Sunrise Resources Plc Pioche Resource Drilling Programme in Progress (0096H)

TIDMSRES

RNS Number : 0096H

Sunrise Resources Plc

25 July 2023

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

Pioche Resource Drilling Programme in Progress

Further to its announcement of 12 June 2023, Sunrise Resources plc is pleased to advise that resource definition drilling is now underway at its Pioche Sepiolite Project in Nevada, USA.

Highlights

Ø 24 drill hole programme provisionally planned.

Ø Holes being drilled by truck mounted auger drill to planned average depth of approx. 50ft.

Ø Shallow drilling reflects the surface and near surface position of mapped and trenched sub-horizontal sepiolite beds, amenable to open pit mining.

Ø Tolsa has an option to purchase the Pioche Project for US$1.25 million no later than 28 December 2023.

Ø Sunrise to retain 3% revenue royalty on production from the project area should Tolsa purchase the Pioche Project.

Ø Tolsa is a subsidiary of Spanish Company, Tolsa S.A., the world's largest producer of sepiolite.

_________________________________________________________________________

Commenting today, Executive Chairman Patrick Cheetham said:

"We are pleased to see the start of resource definition drilling at Pioche. Expectations are high, given the success of previous mapping and trenching carried out by Tolsa. Commercial deposits of sepiolite are rare, and any development of the Pioche deposit will benefit from its proximity to both road and rail as high-value sepiolite clays are traded on a global basis. We wish Tolsa every success with the drilling programme and look forward to further developments."

_________________________________________________________________________

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:

 
 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

Shares in the Company trade on AIM. EPIC: "SRES".

Website: www.sunriseresourcesplc.com

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.

Notes

   --    Further information on the Pioche Project 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCSEEFMLEDSESW

(END) Dow Jones Newswires

July 25, 2023 02:00 ET (06:00 GMT)

Sunrise Resources (AQSE:SRES.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024