Sunrise Resources Plc Garfield Royalty Interest

RNS Number : 9872A

Sunrise Resources Plc

20 August 2024

 

 

20 August 2024

 

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

 

Garfield Royalty Interest

 

Sunrise Resources plc notes the announcement made yesterday by Guardian Metal Resources plc ("GMR"), formerly named Golden Metal Resources plc, in connection with its Garfield Copper Project in the Walker Lane Mineral Belt, Nevada, USA, where Sunrise holds a 2% Net Smelter Return ("NSR") Royalty.

Under the heading "Significant Geophysical Campaign Results, Magnetic and IP Data Confirm Porphyry Potential at Garfield (and Pilot Mountain)" GMR has announced that, at Garfield:

·    "Previously completed magnetic surveys over the High-Grade and Power-Line Zones identified 0.75 km x 0.75 km and 0.7 km x 0.5 km magnetic high anomalies believed to be associated with buried porphyry intrusions at depth. These anomalies are coincident with strong copper-mineralisation at surface.

 

·    "3D inversions of the magnetic data show two large deep seated intrusive/magnetic bodies. The anomalies at both the High-Grade and Power Line Zones extend for at least 800 m vertically and remain open below the depth of investigation of the ground magnetic survey.  

 

·    "Follow up high-resolution 3D IP surveys successfully identified several sub-cropping anomalies at the margins of these intrusions, which correlate to copper-magnetite skarn mineralisation at surface, at the contacts between limestones and the granitic intrusions.

 

·    "It (GNR) is finalising planned drillhole locations and will submit a notice level permit application to the local Bureau of Land Management ("BLM") thereafter."

 

 

Commenting today, Executive Chairman Patrick Cheetham said:

"We are delighted to see GMR advancing the Garfield Project with drilling now  planned and fully funded. Our 2% royalty interest is a cost-free, risk-free and free-carried interest, and could be of substantial value if GMR's drilling is successful."

 

 

 

Background Information.

The original discovery of copper mineralisation at surface at Garfield was made by Sunrise prior to selling the project mining claims. Sunrise has retained a 2% NSR royalty over the original claim area and a 1-mile surrounding area (see image below). NSR royalty interests such as this are risk free to the holder as they are payable from revenue and not exposed to profitability. Furthermore, they are free carried and so, as holder, we are not required to contribute to exploration or mine development costs. Royalty interests also have a ready market amongst numerous specialist royalty holding companies. The Garfield royalty is just one of a number of royalty interests held by the Company and built into our agreements with other parties.

 

GMR's news release, yesterday, can be viewed in full at:

 

https://polaris.brighterir.com/public/golden_metal_resources/news/json_news/story/xodl9dr

 

 

Further information:

 

Sunrise Resources plc 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	Tel: [phone]

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

 

 

Shares in the Company trade on AIM.

EPIC: "SRES". Website: www.sunriseresourcesplc.com

 

 

 

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