Big picture - Why invest in Sunrise Resources Plc
Sunrise Resources Plc Snapshot
The Company's strategy includes the targeting of advanced projects which have the potential to generate a sustaining cash flow as well as near-drill stage projects where there is a potential for significant mineral discovery.
The Company believes that industrial minerals projects offer a faster route to cash flow than conventional precious metals and base metal projects, due to lower permitting thresholds.
The Company is focused on its CS Pozzolan-Perlite Project in Nevada and other natural pozzolan opportunities following the positive results from a Concept Study for development of the CS Project.
The Company is seeking to progressively valorise the Company’s diverse portfolio of precious metal and other industrial minerals projects through joint venture, sale or other arrangements.
We only operate in stable, democratic and mining friendly jurisdictions having low levels of corruption and political risk.
The Pozz Project Overview
The Company’s Pozz Project is an initiative to search for and acquire, at low-cost, deposits having potential for the production of natural pozzolan. Currently the Company holds two separate projects within this “umbrella” initiative.
The lead project is the CS Pozzolan-Perlite Deposit and has overtaken the Company’s original Pozz Ash Deposit where testwork was less favourable.
The production of cement is responsible for 5% of the global man-made carbon dioxide emissions with nearly one tonne of CO2 generated for each tonne of cement produced. Cement manufacturers are therefore under strong pressure to minimise their carbon footprint and the use of pozzolan as a partial replacement for Portland cement in cement and concrete mixes is one way in which this is being achieved.
Pozzolan is defined (ASTM C125) as a siliceous or siliceous and aluminous material, which in itself possesses little or no cementitious value but will, in finely divided form and in the presence of moisture, chemically react with calcium hydroxide (lime) at ordinary temperatures to form compounds possessing cementitious properties.
The Romans perfected the use in natural pozzolan/lime mixtures over 2000 years ago and “Roman” cement was the main cement used until Portland cement became popular in the early 1900s and established as the main hydraulic cement used today.
In addition to reducing greenhouse gasses, the use of pozzolan can provide benefits in terms of long-term strength and stability in cement and concrete and mitigate the effects of alkali-silica reactions which can cause cracking in modern concrete structures. Natural pozzolans can also replace the use of industrial by-product pozzolans in cement such as coal fly-ash. The availability and quality of fly ash is under threat as coal fired power stations are phased out and quality becomes more variable due to increased emission control legislation.
Some Roman concrete structures have survived for millennia whereas many modern concrete structures are susceptible to “concrete cancer".
Natural pozzolans are therefore experiencing a resurgence in demand based on their strong “green” credentials. Today, pozzolans are used as a direct additive to concrete mixes and as a partial replacement for cement in amounts of up to 35% of the cementing material.
The CS Deposit
The Company’s CS Pozzolan Deposit is located in Esmeralda County, Nevada and covers large surface areas of pozzolan and perlite.
The staking of Project claims was first announced on 14 November 2016. The results of this initial testwork, announced on 22 December 2016, were very positive for the production of natural pozzolan and justified a concept study and testwork programme to evaluate the economic potential of the project.
Further announcements on testwork results were made on 2nd and 13th March 2017 and included the discovery that the Main Zone pozzolan had economic potential as a perlite and the discovery of a second zone of non-perlitic pozzolan in the Tuff Zone to the south.
On 4 May 2017 the Company announced that a composite sample from the Main Zone pozzolan has been certified by independent testing laboratory CTL Thompson in Colorado as a raw natural pozzolan suitable for use in concrete in accordance with ASTM C618.
A Concept Study for a potential development of the CS Deposit was initiated at the end of January 2017 and was scoped to consider the production of pozzolan from the CS Deposit and was later expanded to also include consideration of perlite production following discovery of the perlitic properties of the pozzolan in March 2017.
An extract of the Concept Study can be downloaded on the Company website here.
For further details of the Pozz Ash Deposit, please visit the project page here.
Bay State Silver Project
Nevada, also known as "The Silver State" has been, and continues to be, a prolific producer of silver. The historic Bay State Silver Mine is located in the Newark Mining District, 15km east of the town of Eureka in central Nevada. Eureka is on US Highway 50 and is the administrative centre for Eureka County which hosts a number of major mining operations. The project is accessed from the sealed Newark Valley Road which runs within 1,500m of the property boundary.
Geology, Previous Exploration and Results
The historical mine workings of the Bay State Silver Mine are located in an east-west striking canyon (known as Mining Canyon) cutting though the eastern slopes of the Diamond Range. The workings occur within limestones and dolomites of the Devonian Nevada Formation.
The Bay State Patents were originally located in 1863 and patented in 1874.
The mine was worked for silver in the 1870s by the Bay State Silver Mining Company and then again in the 1900s by the Newark Silver Mining Company. Mining focused on two main NW-SE striking veins sets. The largest workings are on the Chihuahua and Buckeye State Patents which together cover a strike length of some 900m and extend north and south of Mining Canyon along the Chihuahua vein system. Two shafts were sunk on the border between these two patents, near the floor of the canyon and are reported to extend to a depth of 120m with production mainly from extensive stopes above the 60m level both north and south of Mining Canyon.
In 1932 the project was bought out in a mortgagee sale and in 1942 was leased and later purchased by the now deceased relatives of the current owners after they discovered tungsten mineralisation (coarse grained scheelite) in the flat lying stockworks of the upper Chihuahua and Lincoln mine workings. In the period 1942-1944, 1,493 tonnes of high grade tungsten ore was sold to the government for wartime use but mining ceased in 1944 following the cancellation of wartime sales contracts. A further 9,000 tonnes of hand-picked tungsten ore was shipped in 1951 and there are reports of the Mining Canyon gravels having been worked for alluvial deposits of tungsten.
In the 1970s and 1980s over 20,000 tonnes of surface waste was removed for silver extraction. A contemporary surface plan shows a number of drill hole locations but it is not clear if these were all drilled.
Records of silver production from the Bay State Mine are poor but the few existing records show a mined grade of over 20 ounces per ton of silver. It is unlikely a grade below that could have been commercially worked at the time, as evidenced by the assays of the Company's grab samples from material left behind and the re-processing of large tonnages of waste material in the 1970s and 80s.
A 250m long adit ("the Chihuahua Adit") was driven north on the Chihuahua vein from the canyon floor. The vein is described as a well-defined fissure-type quartz-calcite vein varying between 0.3 and 4.6m wide which splits periodically into stockworks up to 15m wide. The vein was mined above the adit for most of its length until workings hit a zone of stockwork veining, party replacing bedding in the host limestone which dips at 22 degrees to the north. A similar stockwork zone was found at the end of the Chihuahua Adit where it was reported to be 6m thick. Four winzes with small stopes extend 12-18m below the Chihuahua Adit.
The Company has permitted 17 drill sites and has drilled five holes to date targeting the northern and central sections of the Chihuahua Vein System.
High-grade silver mineralisation was encountered in three drill holes, e.g.:
- 1,460 g/t silver (42.6 oz/ton) over 0.2m from 164.13m in Hole 15SRDD002
- 566 g/t silver (16.5 oz/ton) over 0.5m from 70.71m in Hole 15SRDD001
- 503 g/t silver (14.7 oz/ton) over 1.4m from 185.32m in Hole 15SRDD003
These three drill holes were drilled from the west side of the vein system. The silver bearing vein zones are characterised by silicification, spotty sulphide mineralisation (galena and tetrahedrite) and staining with secondary copper minerals.
A fourth hole has demostrated continuity of the Chihuahua Vein System at 300m below the surface but did not penetrate the vein sufficiently well to obtain reliable grade information.
The results are considered to be highly encouraging and justify further drilling.
For more information on this project, along with a video walk-through of the Bay State Silver Mine Chihuahua Adit and photographs from the 2015 and 2016 drilling programs, please visit the project page on the Company website here.
County Line Diatomite Project
The Company controls 109 claims over an area of 8 square kilometres on the border of Mineral and Nye counties in Nevada, 200km southeast of the city of Reno. The claims cover an occurrence of the industrial mineral diatomite.
Access to the property is available by a well-formed track for 5.5 miles southwest from the Highway 89 (Gabbs-Tonopah Pole Line Road) where there is a power line at a point 27 miles south-southeast of the town of Gabbs which is connected to the Nevada gas pipeline grid.
What is Diatomite & How is it used?
In its raw form Diatomite is a valuable industrial rock formed by the accumulation in marine and fresh water lake environments of vast quantities of skeletal material from single celled aquatic algae called diatoms.
Diatoms have hollow and lattice-like silica skeletons and the mass accumulation of these skeletons during algal blooms forms a rock with very high porosity suitable for use as a filtration medium. After processing, which can include heating to a high temperature (calcining) to improve quality, diatomite is used, for example, in filtering beer, liquor, wine, fats, fruit juices, and solvents. Commercial deposits of diatomite have a high brightness, a low bulk density and chemical inertness which also make it a suitable filler or carrier material in various industrial and domestic products.
Diatomite is widespread throughout the western USA but large and pure deposits are less common and represent an attractive target. Nevada is already a major producer of diatomite and together with California makes up the largest part of the total US annual production.
2015 production of diatomite (source: United States Geological Survey):
- 925,000 tonnes valued at over $300 million (ex-works).
- Market is growing at 3% annually (2015 figures).
Our opportunity in Diatomite
For a new project to be of commercial interest the chemical and physical quality of the diatomite needs to be very high. Sampling and testing of samples has confirmed the suitability of the tested material for the production of high value filter aid material.
In the project claim block a generally flat topography is dissected by a broad and shallow east-west trending valley drainage. Diatomite is present both at the floor of the valley, at surface in the higher surrounding flats and in the scarps and slopes between. Diatomite is also present in various valley sides and mesas/knolls on the north side of the claim block.
It seems likely that most if not all of the 8 sq.km claim block is underlain by a thick deposit of diatomite.
The first documented work on the project area was in 1925 when a company called The Nature Products Co held claim over about 200 acres and is reported to have shipped 3 carloads of diatomite to Reno for production of toothpaste and dental cream.
Later records of historical exploration are limited and extensive shallow bulldozer cuts of unknown vintage occur throughout the claim area and a small test quarry has been excavated in the south-western part of the claim block but results of this work are not available.
The project was evaluated in the 1980s by Johns Manville, now part of the IMERYS industrial minerals group but markets at that time were not so well developed as today.
For more information on this project , please visit the Company website by clicking here.
Ridge Limestone Project Overview
- Industrial mineral/base-metal project acquired by US subsidiary SR Minerals Inc.
- 18 claims staked to cover large surface area of high purity limestone.
- Potential for use in higher-value industrial applications.
- Favourably located adjacent to sealed highway and amenable to open-pit mining.
- Claims also cover prospector-scale mine workings with grab sampling results up to 15.8% zinc.
The Company has staked 18 mining claims over an area containing high purity limestone. The deposit is located adjacent to a sealed highway and 55 miles from sidings on the Union Pacific Railroad. There is no public record that this limestone occurrence has previously been targeted for industrial evaluation.
The Company’s initial reconnaissance of this area was motivated by an examination of small-scale mine workings for gold mineralisation in a geologically complex area where an uplifted fault block (“horst”) of so called “lower plate” limestone occurs in a setting favourable for the occurrence of intrusion related precious metal, skarn and Carlin-style gold mineralisation.
The limestone deposit forms a prominent ridge and lends itself to low-cost open-cast mining with potentially large tonnages evidenced by a large exposed surface area (5.4 sq. km.). The uplifted limestone is metamorphosed and recrystallised suggesting proximity to an underlying intrusive rock. Metamorphism can be an important process in the formation of high purity limestone deposits where high temperatures can bleach and recrystallise the rock and disperse impurities.
High purity limestones may have a higher value than those used in construction aggregates and are used, for example, in the chemical industries, in glass manufacturing, flue gas desulphurisation and in various fillers and extenders in the rubber, sealants, plastic and paper industries. It is also used in the manufacture of lime (calcium oxide, CaO) which is used extensively in the mining industry.
The field recognition of high purity limestone was confirmed by three reconnaissance samples, the analytical results of which are on the project page of the Company website here.
Stonewall Gold Project
The Company has staked 15 claims (SW1-15) over the Stonewall epithermal gold prospect in the Goldfield area of the Walker Lane Mineral Belt as an addition to the gold-and silver project portfolio it is building in its 100% owned Westgold Inc. subsidiary.
The Stonewall claims have been staked to cover a large vein structure showing epithermal vein textures commonly associated with gold and silver mineralisation. The Company is currently researching historical exploration results from the area.
Clayton Silver-Gold Project
- Historic exploration carried out in the 1980s by Freeport McMoRan and Coeur Exploration.
21 shallow holes drilled with significant silver intersections including:
- Hole CC-2: 6.1m at 4.5 ounces/ton (155 grammes/tonne) silver from 30.5m depth.
- Hole CC-6: 3.0m at 4.8 ounces/ton (165 grammes/tonne) silver from 16.8m depth.
- Hole CL-15: 7.6m grading 4.8 ounces/ton (165 grammes/tonne silver) from 82.3m depth to the base of hole.
- A number of holes ended in mineralisation, or did not reach the target depth, due to difficult drilling conditions.
- Freeport considered that grades were likely understated due to loss of fine silver-bearing sulphide minerals during the RC drilling programme.
- Diamond drill testing now warranted.
The Clayton Silver-Gold Project is located in the Walker Lane Mineral Belt, a major zone of structural dislocation running parallel to the Nevada-California border that includes a large number of epithermal gold and silver deposits and porphyry copper and molybdenum and copper skarn deposits, including the famous Comstock gold and silver deposits and the Yerrington porphyry deposits.
The property lies at the south end of the Clayton Valley, a major centre of lithium brine production. It is some 30km southeast of the producing Mineral Ridge Gold Mine, 30km southwest of the major historic mining centre of Goldfield where a number of large gold-silver deposits are currently under development and 63km southwest of the famous silver deposits of Tonopah which produced over 138 million ounces of silver and 1.5 million ounces of gold from 1900-1921.
The mineralisation at Clayton was discovered by prospector Ed Tomany under a grubstake agreement with Freeport McMoRan Limited. Surface samples assayed up 5.4 grammes/tonne gold and 265 grammes/tonne silver in a window of Cambrian age sediments outcropping through a cover of Tertiary age volcanics.
Fifteen drill holes (CC1-6 and CL7-15) were drilled by Tomany and Freeport in 1987 within an area of about 500m x 350m. A number of holes (highlighted above) intersected significant silver mineralisation within a zone of extensive brecciation and silicification believed by Freeport to represent the high levels of an epithermal system. True thicknesses of mineralisation are not known.
Mineralogical evaluation of drill samples and the results of screen gold and silver analyses were interpreted by Freeport to indicate that silver occurs in association with fine grained sulphide minerals that may have preferentially been lost from the drill samples into the waste drill fluids and that the reported silver grades are likely to be understated.
The intersection in Hole CL-15, one of the most northerly holes drilled by Freeport, was of particular interest, the hole having been abandoned in good-grade silver mineralisation due to difficult drilling conditions. In addition, gold values were increasing towards the base of the hole (3m grading 0.75 grammes/tonne gold at end of hole). Freeport geologists recommended a programme of diamond drilling to obtain more representative samples of the mineralisation, but this work was never carried out due to a shift in corporate focus away from silver.
In 1989 Coeur Exploration drilled a further 6 shallow RC holes (CL-16 to 21) in the central part of the project area. Wide intervals of low-grade silver mineralisation were intersected in all holes. The available record of Coeur’s drill programme is incomplete but it is clear that Coeur did not follow up the important drill intersection made by Freeport in Hole CL-15.
Rights to the Clayton Project were secured in May this year by staking of 15 mineral claims in the name of the Company’s wholly owned Nevada subsidiary, Westgold Inc. Following evaluation of the historic exploration results the Company considers that a programme of diamond drilling is now warranted to twin, and step out from drill hole CL-15.
Cue Diamond Project
The Company is exploring for diamonds in an area 70km to the north-west of the town of Cue in the Murchison Mineral Field in the Yilgarn Craton of Western Australia.
The project area was explored by De Beers in the period 1994-2002 during which time De Beers discovered a number of kimberlite dykes in two separate areas within the Company's application area - Cue 1 and Soapy Bore. Kimberlites in these localities are diamondiferous.
Drill samples of the Cue 1 and Soapy Bore kimberlite were assessed as indicating an overall low diamond grade for this particular kimberlite but the geochemical evaluation using Mineral Services' Mantle MapperTM technology has indicated a high prospectivity for the region.
The Company has discovered a number of surface occurrences of kimberlite float which point to the potential for new diamond discoveries. One of these, Target 5, has yielded a strong microdiamond count which makes it a priority target for further work.
It is well established that the diamond content of individual kimberlite bodies within a kimberlite field can be highly variable with non-diamondiferous, low grade and high grade kimberlites often present in the same field. Furthermore, the diamond content of an individual kimberlite body can be variable between different phases of that same kimberlite.
Mantle Mapper™ is a procedure developed by Mineral Services to quantitatively analyse the abundance and composition of key mantle-derived minerals (indicator minerals) in kimberlite. This allows quick, cost-effective and reliable evaluation of the diamond potential of the host body as well as an assessment of the nature and general diamond prospectivity of the mantle sampled.
The samples so far evaluated for diamond grade come from a very limited part of the Cue 1 kimberlite dyke and the Soapy Bore dyke so it is important at this early stage of exploration to establish not just the prospectivity of different parts of the same body but also the general diamond prospectivity of other kimberlites in the same field. Mineral Services proprietary Mantle MapperTM procedure is a powerful tool in this evaluation.
Mineral Services has processed a 10kg sample of the Cue 1 kimberlite for recovery of kimberlite indicator minerals ("KIMs"). The sample was processed for extraction of KIMs and their composition determined by microprobe analysis. This mineral composition data was combined with similar data obtained for KIMs extracted from the 36kg Cue 1 kimberlite surface sample.
The KIMs recovered from the samples have characteristics consistent with derivation from a kimberlite. The concentration of KIMs in the samples is very low. While weathering processes may have played a role in reducing KIM abundance (in particular that of the silicate minerals garnet and clinopyroxene), the data are interpreted by Mineral Services to indicate low original concentrations of these minerals, consistent with the low macrodiamond grade inferred on the basis of microdiamond results.
Significant and positive technical findings of the Mantle MapperTM analysis reported by Mineral Services are as follows:
- Calculated pressures and temperatures for chrome diopside imply some deep sampling by the ascending kimberlite magma of garnet peridotite from significant depths on a cool cratonic geotherm (a fertile source for diamonds).
- Compositions of the limited number of peridotitic garnets recovered, particularly the presence of two G10 (diamond associated harzburgitic composition) grains, confirm that some high pressure diamond bearing peridotite has been incorporated and that peridotitic diamonds will likely be present, albeit in probable very low quantities within the material sampled.
- Ilmenite compositions reflect neutral redox conditions at the time of kimberlite emplacement and so diamond resorption (which can reduce the size of the diamonds) is not likely to have impacted the diamond population.
Mineral Services concludes that whilst the results obtained for samples evaluated to date indicate a very low diamond potential for that part of the body that they represent, the indicator mineral data suggests the area in which it occurs is broadly prospective for diamonds.
The Company's field work has led to the discovery of a number of surface occurrences of kimberlite float which point to the potential for new diamond discoveries. One of these, Target 5 has yielded a strong microdiamond count which makes it a priority target for further work.
The Company's latest drilling programme has resulted in the discovery of three new kimberlite dykes which now require further evaluation.
For more information on our other projects, please visit the Company website by clicking here.
Baker’s Gold Project
The Bakers Gold project is available for Joint Venture.
It comprises 2 prospecting licences located 25km south east of Meekatharra lying on the eastern limb of the Meekatharra Greenstone Belt. This belt has yielded over 5.5 million ounces of gold and contains a number of producing gold mines including the Andy Well high grade gold deposit being developed by Doray Minerals Ltd.
Generally, the eastern limb of the Meekatharra Belt has not seen the same density of exploration as other parts of the belt.
Within the licence application area, the Baker's gold prospect produced a small quantity of gold from small scale workings from 1980-84.
The licence has seen various rounds of historical exploration including separate programmes of wide spaced percussion drilling.
Sunrise has carried out two rounds of soil sampling generating a number of gold-in-soil anomalies which together with historical exploration results has generated two prospects that are targeted for drill testing by the Company.
The Dicky Lee Target is an area of open pit mining where, in the 1980s, specimen gold-quartz nuggets were recovered by excavation of a quartz vein stockwork. The estimated grade of recovered material is at least 1.3 grammes/tonne gold.
Only two drill holes have tested the pit area and both intersected very wide intervals of low grade gold mineralisation (69m grading 0.2g/t gold and 80m grading 0.2 g/t gold including 1m grading 5.7 g/t gold from 5m deep).
The DRL4 target is named after historic drill hole DLR 04 completed by Australian Consolidated Minerals in 1987 which averaged 0.55g/t gold (Au) over the 22m interval from 2m down hole depth to the end of hole at 24m and where the final 2m sample (from 22-24m depth) assayed 1.17g/t Au. No follow up drilling was carried out.
Drill hole DRL4 lies within a 500m long gold-in-soil anomaly.
For images relating to this project and for more information on our other projects, please visit the Company website by clicking here.
Newark Gold Project
- Targeting Carlin-style gold mineralisation which includes some of the largest gold deposits in the world.
- Favourably located at intersection of the Alligator Ridge and Battle Mountain-Eureka gold trends.
- Freeport surface sampling returned anomalous gold with high values of Carlin-style geochemical indicator elements arsenic, antimony, thallium and barium.
- A major silicified structure is associated with favourable north-south striking anticline “trap”.
- 16 reconnaissance holes drilled by Freeport in 1986-87:
- Hole NWK8 intersected 47 m of gold-anomalous jasperoid containing an average 0.14 ppm gold from 75m to the end of hole at 122 m.
- A number of the follow-up holes failed to reach target depth.
- Deeper drilling is required to test the favourable target horizons.
The Company’s reconnaissance surface samples confirm prospective geochemistry.
Nevada is the one of the largest gold producing regions in the world with production of 5 million ounces recorded in 2014. Most of this production comes from so-called “Carlin-style” gold deposits where microscopic gold particles occur in silicified, carbonaceous and decalcified silty limestones.
Carlin-style deposits are visually unremarkable and were only recognized as a distinct style of gold deposit with the discovery of the Carlin deposit in 1961. Since then numerous discoveries have been made many of which are currently producing. They can be both large (e.g. Goldstrike which contains 39 million ounces gold at a grade of 3.3 g/t) and high-grade (e.g. Barrick’s recent Goldrush discovery which contains 8.6 million ounces gold at a grade of 10.6 g/t).
The majority of known Carlin-style deposits occur in one of a small number of linear belts (“trends”) believed to reflect regional crustal discontinuities. Favourable factors include chemically receptive limestone host rocks, particularly where folded into anticlines and cut by suitable fault structures. The silicification of the host rocks that accompanies gold mineralisation is often manifest at or near surface by so-called jasperoids containing anomalous levels of the elements arsenic, antimony, thallium, barium and mercury.
The Newark Gold Project is located at the southern end of the Battle Mountain-Eureka (Cortez) gold trend where intersected by the projection of the Alligator Ridge gold trend. It lies 40 km south of and along the same structural zone as the past-producing Alligator Ridge Mine, 12 km north of the Mt. Hamilton Gold Project and 20 km east of the Pan Gold Mine.
The Newark Project was originally targeted by Freeport-McMoRan Gold Co. in the 1980s following the discovery of gold anomalous values in silicified rocks in a favourable structural and stratigraphic setting. Surface sampling returned a high of 0.18 ppm gold along with high arsenic, antimony and thallium.
Freeport drilled a total of 16 holes. Significantly, hole NWK8 intersected 47m of low-level gold (average 0.14 ppm) gold in jasperoid from 75m to the end of the hole at 122m. All holes targeted the Chainman Shale but not the more prospective lower levels of the stratigraphy (Joanna Limestone and Pilot Shale) which are now known to host most of the gold in the deposits in this region.
In April this year the Company staked 29 mining claims covering the core of the prospective area. A field visit was carried out in June and a number of surface samples collected have confirmed the anomalous geochemistry. Future exploration at Newark should include soil sampling and a deeper drill hole at the location of hole NWK8.
For more information on our other projects, please visit the Company website by clicking here.
Junction Gold Project
As a result of the Company's reconnaissance sampling programmes in Nevada the Company has staked 15 claims to cover a new area of gold mineralisation in Nevada which now forms the Company's Junction Gold Project.
The project is located far from any modern-era gold mine or deposit. It has, however, previously been prospected for copper with old bulldozer trenches and shallow excavations scattered over the 1.2 sq km area targeting copper mineralisation in quartz veins in granite in a northeast trending zone. The copper mineralisation is spotty in nature and contains only low gold values (generally less than 0.5 grammes/tonne (g/t) gold).
Parallel to, and to the northwest of the main copper zone, the Company has identified a northeast striking gold zone where at least one quartz reef (c. 1m wide) is exposed in a number of locations but most of the zone and its potential strike extensions are soil covered. Five grab samples taken from exposures of the quartz vein over a strike length of 240m all contain gold with assays ranging from 1.3 to 12.9 g/t gold, averaging 5.6 g/t gold. Two samples of altered granite wall rock from near the reef assayed 1.6 and 3.8 g/t gold suggesting potential for more significant widths of gold mineralisation. The gold zone samples are low in copper.
Two grab samples of quartz taken from a separate quartz reef 275m to the southeast also contained significant gold values with assays of 3.3 and 16.2 g/t gold. This reef occurs within the main copper zone but the samples are low in copper, suggesting that the gold and copper mineralisation may be spatially related but formed in two separate episodes of mineralisation.
The significance of this new gold find remains to be determined but initial sampling results are very favourable.
For more information on our other projects, please visit the Company website by clicking here.
Garfield Silver-Gold-Copper Project
- Two trenches excavated in June 2016 tested beneath mineralised surface samples.
- Trench 1 (26m long) sampling results:
22m grading 0.33% copper, including:
- 2 metres grading 2.18% copper and 0.48 g/t gold from 16m-18m.
- 2 metres grading 1.2 g/t gold and 0.07% copper from 8m-10m.
The claims are located within the large Walker Lane mineral belt, a major fault zone running parallel to the Nevada-California border. This mineral belt has been a prolific producer of gold and silver from epithermal deposits such as the famous deposits at Comstock and Tonopah. Over 50 million ounces of gold have been discovered so far in the Walker Lane belt.
The Walker Lane belt also hosts a number of major porphyry and skarn type copper and molybdenum deposits (e.g. the famous Anaconda/Yerrington copper mine) and also large Iron-Oxide-Copper-Gold deposits such as the Pumpkin Hollow deposit (5.2 billion lbs of contained copper in reserves) under active development by Nevada Copper Corporation.
Twenty four claims were staked in June 2014 to cover a gossan discovered by the Company during regional reconnaissance that has returned high grades of gold, silver and copper (6% copper, 3.5g/t gold, 4 ounces/tonne silver).
In 2015 the Company has completed a small soil sampling programme which has defined a discrete gold-copper anomaly in soils associated with the gossan discovery. A preliminary trenching programme was carried out in June 2016 and was designed to expose bedrock immediately beneath overlying scree material.
Trench 1 was completed for an overall length of 26m in a northwest-southeast direction centred beneath the surface occurrence.
The bedrock exposed in Trench 1 comprised variably silicified limestone containing disseminated copper mineralisation largely in the form of the copper carbonate mineral, malachite, in association with jarosite (an iron/potassium sulphate mineral found in the oxidised zone of sulphide deposits).
The exposed bedrock was sampled along the base of the trench with continuous chip and composite grab samples being taken at 2m intervals.
The 22m interval from 4m to the end of the trench at 26m averaged 0.33% copper and contained a 2m interval grading 2.18% copper from 16m-18m.
A 2m interval from 8m-10m along the trench assayed 1.22 grammes/tonne gold.
The trench was orientated perpendicular to the interpreted strike of mineralisation but the true thicknesses of mineralisation is not yet known. Significantly, copper mineralisation was continuing at the southeast end of the trench.
Trenching provides a low cost means of initial evaluation and the programme should now be extended to lengthen the existing trench and excavate parallel trenches.
Derryginagh Barite Project
The Company holds a Prospecting Licence for base metals, barite, silver, gold and platinum group elements near Bantry, County Cork, in the south-west of the Irish Republic.
The Company is targeting the Derryginagh barite deposit for the production of high value white "paint-grade" barite for use as mineral filler in paints and plastics. The Company's original concept was for a modest scale project that could be developed with a low capital cost.
Since acquiring the project in late 2009 the Company has carried out a number of significant work programmes including drilling, metallurgical and marketing studies.
The results of this work were incorporated into a technical and economic Scoping Study completed by Wardell Armstrong International ("WAI") in late 2012. The study highlighted the need to define additional reserves and improve on the metallurgical performance of the testwork carried out so far. These are realistic objectives and work at present is concentrating on developing market opportunities with potential off-take partners which, if realised, will stimulate this further work.
For more information on this and other projects, please visit the Company website by clicking here.
Directors & Senior Management
Executive Chairman – Patrick Cheetham
Mr Cheetham is the founder of the Company. He is a mining geologist with 35 years experience in mineral exploration and 30 years in public company management. Mr Cheetham started his career as an exploration geologist in Australia with Western Mining Corporation and prior to that worked for Imperial Metals Corporation in British Columbia, Canada. From 1986 to 1993 he was joint managing director of Dragon Mining NL, during which time he was responsible for the formation of that company, the identification of and acquisition of its exploration projects, its listing on the Australian Stock Exchange and the subsequent development of its exploration projects. Patrick co-founded Archaean Gold N.L. in 1993 - the subject of a successful $50 million takeover bid by Lachlan Resources NL. He is currently also Chairman of Tertiary Minerals plc.
Non-Executive Director - Roger Murphy
Mr. Murphy joined as non-executive director in May 2016. Former MD Investment Banking of Dundee Securities Europe Ltd which he joined in 2012 to establish the London office with an emphasis on capital raising for mining and oil & gas companies. He is currently CEO of Sula Iron & Gold Plc. Previous positions include MD Renaissance Capital, successfully raising capital for a variety of companies, and Head of Sales for Canaccord Adams where he was also a member of its UK Executive Committee. Earlier in his career in the finance industry he worked in mining sales for Deutsche Bank, as a mining analyst for both Deutsche Bank and SG Warburg and as a researcher for the World Gold Council. Mr. Murphy holds a B.Sc. Hons in Geology, a M.Sc. in Hydrogeology and an MBA. Prior to joining the mining finance industry he worked as a geologist for a number of years for various companies, including Anglovaal Mining and British Petroleum.
Non-Executive Director - David Swan
Mr. Swan is a Chartered Accountant with a career focus in the retail and natural resource industries. He joined Arthur Andersen after graduating in 1977, and from 1991-1996 acted as Chief Financial Officer (CFO) or Finance Director for a number of ASX listed mining companies. He returned to the accounting profession in 1996 as Group Leader of the Mining and Resource Group at Ernst & Young in Sydney. After relocating to the UK in 2001 he continued his involvement in the natural resources industry including a position as CFO of Oriel Resources plc undertaking the IPO, TSX listing and reverse take-over of a major smelting business. He has also held various other non-executive directorships, the most recent of which being Everfor Resources plc (formerly Everfor Diamonds plc and Lubel Coal Company Ltd.
Company Secretary - Colin Fitch MA, LLM, FCIS, Barrister-at- Law
Colin Fitch is a Barrister-at-Law, and was previously Corporate Finance Director of Kleinwort Benson, Partner and Head of Corporate Finance at Rowe & Pitman (SG Warburg Securities) and Assistant Secretary at the London Stock Exchange. He has also held a number of non-executive directorships of public and private companies, including Merrydown Plc. Since retiring from full time work he is currently non-executive director of African Lakes and was until recently Company Secretary of both Ridge Mining plc and Cluff Gold.
Sunrise Resources plc (Registered in England & Wales Company No. 05363956)
SK10 2BB, United Kingdom
Tel : +44 (0)1625 838 884
Fax : +44 (0)1625 838 559
Administration email : [email protected]
SK10 2LP, United Kingdom
Media & Investor Relations
Broker & Nominated Adviser
Northland Capital Partners Limited
60 Gresham Street
Beaufort Securities Limited
63 St Mary Axe
Crowe Clark Whitehill LLP
Gowlings (UK) LLP
15th Floor - 125 Old Broad Street
Capita Asset Services
34 Beckenham Road
Tel: 0871 664 0300
Oversees Helpline: + 44 208 639 3399