REG - Sunrise Resources - Pioche Project Update

Sunrise ResourcesAnnouncement

26/04/2023 07:00

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RNS Number : 4372X  Sunrise Resources Plc  26 April 2023

26 April 2023

 

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

 

Pioche Project Update

 

Sunrise Resources plc is pleased to provide an update on Tolsa's planned
activities for the Company's Pioche Sepiolite Project following the recent
doubling of the project area.

___________________________________________________________________________

 

Key Points

 

·    Testwork on several one-ton bulk samples collected from the
previously reported trenching programme is progressing satisfactorily in
Tolsa's laboratories in Spain.

 

·    Detailed site topographic survey to commence next month.

 

·    Resource definition drilling programme scheduled to start in June.

 

·    Tolsa, the world's largest producer of sepiolite, has an option to
purchase the Pioche Project for US$1.25 million no later than 28 December
2023.

 

·    Sunrise to retain 3% revenue royalty from the expanded project area
should Tolsa purchase the Pioche Project.

 

The topographic survey will be a high-definition survey and will allow the
shallow sepiolite beds identified in the previous trenching programme to be
projected more accurately for drill planning.

 

Tolsa plans to mobilise a drill rig from its Wyoming bentonite operations to
carry out the drill programme which is currently scheduled to start in June.

 

 

 

Commenting today, Executive Chairman Patrick Cheetham said:

 

"We are pleased to see that Tolsa's exploration programme is gathering pace
ahead of its option decision towards the end of the year. We understand that
the results of all work programmes to date are positive, and we look forward
to seeing the results of Tolsa's drilling programme in due course."

 

__________________________________________________________________________

 

 

About Sepiolite

 

Sepiolite is a rare form of clay with very few commercial deposits in the
world.  It is non-swelling, lightweight and highly porous. It is used
extensively in pet litter, agriculture as a slow-release absorbent and
adsorbent carrier for chemicals and pesticides and in animal feeds as a binder
and carrier for nutrients and growth promoter. It is also a valuable gelling
agent and viscosity modifier in several industrial products.

 

 

 

 

 

 

 

 

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

 

 

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.

 

 

 

Notes

 

·    Further information on the Pioche Project can be found on the
Company's website at:

https://www.sunriseresourcesplc.com/pioche-sepiolite-project
(https://www.sunriseresourcesplc.com/pioche-sepiolite-project)

 

·    Further information on the Company's agreement with Tolsa and
information on Sepiolite and Tolsa can be found in the company's news release
of 28 June 2022 at:

https://www.sunriseresourcesplc.com/news/category/news
(https://www.sunriseresourcesplc.com/news/category/news)

 

 

 

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