REG - Sunrise Resources - NEW MINING CLAIMS: REESE RIDGE PROJECT

Sunrise ResourcesAnnouncement

15/03/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230315:nRSO9636Sa&default-theme=true

RNS Number : 9636S  Sunrise Resources Plc  15 March 2023

15 March 2023

 

 

SUNRISE RESOURCES PLC

("Sunrise" or "the Company")

 

NEW MINING CLAIMS: REESE RIDGE PROJECT

 

Sunrise Resources plc, the AIM-traded company focusing on the development of
its three key Nevada based industrial mineral projects, wishes to announce
that it has staked 27 new mining claims (the "Reese Ridge Project") to cover
targets for gold and base metals in central Nevada immediately adjacent to its
Ridge Limestone Project.

 

·    Project located on the south side of the prospective Humboldt
Structural Zone.

 

·   Numerous gossans and alteration zones at surface with grab samples up
to 15.8% zinc, 3.3% copper, 0.37g/t gold and 51g/t silver in separate samples
with multiple pathfinder elements, including arsenic and thallium.

 

·    Satellite imagery shows large alteration areas associated with this
mineralisation.

 

·    Significant low resistivity target identified below the surface
mineralisation.

 

·    Target prospective for a number of different styles of
mineralisation.

 

The Reese Ridge Project lies adjacent to the Reese River geothermal system
which has been, and continues to be, explored for geothermal energy. This
exploration has included use of a number of geophysical techniques common to
the mineral exploration industry, including  VTEM(TM) and MT electromagnetic
methods. These surveys have overlapped the area of the Company's new claims.

 

Both VTEM(TM) and MT surveys have independently identified a zone of
low-resistivity at a depth of about 250m below the surface mineralisation in
prospective lower-plate sediments. This low resistivity zone is now considered
a prime drill target and, in its geological setting, is considered prospective
for a number of styles of mineralisation commonly found in Nevada, including
Carlin-type gold deposits, carbonate replacement lead-zinc-silver deposits and
epithermal gold/silver deposits.

 

 

Commenting today, Executive Chairman Patrick Cheetham said:

 

"The staking of the Reese Ridge claims is consistent with our policy to
generate 100% owned attractive exploration projects at very low cost to be
sold or joint ventured to other companies, and to mitigate risk from over
exposure to one project or resource.  We have already done this successfully
with our Garfield, Stonewall, Jackson's Wash and Pioche Projects.

 

The mineralisation we are seeing at surface at Reese Ridge is associated with
a significant heat cell boundary fault for the adjacent geothermal system and,
we believe, may represent upper-level leakage from a larger mineralised source
at depth expressed as a resistivity anomaly. It is a stand-out target for
drill testing and has exciting potential.

 

Whilst our resources are focused on the continued development of our key
projects, we believe the staking of such geologically interesting
opportunities can prove very accretive to shareholder value as demonstrated by
our Pioche Project."

 

 

 

 

 

 

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 set out below is provided in accordance with the requirements
of Article 19(3) of 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').

 

 

Technical Glossary

 

Gossan: An exposed, oxidised portion of a mineral deposit, often rust-coloured
due to a high content of iron oxide formed from the oxidation of metallic
sulphide minerals.

 

 VTEM™: Versatile Time Domain Electromagnetic. A low frequency geophysical
exploration system developed, patented and trademarked by Geotech. VTEM(TM)
has good depth penetration and is useful for detecting conductive sulphides
and discriminating between low and high resistivity zones. Zones of low
resistivity can be due to sulphides and/or clay alteration associated with a
number of styles of mineralisation commonly found in Nevada.

 

MT: Magnetotelluric. An electro-magnetic survey and imaging system that use
naturally-occurring ionospheric current sheets and lightning storms - passive
energy sources - to map geologic structures to depths of up to 500 metres or
more. The MT geophysical survey method combines measurements of the earth's
electric field and magnetic field over a wide band of frequencies. Low
frequencies sample deep into the earth and high frequencies correspond to
shallow samples.

 

Lower Plate: In Nevada, a term used to define rocks occurring below the
Roberts Mountain Thrust fault which separates two broad layers of sedimentary
rock: the "Upper Plate" and "Lower Plate".  Limestones and silty limestones
in the Lower Plate host most of the major Carlin-type gold deposits in the
region. The Upper Plate does not typically host large Carlin-type gold
mineralisation, but can contain indications of mineralisation in Lower Plate
rocks that has "leaked" upwards from Lower Plate mineral deposits. At Reese
Ridge, Lower Plate and Upper Plate rocks occur side by side due to extensive
faulting and differential vertical movements.

 

 

Note:

 

Qualified Person Information:

 

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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCQZLFFXXLZBBL