TIDMSRES
RNS Number : 0659Z
Sunrise Resources Plc
12 December 2017
SUNRISE RESOURCES PLC
("Sunrise" or "the Company")
12 December 2017
VR DISCOVERS HIGH GRADE COPPER-SILVER-GOLD MINERALIZATION
ALONG 6,000 METRE TR AT THE JUNCTION PROPERTY, NEVADA
Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded
company focusing on the development of its CS Pozzolan-Perlite
Project, is pleased to provide the following exploration update
from TSX-V listed VR Resources Ltd ("VR") on the Junction
Copper-Silver Gold Project in Nevada, USA, included in full at the
end of this section.
Sunrise holds shares in VR and ongoing interests in the Junction
Project which may result in additional VR shares being issued to
Sunrise if certain exploration milestones are met and which
includes a 3% royalty on any future production payable to
Sunrise.
Full details of the original sale agreement with VR are given in
Sunrise's news release date 30th August 2017.
The ongoing interests held by Sunrise relate to the original 15
mining claims staked by Sunrise, which now comprise the core of
VR's extended Western Zone claim block, and also to a 2 mile area
surrounding the original mining claims which now encompass all of
VR's expanded Western Zone claim block and a small part its Eastern
Zone claim group.
Commenting today, Executive Chairman Patrick Cheetham said: "To
quote VR's President, Michael Gunning, the results "surpassed
expectations'. Our ongoing interests in VR and the Junction Project
result from the sale of the project and allow us to participate in
the value creation that mineral discoveries can bring, at no
further cost to Sunrise and this provides a great template for the
valorisation of our portfolio of 100% owned projects now that we
are focussed on the development of our CS Project."
Further information:
Sunrise Resources plc
Patrick Cheetham, Executive
Chairman Tel: +44 (0)1625 838 884
Northland Capital Partners
Limited
Nominated Adviser & Broker
Edward Hutton/David Hignell
John Howes/Rob Rees Tel: +44 (0)20 3861 6625
Beaufort Securities Limited
Joint Broker
Jon Belliss Tel: +44 (0)20 7382 8300
Notes:
1. 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 unduly 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.
2. This announcement contains inside information.
Shares in the Company trade on AIM. EPIC: "SRES". Website:
www.sunriseresourcesplc.com
VR RESOURCES NEWS RELEASE
VR DISCOVERS HIGH GRADE COPPER-SILVER-GOLD MINERALIZATION
ALONG 6,000 METRE TR AT ITS JUNCTION PROPERTY, NEVADA
NR-17-14
December 12, 2017, Vancouver, B.C.: VR Resources Ltd. (TSX.V:
VRR, FSE: 5VR), the "Company", or "VR", is pleased to announce the
discovery of high grade, polymetallic copper-silver-gold sulphide
mineralization along a strike length of 6 kilometres at its
Junction property in north-central Nevada, located some 50
kilometres north of its flagship Bonita copper-gold Property.
Highlights of the Company's surface prospecting and mapping program
at Junction include:
-- High grade copper-silver-gold mineralization on surface at 29
different locations in two main areas spanning a 6 kilometre strike
length within a regional-scale shear zone.
-- Of 99 surface grab samples collected for geochemistry from across the property:
o 47 samples contain greater than 1 % copper:
-- Samples of tenorite-cuprite veins have up to 37.4% Cu, with
340 g/t Ag and 2.13 g/t Au.
-- Samples of massive digenite-covelite-chalcopyrite veins
contain up to 45.1% Cu, with 560 g/t Ag and 1.09 g/t Au.
o 17 samples contain greater than 100 g/t silver:
-- Samples of massive cuprite-argentite veins contain up to 735
g/t Ag, with
36.2% Cu and 0.388 g/t Au.
o 32 samples contain greater than 1 g/t gold:
-- Samples of quartz vein spatially associated with pegmatites
contain up to 26.8 g/t Au (0.78 oz/ton), with 14.4 g/t Ag and 0.06%
Cu as disseminated sulphides within the veins.
o Very high statistical correlation coefficient (0.88) between
copper and silver in 99 samples
-- Continuity of copper, gold and silver enrichment in soil is
evident along 1 kilometre of strike over the western zone (grid =
307 samples on 16 lines; the eastern zone is yet to be
covered).
o High temperature trace elements such as tungsten (W)
demonstrate continuity between the surface showings of
copper-silver-gold sulphide mineralization.
-- The Company has quadrupled the size of the property, to 70
claims covering 1446 acres (585 ha).
Copper-silver sulphide mineralization is related to
quartz-feldspar pegmatite dykes and associated quartz veins within
biotite-hornblende orthogneiss which forms the northern extent of
the northeast-trending, regional-scale Antelope shear zone which
hosts the Ashdown moly-gold deposit located some 10 kilometres to
the southwest of the Junction property. Copper-silver sulphide
assemblages include digenite-covellite-tenorite-argentite;
chrysocolla is common, less so glassy limonite and chalcopyrite.
Sulphides occur in both veins and blebs in pegmatite and quartz
vein within and proximal to pegmatite. Quartz veins have
metre-scale iron carbonite alteration envelopes in pegmatite
locally. More complete descriptions are on the Junction project
page on the Company's website at www.vrr.ca . Maps of the
geochemical data highlighted above and field photos are included
with this news release on the website www.vrr.ca/news .
Commenting on the news today, VR's CEO Dr. Gunning reiterated:
"Simply stated, Junction has surpassed our expectations. The
consistent rock and mineral associations in nearly 30 different
occurrences across 6 kilometres of strike speaks to a robust
mineralizing system. The copper and silver mineral assemblages
highlight the unusual grade potential of this newly discovered
trend. The occurrence within the Antelope Shear Zone underscores a
crustal-scale anchor to the orogenic-style, mesothermal veins at
Junction, reinforced by the past-producing Ashdown mine to the
southwest. To be clear, we view these collective attributes at
Junction as highly prospective and a material opportunity for the
Company in 2018".
VR plans to aggressively follow-up this discovery in 2018. VR is
planning for a high resolution EM geophysical survey over the
property in Q1 2018 to map the sulphide system at Junction at
depth, and to evaluate and prioritize targets areas for potential
first-pass diamond drilling.
As previously reported, plans are underway for follow-up
drilling at the Company's Bonita copper-gold property in 2018, upon
the recent completion of the 2017 fall program, for which the
Company hopes to have complete and final data to release in early
January.
About The Junction Property
The Junction property is located in Humboldt County, near the
Nevada - Oregon border, immediately east of Highway 140. The nearby
town of Denio Junction is less than 6 kilometres to the north, and
facilitates effective and cost-efficient field exploration
programs. The Company has expertise to leverage and synergies to
exploit at Junction by applying its extensive exploration
experience during the past three years in northwestern Nevada at
its nearby Bonita property.
The Junction property consists of 70 claims in two contiguous
blocks covering 1,446 acres (585 hectares) within an area of
approximately 5 by 5 kilometres. The property is on land
administered by the federal Bureau of Land Management (BLM). No
state or federal land use designations or privately-owned lands
impede access to the property, nor is the property within the BLM's
broadly defined area of proposed sage grouse protection.
The property is owned 100% by VR, registered to the Company's
wholly-owned, Nevada-registered US subsidiary Renntiger Resources
USA Ltd. The 15 core claims of the western block of the property
were acquired from a private company in August, 2017 (see terms in
NR dated August 30, 2017); all other claims were staked directly by
VR.
Technical Information
Rock samples for geochemistry are submitted to the ALS Global
facilities in Reno, Nevada, with final analytical work completed at
the ALS laboratories located in Vancouver, BC., including ICP-MS
analyses for base metals and trace elements, and gold determination
by atomic absorption assay.
Technical information for this news release has been prepared in
accordance with the Canadian regulatory requirements set out in
National Instrument 43-101, and reviewed on behalf of the Company
by Dr. Michael Gunning P.Geo., a non-independent Qualified
Person.
About VR Resources
VR Resources Ltd. ("VR") is a new listing in the junior
exploration space (TSX.V: VRR; Frankfurt: 5VR). The diverse
experience and proven track record of its Board in early-stage
exploration and discovery is the foundation of VR. The Company is
focused on exploring large copper-gold mineral systems in the
western United States. VR is the continuance of 4 years of active
exploration in Nevada by a Vancouver-based private exploration
company. VR is well financed for its exploration strategy,
including first-pass drilling of its core asset, the Bonita
Property. VR owns its exploration assets outright, and will
evaluate new opportunities on an ongoing basis, whether by staking
or acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS:
"Michael H. Gunning"
_____________________________
Dr. Michael H. Gunning, PhD, PGeo
President & CEO
This information is provided by RNS
The company news service from the London Stock Exchange
END
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