REG - Sunrise Resources - SALE OF CROW SPRINGS DIATOMITE CLAIMS

Sunrise ResourcesAnnouncement

27/11/2024 07:00

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RNS Number : 7630N  Sunrise Resources Plc  27 November 2024

 

27 November 2024

 

SUNRISE RESOURCES PLC

("Sunrise" or "the Company")

 

SALE OF CROW SPRINGS DIATOMITE CLAIMS

 

Further to its announcement of 2 April 2024, Sunrise Resources plc is pleased
to announce that it has received a payment of US$75,000 from Dicalite
Management Group ("Dicalite"), being the balance of the purchase price for
mining claims sold to Dicalite earlier this year in the Crow Springs area of
Nevada, USA (the "Claims").

 

Key Points

 

·      The purchase price of US$150,000 is now received in full.

 

·    The Claims cover surface deposits of diatomite which Dicalite is
evaluating as a feed source for its Basalt diatomite processing plant some
85km distance by road.

 

·    Dicalite has applied to mine an initial 1,000-ton sample and is
preparing to submit a mine plan of operations.

 

·    Sunrise retains a royalty of US$6/dry ton of diatomite mined and
removed from the Claims.

 

 

Commenting today, Executive Chairman Patrick Cheetham said:

 

"This payment is being made as Dicalite moves forward with its plans to start
mining on the Crow Springs Diatomite Claims and takes us a step closer to the
receipt of royalty payments. Raw diatomite mined from the royalty area will be
processed in Dicalite's  existing processing plant at Basalt and we hope to
be able to say more about future royalty payments once Dicalite's mining plans
become public. We are delighted that Dicalite is pushing ahead so quickly."

 

 

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.

 

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.

 

Additional Information

 

The Crow Springs diatomite claims were acquired by staking in March 2021 and
up to the point of sale the Company incurred costs of US$24,695 in staking and
maintaining the Claims.

 

The proceeds from sale of the Claims are being applied towards working
capital.

 

About Diatomite

 

In its raw form, diatomite (aka diatomaceous earth) 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.

 

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.

 

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.

 

 

 

 

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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