Source - RNS
RNS Number : 0168K
Sunrise Resources Plc
05 April 2018
 

SUNRISE RESOURCES PLC

("Sunrise" or "the Company")

 

5 April 2018

 

 

JUNCTION COPPER-SILVER-GOLD PROJECT - UPDATE

 

Sunrise Resources plc, the AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project in Nevada, USA, notes that VR Resources Ltd ("VR") has today announced a further expansion of the claim area of the Junction Copper-Silver-Gold Project in Nevada, USA in which Sunrise holds an interest.

 

This follows on from the discovery of high grade copper-silver-gold mineralisation along a 6km trend as announced on 12 December 2017.  As a result of the additional claim staking the project area in which Sunrise holds an interest has increased nearly seven-fold since the project was sold by Sunrise to VR.

 

Sunrise holds shares in VR and ongoing interests in the Junction Project which will result in additional VR shares being issued to Sunrise if drilling is carried out and again if a  resource estimate is made. Sunrise is also entitled to a  3% royalty on any future production. 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 original 15 mining claims staked by Sunrise, which now comprise the core of VR's extended Western Zone claim block, and also to all claim areas staked within a two mile area surrounding the original mining claims. 

 

VR has stated that its work to-date on the Junction Property demonstrates  "…. a robust mineral system which the company will explore aggressively in 2018, including expanded geochemistry, and grid-based ground and airborne geophysics, all towards prioritizing integrated exploration targets for first-pass diamond drilling."

 

Commenting today, Executive Chairman Patrick Cheetham said: "Junction was our first project disposal following our commitment to focus Sunrise's strategy on our pozzolan and perlite business.  It is pleasing to see VR advance this highly prospective project and we continue to explore opportunities to unlock value for our shareholders through further disposals of our portfolio of non-core mineral assets."

 

Further information

 

Sunrise Resources plc

Patrick Cheetham, Executive Chairman  

Tel:

+44 (0)1625 838 884

 

 

 

Northland Capital Partners Limited

Nominated Adviser & Broker

Edward Hutton/Jamie Spotswood

John Howes/Rob Rees

 

Tel:

+44 (0)20 3861 6625

 

 

 

 

 

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


This information is provided by RNS
The company news service from the London Stock Exchange
 
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