REG - Sunrise Resources - Crow Springs Diatomite Project Update

Sunrise ResourcesAnnouncement

24/05/2024 07:00

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RNS Number : 7424P  Sunrise Resources Plc  24 May 2024

 

24 May 2024

 

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

 

Crow Springs Diatomite Project (Royalty Interest, Nevada, USA)

 

Sunrise Resources plc is pleased to provide the following update on its
royalty interest in the Crow Springs Diatomite Project in Nevada, USA:

 

Ø Project recently sold to Dicalite Management Group ("Dicalite") for
US$150,000 (plus royalty), of which half is already paid and half is payable
on submission of a mine Plan of Operations to the US Bureau of Land Management
("BLM").

 

Ø Dicalite has advised that documents are being readied for submission of a
Plan of Operations to the BLM which will trigger the further payment to
Sunrise.

 

Ø Sunrise retains the right to royalty payment of $6/dry ton of ore delivered
to Dicalite's nearby processing plant.

 

Ø Royalty income could start within 12 months, mine permits allowing.

 

 

Commenting today, Executive Chairman Patrick Cheetham said:

 

"We are pleased to see Dicalite progressing the development of the project so
rapidly and look forward to seeing their Plan of Operations. We expect this to
detail the scale of the operation which we believe will be a relatively simple
mining operation extracting ore for delivery to their existing diatomite
processing plant. We believe that Dicalite, permits allowing, is planning to
start production as early as this time next year which would result in royalty
income being generated from that point."

 

 

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

 

 

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.

 

About Diatomite

In its raw form, diatomite is a valuable industrial rock formed by the
accumulation in marine and freshwater lake environments of vast quantities of
skeletal material from single celled aquatic algae called diatoms.

Diatoms have hollow and lattice-like silica skeletons and the mass
accumulation of these skeletons during algal blooms forms a rock with very
high porosity suitable for use, amongst other things, as a filtration medium.

 

About Dicalite

Dicalite Management Group is a vertically integrated international industrial
minerals company founded in 1928. It produces and processes diatomite
(diatomaceous earth), perlite and vermiculite from 17 facilities in the U.S.
and Europe comprising five strategic mines and twelve processing facilities.
This includes a diatomite processing plant and associated mining operations at
Basalt, Nevada, the fourth oldest continually operated mine in the state of
Nevada.

Two varieties of diatomite are made at Basalt, calcined and natural.

Natural diatomaceous earth has a variety of uses in:

 

·    Animal feed additives
(https://www.dicalite.com/diatomaceous-earth/applications/anti-caking/)

·    Cement and concrete
(https://www.dicalite.com/diatomaceous-earth/applications/cement-concrete/)

·    Consumer products
(https://www.dicalite.com/diatomaceous-earth/applications/consumer-products/)

·    Desiccants coatings
(https://www.dicalite.com/diatomaceous-earth/applications/dessicants/)

·    Mild abrasive applications
(https://www.dicalite.com/diatomaceous-earth/applications/abrasives-and-polishing/)

·    Polishing compounds
(https://www.dicalite.com/diatomaceous-earth/applications/abrasives-and-polishing/)

·    Seed coatings
(https://www.dicalite.com/diatomaceous-earth/applications/seed-coatings/)

·    Soil amendments
(https://www.dicalite.com/diatomaceous-earth/applications/soil-amendment/)

 

After processing, which can include heating to a high temperature (calcining)
to improve quality, diatomite is used, for example, in filtering beer, liquor,
wine, fats, fruit juices, and solvents. Commercial deposits of diatomite have
a high brightness, a low bulk density and chemical inertness which also make
it a suitable filler or carrier material in various industrial and domestic
products.

 

 

CAUTIONARY NOTICE

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.

 

Shares in the Company trade on AIM. EPIC: "SRES".

Website: www.sunriseresourcesplc.com (http://www.sunriseresourcesplc.com)

 

 

 

 

 

 

 

 

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