16 May 2024
SUNRISE RESOURCES
PLC
("Sunrise" or the
"Company")
Garfield Royalty
Interest
Sunrise Resources plc notes the
announcement made yesterday by Golden Metal Resources plc, ("GMR")
owner of the Garfield Copper Project in the Walker Lane Mineral
Belt, Nevada USA, where Sunrise holds a 2% Net Smelter Return
("NSR") Royalty.
Under the heading "Garfield Update - Inversions Confirm
Porphyry" GMR has announced the
findings of inversion modelling of the magnetic geophysics survey
data, undertaken by SJ Geophysics Ltd, which was expedited
following the identification of significant coincident magnetic
geophysical and geochemical anomalies
constituting potential porphyry targets at the Project,
further details in respect of which were released by GMR on 16
April 2024.
GMR has postulated that the extensive
mineralisation found at or near surface may be related to a buried
porphyry system(s). Porphyry style mineral deposits are the source
of a large portion of the world's copper production. Two
significant potential porphyry targets are being reported at
Garfield.
At the Power-Line
Zone ("PPL" target), all of which is within Sunrise's royalty
entitlement area, the PPL anomaly is located at approximately 200m
depth and at surface is coincident with a significant
copper-in-soil anomaly as well as rock samples with individual
results up to 2.6% Cu, 0.54g/t Au and 7g/t Ag.
At the High-Grade Zone, ("PN"
and "PS" targets) two discrete magnetic lobes apparent at
surface, coalesce into one large magnetic body which
remains open at depth. The main anomaly measures approximately 800m
x 500m and is reported by GMR as representing "a very enticing target for future
exploration". The tops of the PS and PN anomalies are
located at approximately 150m depth and at surface
are coincident with a significant copper-in-soil anomaly as
well as rock samples with individual results up to 2.4% Cu, 27.2g/t
Au and 29.9g/t Ag. Approximately half of the High-Grade Zone is
covered by Sunrise's royalty interest.
The image below shows the area of
Sunrise's royalty interest relative to the geophysical images
published by GMR.
Commenting today, Executive Chairman Patrick Cheetham
said:
"Sunrise made the original surface discovery of copper-gold
mineralisation prior to selling the project and retained a 2% NSR
royalty over the original claim area and a 1-mile surrounding area.
NSR royalty interests such as this are risk-free to the holder as
they are payable from revenue and not exposed to profitability.
Furthermore, they are free carried and so, as holder, we are not
required to contribute to exploration or mine development costs.
Royalty interests also have a ready market amongst numerous
specialist royalty holding companies. The Garfield Royalty is just
one of a number of royalty interests held by the Company and built
into our agreements with other parties.
"We
will continue to follow GMR's progress with great
interest."
GMR's news release, yesterday, can be
viewed in full at:
https://www.londonstockexchange.com/news-article/GMET/garfield-inversions-confirm-porphyry-potential/16470264
Further
information:
Sunrise Resources plc
Patrick Cheetham, Executive
Chairman
|
Tel:
+44 (0)1625 838 884
|
Beaumont Cornish Limited
Nominated Adviser
James Biddle/Roland
Cornish
|
Tel:
+44 (0)207 628 3396
|
Peterhouse Capital Limited
Broker
Lucy Williams/Duncan Vasey
|
Tel:
+44 (0)207 469 0930
|
Shares in the Company trade on AIM.
EPIC: "SRES". Website: www.sunriseresourcesplc.com