Junction Project - Exploration Update

RNS Number : 3420U

Sunrise Resources Plc

11 July 2018

 

SUNRISE RESOURCES PLC

("Sunrise" or "the Company")

11 July 2018

 VR CONTINUES SPRING EXPLORATION PROGRAMMES AT JUNCTION DRILLING TESTING PLANNED

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 exploration summary and update announced today by VR Resources Ltd ("VR") for the Junction Copper-Silver-Gold Project area in Nevada, USA, in which Sunrise holds an interest¹.

This follows on from the discovery of high-grade copper-silver-gold mineralisation along a 6km trend as announced on 12 December 2017 and the exploration update announced on 17 April 2018.  

Highlights:

VR has announced that its ongoing surface exploration this spring has strengthened the targets within the high-grade copper-silver-gold vein system at Junction as it continues to compile and synthesize new data towards the prioritisation of targets for a first-pass drill programme planned for this autumn.

VR reports the following summary update for the Denio Summit Target, which occurs wholly within the Sunrise Area of Interest^1.  This includes the latest exploration results from an Induced Polarisation (IP) geophysical survey and an integrated airborne magnetic and radiometric survey.

Denio Summit Target: 

·     1.5km trend of surface showings of copper-silver-gold quartz veins and pegmatites; 

·     Gold enrichment in 86 soil samples on 10 lines covering 1km of the surface trend of showings;

·     Potassium depletion anomaly approximately 800m long defined by airborne magnetic and radiometric survey coincident with the soil anomaly, and coincident with an interior low in the gravity high anomaly at the Denio Summit target. The potassium depletion and low density are indicative of mineral alteration;

·     IP chargeability anomaly defined from surface to depth along the down-dip extension of the veins in the northern part of the trend, coincident with the gravity low, the potassium depletion zone and the strongest (widest) part of the multi-station, copper-gold-tungsten soil anomaly.

Executive Chairman Patrick Cheetham today commented: "I am pleased to see that VR is continuing its systematic exploration of this exciting property and planning a drill programme this autumn, an event that triggers a further issue of shares to Sunrise. Whilst our focus remains firmly on developing the CS Project in Nevada, this news is a timely 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:	[phone]
Northland Capital Partners Limited Nominated Adviser & Broker Matthew Johnson/Edward Hutton/ Jamie Spotswood John Howes/Rob Rees	Tel:	[phone]

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

 

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