RCS - Sunrise Resources - Garfield Royalty Interest

Sunrise ResourcesAnnouncement

20/08/2024 07:00

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

 

 

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

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
(http://www.sunriseresourcesplc.com)

 

 

 

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