which forms the northern extent of the northeast-trending, regional-scale Antelope shear zone which hosts the Ashdown moly-gold deposit located some 10 kilometres to the southwest of the Junction property.  Copper-silver sulphide assemblages include digenite-covellite-tenorite-argentite; chrysocolla is common, less so glassy limonite and chalcopyrite.  Sulphides occur in both veins and blebs in pegmatite and quartz vein within and proximal to pegmatite.  Quartz veins have metre-scale iron carbonite alteration envelopes in pegmatite locally.  More complete descriptions are on the Junction project page on the Company's website at www.vrr.ca .  Maps of the geochemical data highlighted above and field photos are included with this news release on the website www.vrr.ca/news .

Commenting on the news today, VR's CEO Dr. Gunning reiterated: "Simply stated, Junction has surpassed our expectations.  The consistent rock and mineral associations in nearly 30 different occurrences across 6 kilometres of strike speaks to a robust mineralizing system.  The copper and silver mineral assemblages highlight the unusual grade potential of this newly discovered trend.  The occurrence within the Antelope Shear Zone  underscores a crustal-scale anchor to the orogenic-style, mesothermal veins at Junction, reinforced by the past-producing Ashdown mine to the southwest.  To be clear, we view these collective attributes at Junction as highly prospective and a material opportunity for the Company in 2018".

VR plans to aggressively follow-up this discovery in 2018.  VR is planning for a high resolution EM geophysical survey over the property in Q1 2018 to map the sulphide system at Junction at depth, and to evaluate and prioritize targets areas for potential first-pass diamond drilling. 

As previously reported, plans are underway for follow-up drilling at the Company's Bonita copper-gold property in 2018, upon the recent completion of the 2017 fall program, for which the Company hopes to have complete and final data to release in early January.

About The Junction Property

The Junction property is located in Humboldt County, near the Nevada - Oregon border, immediately east of Highway 140. The nearby town of Denio Junction is less than 6 kilometres to the north, and facilitates effective and cost-efficient field exploration programs.  The Company has expertise to leverage and synergies to exploit at Junction by applying its extensive exploration experience during the past three years in northwestern Nevada at its nearby Bonita property.

The Junction property consists of 70 claims in two contiguous blocks covering 1,446 acres (585 hectares) within an area of approximately 5 by 5 kilometres.  The property is on land administered by the federal Bureau of Land Management (BLM).  No state or federal land use designations or privately-owned lands impede access to the property, nor is the property within the BLM's broadly defined area of proposed sage grouse protection.

The property is owned 100% by VR, registered to the Company's wholly-owned, Nevada-registered US subsidiary Renntiger Resources USA Ltd.  The 15 core claims of the western block of the property were acquired from a private company in August, 2017 (see terms in NR dated August 30, 2017); all other claims were staked directly by VR.

Technical Information

Rock samples for geochemistry are submitted to the ALS Global facilities in Reno, Nevada, with final analytical work completed at the ALS laboratories located in Vancouver, BC., including ICP-MS analyses for base metals and trace elements, and gold determination by atomic absorption assay. 

Technical information for this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, and reviewed on behalf of the Company by Dr. Michael Gunning P.Geo., a non-independent Qualified Person.

About VR Resources

VR Resources Ltd. ("VR") is a new listing in the junior exploration space (TSX.V: VRR; Frankfurt: 5VR).  The diverse experience and proven track record of its Board in early-stage exploration and discovery is the foundation of VR. The Company is focused on exploring large copper-gold mineral systems in the western United States.  VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company.  VR is well financed for its exploration strategy, including first-pass drilling of its core asset, the Bonita Property.  VR owns its exploration assets outright, and will evaluate new opportunities on an ongoing basis, whether by staking or acquisition. 

ON BEHALF OF THE BOARD OF DIRECTORS:

"Michael H. Gunning"

_____________________________

Dr. Michael H. Gunning, PhD, PGeo

President & CEO

 

END

 

 

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