REG - Sunrise Resources - UPDATE ON MYRTLE GOLD-SILVER PROJECT

Sunrise ResourcesAnnouncement

19/05/2022 07:00

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RNS Number : 0226M  Sunrise Resources Plc  19 May 2022

19 May 2022

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

 

UPDATE ON MYRTLE GOLD-SILVER PROJECT

 

Sunrise Resources plc is pleased to advise high grade assay results from
sampling and mapping at surface at its Myrtle Gold-Silver Project in Mineral
County, Nevada, USA.

 

Key Points

 

·    Company holds 20 mining claims (the "Company Claims") surrounding two
mining claims over the historic Myrtle Mine owned by another party (the
"Adjoining Myrtle Mine Claims")

 

·    Reconnaissance field mapping and sampling has been carried out on
both sets of claims by the Company

 

·    On the Adjoining Myrtle Mine Claims, Company samples returned values
of up to 142g/t gold (4.1 ounces/ton) from narrow in-situ quartz veins and up
to 9.7g/t from quartz vein samples on the Myrtle Mine dumps

 

·    Values of up to 3g/t gold from Sunnyside Mine workings on the Company
Claims

 

·    Silver values of up to 13.2 ounces/ton (452g/t) and up to 4.9%
zinc-lead-copper from more distal mineralisation on Company Claims

 

·    Intrusive related gold-silver-base metal system suspected

 

·    Located in prolific Walker Lane Mineral Belt of epithermal gold
silver and porphyry copper deposits

 

 

Commenting today, Executive Chairman Patrick Cheetham said:

 

"The assay results from reconnaissance sampling of the Myrtle Project are very
promising with different styles of mineralisation developed around what
appears to be an intrusive related gold system.

 

Very high gold values of up to 142g/t have been returned from the Adjoining
Myrtle Mine Claims whilst samples from the Company Claims include gold values
of up to 3g/t from the Sunnyside Mine area and 13.2 ounces/ton silver from
prospector workings in a more distal setting.  A number of separate
exploration targets are suggested by this sampling and further exploration is
justified

 

The development of our core pozzolan and perlite projects remains our priority
and only limited funds are deployed on other projects where we think we can
add value at little cost as demonstrated by these results."

 

 

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.

 

 

Detailed Information

 

The Myrtle Gold-Silver Project (the "Project") is located 25km northwest of
Hawthorne, the administrative centre for Mineral County, Nevada.

 

The Project is located in the Walker Lane Mineral Belt which contains a number
of commercial porphyry copper deposits and epithermal gold and silver
deposits. The nearest of these are the Rawhide Mine (1.8 million ounces gold
and 15.6 million ounces of silver from past production) 31km to the northwest,
and the currently producing Isabella Pearl Mine, 33 km to the southwest.

 

The Project was acquired by claim staking in 2021 and comprises 20 lode mining
claims (400 acres) held by Sunrise's Westgold Inc. subsidiary. These Company
Claims surround the two Adjoining Myrtle Mine Claims which are centred on the
old Myrtle Gold Mine and excised from the Company Claims having been held
since the 1940's by independent family interests. The Company Claims cover the
adjacent Sunnyside Mine and a number of prospector scale workings spread
throughout the area of the Company Claims.

 

Reconnaissance field mapping and sampling has been carried out on both sets of
claims by a Nevada based geological contractor and assay results are now
available. In addition, the Chairman visited the property on his recent visit
to Nevada accompanied by the owner of the Myrtle Mine and carried out a brief
examination of old underground workings.

 

Sampling and mapping results discussed here are for both the Company Claims
and the excised Adjoining Myrtle Mine Claims in order to give a more coherent
and complete description of the mineralisation in the area.

 

Historical mine workings are located in an intrusive quartz monzonite as well
as a surrounding sequence of shallow dipping limestones and shales. On the
Adjoining Myrtle Mine Claims two styles of mineralisation are apparent.
Narrow, north striking quartz veins occur within the quartz monzonite and free
gold is reported to be visible in some samples of these veins. A sample of one
such vein taken by the Company, 5cm wide where sampled, assayed a very high
4.1 ounces/ton gold (141g/t gold) whilst 30m away a similar 10cm wide vein
assayed 4.7g/t gold. In addition, there is a zone of limonite and quartz
veining at the contact between the quartz monzonite and a dolomitic limestone
which an old report describes as gold bearing and up to 10 feet wide. This
zone was seen underground on the recent visit and is strongly mineralised with
oxidising sulphides. This underground zone is likely the source of quartz vein
samples on the main adit dump, two samples of which assayed 4.7g/t gold and
9.6g/t gold. There is insufficient development work underground to determine
the extent of this mineralisation.

 

In the old Sunnyside Mine, on the Company Claims, old mine workings reportedly
targeted a pipe-like body of gold mineralisation developed over an area 9m x
5.5m, but open ended, and also comprising massive limonite and quartz. This
reportedly occurred at the intersection of a number of faults near the contact
of the quartz monzonite and the limestone in an area intruded by mineralised
fine grained porphyry dykes. Dump samples taken by the Company at the
Sunnyside Mine assayed 1.87g/t gold and 2.96g/t gold. Gold bearing samples
from both the Myrtle and Sunnyside Mine areas are highly anomalous in the
elements bismuth and tellurium which are often associated with gold in
intrusive related gold systems.

 

The larger part of the Company Claims is underlain by a shallow dipping
limestone-shale sequence that contains old prospector scale workings developed
on gossanous horizons and shear zones. The Company's samples from various
dumps have returned values of up to 452g/t silver (13.2 ounces/ton) and, in
another sample, 110g/t silver (3.2 ounces/ton) with 4.9% zinc-lead-copper in
that same sample. These samples are suspected to represent more distal
mineralisation developed around the quartz-porphyry intrusive.

 

In the late 1980s, the area around the Myrtle Mine was held by Atlas Precious
Metals who, according to records at the Bureau of Land Management, completed
up to 9 drill holes. Results are unknown. Seven of these holes are shown as
located on the Company Claims and two on the Adjoining Myrtle Mine Claims.

 

A plan showing the location of the Myrtle Project can be found on the Company
website here
(https://www.sunriseresourcesplc.com/filemanager/Myrtle/Myrtle%20Location%20Plan.jpg)
and plans showing the distribution of significant gold and silver values in
the Company's sampling programme and a preliminary geological interpretation
can be found on the Company website here
(https://www.sunriseresourcesplc.com/filemanager/Myrtle/Myrtle%20Sample%20Location%20Plan%20Gold%20Final.jpg)
and here
(https://www.sunriseresourcesplc.com/filemanager/Myrtle/Myrtle%20Sample%20Location%20Plan%20Silver%20Final.jpg)
.

 

 

Notes:

 

1. Units:

 

g/t = grammes/tonne

ounce/ton = troy ounces per US (short) ton

1 g/t = 1 g/tonne

1 (Troy) ounce =31.105g

1 US ton = 0.907185 tonne

1 troy ounce/US(short) ton = 34.2857g/t

 

 

2. Technical Glossary:

 

Dolomitic limestone. A limestone containing a significant replacement of
calcium by magnesium.

 

Epithermal. A type of mineralisation resultant of hydrothermal alteration at
relatively shallow depth and temperature.

 

Gossan. Surficial expressions of sulphide mineralisation where oxidisation
results in an iron-rich capping to the mineralisation.

 

Porphyry. A granitic rock having a texture where relatively
large/coarse-grained minerals are contained in a fine-grained groundmass.
Sometimes associated with disseminated copper deposits (porphyry copper
deposits).

 

Quartz monzonite. An intrusive granitic rock containing both plagioclase and
orthoclase felspar and quartz. Sometimes porphyritic and associated with
porphyry copper deposits or intrusive related gold deposits.

 

 

3. 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.

 

 

 

Shares in the Company trade on AIM. EPIC: "SRES". Website:
www.sunriseresourcesplc.com (http://www.sunriseresourcesplc.com)

 

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