Sunrise Resources Plc Baker's Project - Drilling Results (3947D)

TIDMSRES

RNS Number : 3947D

Sunrise Resources Plc

29 June 2021

29 June 2021

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

Baker's Project - Drilling Results

Sunrise Resources plc is pleased to advise that high-grade gold assay results have been received from the recently completed drill programme at its wholly owned Baker's Gold Project in the Meekatharra District of the Murchison Goldfield in Western Australia.

Highlights:

Ø Five holes drilled to depths of 100-200m for a total of 589m.

Ø Hole 21SBRC002 on DLR4 Target intersected 2m grading 11.5 g/t gold from 64m downhole:

Ø Includes 1m grading 20.4 g/t gold from 64m;

Ø Drill testing of the Dicky Lee pit encountered multiple narrow zones of low-grade Au mineralisation - best intersection of 1m grading 2.2 g/t gold.

Commenting today, Executive Chairman Patrick Cheetham said : "The objective of the drilling was to enhance the value of the project for sale or joint venture whilst remaining focused on the development of our CS Pozzolan-Perlite Project in Nevada. The drill programme was completed on schedule and under budget. The high-grade gold drill intersection in hole 21SBRC002 was made in a three-hole traverse drilled to test beneath a surface gold-in-soil anomaly and warrants immediate follow up. The soil anomalies extend over 500m so we are hopeful that the mineralisation will have good strike extent, but further drilling will be required to determine the full potential of this high-grade mineralisation. The Meekatharra District has a long history of production from rich gold deposits with several million ounces of gold already produced and in remaining defined resources with active production from a number of open pit and underground mines."

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 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 project area has seen various rounds of historical exploration including separate programmes of wide-spaced but shallow percussion drilling.

Sunrise has previously carried out mapping and three rounds of soil sampling generating a number of gold-in-soil anomalies which, together with historical exploration results, have defined the three targets which have recently been drill tested.

Five holes were drilled for a total of 589m using the reverse circulation percussion method as detailed in the Company's news release of 29 April 2021. Drill samples were collected every metre down hole and analysed for gold at independent geochemical laboratory, ALS Perth, using 50g charge fire assays(2) . Significant results are presented in the table below.

DLR4 Target

The Target is named after the hole number of a shallow historic rotary air blast drill hole (DLR4) which was completed by Australian Consolidated Minerals in 1987. Historic hole DLR4 averaged 0.55 g/t gold over the 22m interval from 2m down hole depth to the end of hole at 24m and the final 2m sample assayed 1.17 g/t gold.

Project-wide and follow-up soil sampling carried out by Sunrise defined a 500m long zone of gold-in-soil anomalies centred on hole DLR4. Quartz float can be observed at surface and appears to be the target for the historical drilling.

Three holes, 21SBRC002, 3 & 5, were drilled at 50m spacing in a fence configuration across the soil anomaly with the most north-easterly hole in the traverse, 21SBRC002, encountering high-grade gold mineralisation proximal to historical hole DLR4. A 2m interval from 64m down hole (approximately 50m below surface) graded 11.50 g/t gold and included a 1m interval grading 20.40 g/t gold. A 7-metre zone with low-grade gold values was intersected immediately below.

The Company believes the DLR4 Target to be highly prospective being currently open along strike and at depth. Further drilling is justified to determine the orientation and extent of the newly discovered high-grade mineralisation.

Dicky Lee Target

One hole was drilled at the Dicky Lee pit, 21SBRC001, to follow up on historical drill results which encountered wide intervals of low-grade gold mineralisation.

21SBRC001 was drilled to a depth of 196m and intersected a number of narrow low-grade gold mineralisation with a best intersection of 1m grading 2.19 g/t Au.

Third Target

The Third Target was a narrow zone of prospector scale working where sampling by the Company has returned high gold values. This target was speculative and tested by a single drill hole, 21SBRC004, but no significant results were returned.

Table of Significant Assay Results (down hole intervals)(3)

 
   Target     Hole Number    From (m)   To (m)   Interval (m)   Gold Grade (g/t) 
             =============  =========  =======  ============= 
 
    DLR4       21SBRC002        62        63          1               0.27 
                                64        66          2              11.50 
          includes              64        65          1              20.40 
                                66        73          7               0.34 
 -------------------------  ---------  -------  -------------  ----------------- 
 Dicky Lee     21SBRC001        8         9           1               0.55 
                                11        12          1               0.65 
                                19        20          1               0.32 
                                37        38          1               0.35 
                                44        45          1               0.36 
                                47        48          1               2.19 
                                66        70          4               0.36 
 =========================  =========  =======  =============  ================= 
 

A plan showing the location of the features described in this announcement will be available on the Baker's project page of the Company's website at:

https://www.sunriseresourcesplc.com/bakers-gold-project-australia

Notes:

   1.   Units:         ppb = parts per billion 

ppm = parts per million

g/t = grammes/tonne

1000ppb = 1ppm

1ppm = 1 g/tonne

1% = 10,000ppm

1 (Troy) ounce =31.105g

m= meters

2. Drilling was conducted by Wizard Drilling using the reverse circulation percussion method under supervision of a RSCMME (RSC Mining and Mineral Exploration Services) contract geologist. 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 and analysed by method AU-AA26, an o re grade fire assay with AAS finish. 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 sample submission.

   3.   Significant results are reported at a 0.25g/t gold cut-off. 

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.

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June 29, 2021 02:00 ET (06:00 GMT)