RCS - Sunrise Resources - Garfield Royalty Interest

Sunrise ResourcesAnnouncement

16/05/2024 10:00

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RNS Number : 7189O  Sunrise Resources Plc  16 May 2024

16 May 2024

 

 

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

 

Garfield Royalty Interest

 

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

 

Under the heading "Garfield Update - Inversions Confirm Porphyry" GMR has
announced the findings of inversion modelling of the magnetic geophysics
survey data, undertaken by SJ Geophysics Ltd, which was expedited following
the identification of significant coincident magnetic geophysical and
geochemical anomalies constituting potential porphyry targets at the Project,
further details in respect of which were released by GMR on 16 April 2024.

GMR has postulated that the extensive mineralisation found at or near surface
may be related to a buried porphyry system(s). Porphyry style mineral deposits
are the source of a large portion of the world's copper production. Two
significant potential porphyry targets are being reported at Garfield.

At the Power-Line Zone ("PPL" target), all of which is within Sunrise's
royalty entitlement area, the PPL anomaly is located at approximately 200m
depth and at surface is coincident with a significant copper-in-soil anomaly
as well as rock samples with individual results up to 2.6% Cu, 0.54g/t Au and
7g/t Ag.

At the High-Grade Zone, ("PN" and "PS" targets) two discrete magnetic lobes
apparent at surface, coalesce into one large magnetic body which remains
open at depth. The main anomaly measures approximately 800m x 500m and is
reported by GMR as representing "a very enticing target for future
exploration".  The tops of the PS and PN anomalies are located at
approximately 150m depth and at surface are coincident with a significant
copper-in-soil anomaly as well as rock samples with individual results up to
2.4% Cu, 27.2g/t Au and 29.9g/t Ag. Approximately half of the High-Grade Zone
is covered by Sunrise's royalty interest.

The image below shows the area of Sunrise's royalty interest relative to the
geophysical images published by GMR.

 

Commenting today, Executive Chairman Patrick Cheetham said:

 

"Sunrise made the original surface discovery of copper-gold mineralisation
prior to selling the project and retained a 2% NSR royalty over the original
claim area and a 1-mile surrounding area. 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.

 

"We will continue to follow GMR's progress with great interest."

 

 

 

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

 

https://www.londonstockexchange.com/news-article/GMET/garfield-inversions-confirm-porphyry-potential/16470264
(https://www.londonstockexchange.com/news-article/GMET/garfield-inversions-confirm-porphyry-potential/16470264)

 

 

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
(http://www.sunriseresourcesplc.com)

 

 

 

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