TIDMSRES
RNS Number : 7500N
Sunrise Resources Plc
27 September 2023
27 September 2023
SUNRISE RESOURCES PLC
("Sunrise" or the "Company")
Pioche Project Update
Sunrise Resources plc is pleased to advise that Tolsa USA Inc.
("Tolsa"), the company holding an option to purchase the Company's
Pioche Sepiolite Project in Nevada, USA, has provided a report to
the Company on its summer drilling programme.
Highlights
Ø 20 drill holes completed over an area 2km x 1.1km.
Ø Holes drilled to average depth of 47ft using truck mounted
auger drill.
Ø Two principal horizons of medium-high grade sepiolite
confirmed.
Ø 166 drill samples submitted to Tolsa's laboratory in
Madrid.
Ø 40 samples selected for initial laboratory investigations to
determine commercial quality.
Tolsa (a subsidiary of Spanish Company, Tolsa S.A., the world's
largest producer of sepiolite) has an option to purchase the Pioche
Project for US$1.25 million no later than 28 December 2023 with the
Company retaining a 3% revenue royalty on production from the
entire project area.
Following the successful completion of the drilling programme,
Tolsa and the Company have agreed to move forward to draft a
definitive option agreement as envisaged by the existing binding
option agreement.
______________________________________________________________________
Commenting today, Executive Chairman Patrick Cheetham said:
"We are pleased to see that Tolsa's drilling campaign was
successful in demonstrating continuity of the sepiolite beds over a
wide area and in providing additional samples for commercial
evaluation, work which is ongoing in Spain. We are also encouraged
by the decision to proceed to a definitive agreement and look
forward to Tolsa's decision on exercise of the option in due
course."
_________________________________________________________________________
Further information:
Sunrise Resources plc Tel: +44 (0)1625 838 884
Patrick Cheetham, Executive
Chairman
Tel: +44 (0)207 628 3396
Beaumont Cornish Limited
Nominated Adviser
James Biddle/Roland Cornish
Tel: +44 (0)207 469 0930
Peterhouse Capital Limited
Broker
Lucy Williams/Duncan Vasey
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 which forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Detailed Information
Drill Programme
The drill programme was carried out using an auger drill mounted
on a Ford F550 truck and hauled from Tolsa USA's Casper Wyoming
mine area.
Twenty drill holes were competed for a total of 929 linear feet.
Holes were drilled to an average depth of 47ft reflecting the
shallow occurrence of sepiolite amenable to open-pit mining. The
drill holes were spaced relatively evenly over an area of 2km x
1.1km, where track access allowed and where surface disturbance
could be minimised. A helical drill stem was used to extract the
sepiolite samples which were cut from the materials retained on the
auger drill stem on extraction from the ground. Good recovery was
achieved.
The drilling confirmed two main levels of medium-high grade
sepiolite clay and 166 samples were taken and shipped to Tolsa's
laboratories in Madrid. Based on textures, appearance, colour and
lithological differences, 40 samples were selected for testing for
their commercial properties.
Testing is in progress.
Definitive Agreement
The Company's existing option agreement with Tolsa provides that
a more detailed agreement will to be entered into to incorporate
the terms of the existing binding agreement and to set out in more
detail the parties agreement on the matters contained in that
binding agreement. Specifically this will include the agreed form
of the Conveyance Deed for transfer of the mining claims on
exercise of the Option and an agreed form of the Royalty Deed to
detail the terms and calculation, payment and auditing of the
royalty.
About Sepiolite
Sepiolite is a rare form of clay with very few commercial
deposits in the world. It is non-swelling, lightweight and highly
porous. It is used extensively in pet litter, agriculture as a
slow-release absorbent and adsorbent carrier for chemicals and
pesticides and in animal feeds as a binder and carrier for
nutrients and growth promoter. It is also a valuable gelling agent
and viscosity modifier in several industrial products.
-- Further information on the Pioche Project and photographs
from the drill programme can be found on the Company's website
at:
https://www.sunriseresourcesplc.com/pioche-sepiolite-project
.
-- Further information on the Company's agreement with Tolsa and
information on Sepiolite and Tolsa can be found in the company's
news release of 28 June 2022 at:
https://www.sunriseresourcesplc.com/news/category/news
Shares in the Company trade on AIM. EPIC: "SRES".
Website: www.sunriseresourcesplc.com
Qualified Person Information:
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.
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