Sunrise Resources Plc Baker's Gold Project - drilling update (4619J)

TIDMSRES

RNS Number : 4619J

Sunrise Resources Plc

23 August 2021

23 August 2021

Sunrise Resources plc ("Sunrise" or "the Company")

Baker's Gold Project - Drilling Results Update

Sunrise Resources plc is pleased to announce a 25% increase in gold grades from re-analysis of the reported high-grade drill samples at its Baker's Gold Project in Western Australia when compared to those announced on 29 June 2021.

Highlights:

Ø Routine re-analysis of high-grade samples carried out to evaluate possible nugget effect.

Ø New reporting interval in Hole 21SBRC002 on DLR4 Target, analysed by 1kg bulk cyanide leach and leach tail fire assay:

2m grading 14.4 g/t gold from 64m downhole including 1m grading 26.5 g/t gold.

Ø Previously reported interval from Hole 21SBRC002 on DLR4 Target analysed by 50g fire assay:

2m grading 11.5 g/t gold from 64m downhole including 1m grading 20.4 g/t gold.

Ø 95% of contained gold is cyanide leachable.

Commenting today, Executive Chairman Patrick Cheetham said : "This is a pleasing result as the prime objective in conducting the re-analysis was to make sure the original analysis did not over-report the gold content due to the potential for the nugget effect. The higher values being reported today are considered to be a more accurate measure of the gold grade due to the larger sample size."

More detailed information can be found below

Further information:

 
 Sunrise Resources plc           Tel: [phone] 
  Patrick Cheetham, Executive 
  Chairman 
                                 Tel: [phone] 
   Beaumont Cornish Limited 
   Nominated Adviser 
   James Biddle/Roland Cornish 
                                 Tel: [phone] 
   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 a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

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

Detailed Information

The Baker's Gold Project is located 25 kilometres south-east of Meekatharra in the Murchison Goldfield of Western Australia. It lies on the eastern limb of the Meekatharra Greenstone Belt which has yielded several million ounces of gold and contains a number of present and past producing gold mines.

The Company's Baker's prospecting licences contain a number of areas where metal detecting has previously produced significant quantities of gold nuggets and gold-quartz specimens.

Information on the drill programme caried out at Baker's, and the results obtained, is contained in the Company's announcement of 29 June 2021.

In any sample containing gold, the gold grains can be variable in size and/or unevenly distributed through the sample (so called nuggety distribution). Consequently, the larger the sample the more likely that it will contain a representative number and size of gold grains.

Routinely individual drill samples of approx. 2-4kg are submitted to the analytical laboratory where typically they are crushed to a size 70% below 2mm and then a split off the crushed sample, typically 250g-1kg is pulverised to a size of 85% below 75 microns. An aliquot ("charge") is taken from the pulverised material for extraction and measurement of the gold content and the balance of the pulp, the pulp reject, is stored.

In traditional wet chemical methods only 0.25-0.75 grammes of pulverised sample is chemically digested for gold extraction. A fire assay method is preferred because a larger (10-50g) charge is used for gold extraction and measurement and the extraction is usually considered total.

The analytical results reported on 29 June 2021 were for 50g fire assays. Since reporting, and as a check to eliminate any possible nugget effect, the pulp rejects from four one-metre drill samples comprising the two one-metre drill samples previously reported and the sample one metre either side were re-submitted for analysis by 1kg cyanide leach. In this method, a 1kg sample is leached with a cyanide solution to extract the cyanide soluble gold. The leach residue (tail) was then assayed by 50g fire assay to allow determination of the total gold content.

This combined method has the advantage that gold is extracted from a much larger sample and it eliminates or at least reduces the nugget effect.

The table below shows the results of the original analysis (50g fire assay) and the re-analysis (1kg cyanide leach and 50g fire assay of the leach tail):

Results indicate that gold was previously under-reported, and the high-grade intersection is now reported as 2m grading 14.4 g/t gold from 64m downhole including 1m grading 26.5 g/t gold.

The results also show that 95% of the gold in the sample is cyanide soluble, a favourable metallurgical indication.

 
                                    Original Analysis                Check Analysis 
                                                       ----------------------------------------- 
                                       Fire Assay       Cyanide Leach   Tail Fire Assay   Total 
                                                       --------------  ----------------  ------- 
 Hole Number    From (m)   To (m)        Au g/t            Au g/t           Au g/t        Au g/t 
                                   ------------------  --------------  ----------------  ------- 
  21SBRC002        63        64           0.02              0.02             0.01          0.03 
               ---------  -------  ------------------  --------------  ----------------  ------- 
                   64        65           20.40             25.30            1.21         26.51 
               ---------  -------  ------------------  --------------  ----------------  ------- 
                   65        66           2.59              2.14             0.08          2.22 
               ---------  -------  ------------------  --------------  ----------------  ------- 
                   66        67           0.51              0.56             0.04          0.60 
               ---------  -------  ------------------  --------------  ----------------  ------- 
 

Notes:

   1.   Units:         m=metres 

g/t = grammes/tonne

1ppm = 1 g/tonne

1 (Troy) ounce =31.105g

2. Samples were collected every metre of the drilling run and transported under chain of custody to ALS Minerals facilities in Perth, Western Australia (ALS) for sample preparation and analysis. Samples were prepared using method code PREP-31Y. Samples were originally analysed by method AU-AA26, a 50g fire assay with AAS finish. Samples were subsequently re-analysed using method codes An-CN12/ ME-CON02.

3. ALS carries out duplicate and standard materials analysis as part of its internal QA/QC procedures. Sunrise QA/QC standard samples were also inserted into the sample run as part of the original sample submission.

4. 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.

5. The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

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 [e-mail] 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

DRLGIGDIBUDDGBX

(END) Dow Jones Newswires

August 23, 2021 04:53 ET (08:53 GMT)