REG - Sunrise Resources - Pioche Project Update

Sunrise ResourcesAnnouncement

12/06/2023 07:00

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RNS Number : 3129C  Sunrise Resources Plc  12 June 2023

12 June 2023

 

 

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

 

 

Pioche Project Update

 

Sunrise Resources plc is pleased to advise that the Tolsa USA Inc. ("Tolsa"),
the company holding an option to purchase the Company's Pioche Sepiolite
Project in Nevada, has now received approvals from the US Bureau of Land
Management ("BLM") for its planned resource definition drill programme.

 

 

Highlights

 

Ø 24 drill holes now approved by BLM, spread over an area 2.5km x 2km.

 

Ø Holes will be drilled by truck mounted auger drill to average depth of
approx. 50ft.

 

Ø Shallow drilling reflects the surface and near surface position of mapped
and trenched sub-horizontal sepiolite beds, amenable to open pit mining.

 

Ø Drilling is now scheduled for mid-July.

 

Ø Tolsa has an option to purchase the Pioche Project for US$1.25 million no
later than 28 December 2023.

 

Ø Sunrise to retain 3% revenue royalty on production from the project area
should Tolsa purchase the Pioche Project.

 

Ø Tolsa is a subsidiary of Spanish Company, Tolsa S.A., the world's largest
producer of sepiolite.

 

_________________________________________________________________________

 

 

Commenting today, Executive Chairman Patrick Cheetham said:

 

"We are pleased to see the completion of this important permitting step in
preparation for Tolsa's resource definition drilling programme and look
forward to the results of drilling in due course. The Pioche Sepiolite Project
has come a long way since our initial discovery thanks to Tolsa's ongoing
commitment and enthusiasm for the Project."

 

_________________________________________________________________________

 

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 (http://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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