Sunrise Resources Plc Baker's Gold Project - Exploration Update (3863L)
April 19 2018 - 1:00AM
UK Regulatory
TIDMSRES
RNS Number : 3863L
Sunrise Resources Plc
19 April 2018
SUNRISE RESOURCES PLC
("Sunrise" or "the Company")
19 April 2018
BAKER'S GOLD PROJECT - EXPLORATION UPDATE
Sunrise Resources plc, the AIM-traded company focusing on the
development of its CS Pozzolan-Perlite Project in Nevada, USA, is
pleased to advise the results of exploration recently carried out
by the Company at its Baker's Gold Project in Western
Australia.
Highlights:
-- Dicky Lee open pit developed in project area in the 1980s for
production of specimen gold-quartz nuggets.
-- Mapping and chip sampling of gold bearing quartz-stockwork
veins in Dicky Lee open pit; gold values to 32.1 grammes/tonne gold
("g/t Au"), averaging 1.7 g/t Au.
-- Infill soil sampling at DRL4 target confirms 500m long
gold-in-soil anomaly, increases tenor and enhances definition of
drill target.
Commenting today, Executive Chairman Patrick Cheetham said:
"These new and positive exploration results were generated at low
cost and enhance the value and marketability of the Baker's Gold
project as we continue our divestment programme of non-core assets
and focus on the development our CS Pozzolan-Perlite Project in
Nevada, USA."
Further information
Sunrise Resources plc
Patrick Cheetham, Executive Chairman Tel: +44 (0)1625 838 884
Northland Capital Partners Limited
Nominated Adviser & Broker
Matthew Johnson/Edward Hutton/
Jamie Spotswood
John Howes/Rob Rees Tel: +44 (0)20 3861 6625
Detailed Information
The Baker's Gold Project is located in the Meekatharra Mining
District in Western Australia, a prolific historical gold producing
district and host to a number of currently operating mines.
In March 2018 the Company engaged Terra Search Pty Ltd to
undertake a programme of mapping and sampling within the Dicky Lee
open pit and to conduct infill soil sampling within the nearby DRL4
gold-in-soil anomaly.
The programme was undertaken to ensure that the Company's
expenditure commitments were met for the project and to enhance the
prospectivity of the project which is currently offered for sale or
joint venture.
Dicky Lee Pit - Mapping & Sampling
The Dicky Lee pit has dimensions of approximately 60m by 40m and
depths up to 10m. The pit was excavated in the 1980s following the
discovery of specimen quality gold-quartz nuggets, by metal
detectorists both at surface and in-situ. The excavated material
was not processed for gold extraction by any conventional method
but was reportedly scanned for further gold nuggets using hand held
metal detectors. It is reported that 106 ounces of gold was
recovered by this crude method from 4,050 tonnes of material
excavated but the tonnage of material excavated is well in excess
of this amount and thus the total amount of gold recovered is
unknown.
The gold at Dicky Lee occurs in a quartz vein stockwork in
dolerite. This style of mineralisation presents an attractive
target for gold exploration. An example is the Boorara deposit now
being defined by MacPhersons Resources.
In such deposits multiple narrow fracture filling quartz-veins
are found with different orientations and gold may be
preferentially associated with certain vein geometries reflecting
the rock stress conditions at the time of gold mineralisation.
Consequently drilling results can be heavily influenced by the
direction of drilling relative to the orientation of the
preferentially gold-mineralised veins.
Mapping and sampling was therefore undertaken to establish the
geometry of the veins in the stockwork and to establish gold
contents. Thirty chip and grab samples were taken from the pit. All
contained detectable gold up to 32.1 g/t Au and averaging 1.7 g/t
Au.
Individual veins are generally narrow (sub-metre and
sub-decimetre widths) and so grades being reported cannot be
considered representative of the deposit as whole and no attempt
was made to systematically evaluate the grade of the hydrothermally
altered host dolerite although the few samples taken assayed up to
1.4 g/t Au.
To date only two drill holes have tested the pit area and both
intersected very wide intervals of low-grade gold mineralisation
(69m grading 0.2 g/t gold and 80m grading 0.2 g/t gold including 1m
grading 5.7 g/t gold from 5m deep). Both holes were drilled at an
angle of 60 degrees to the south. Mapping and sampling results
suggest that different drill orientations need to be considered in
future.
Infill Soil Sampling - DRL4 Target.
The DRL4 target lies some 750m south west of the Dicky Lee pit
and is named after the number of a historic drill hole DLR4
completed by Australian Consolidated Minerals in 1987. This hole
averaged 0.55 g/t Au over the 22m interval from 2m down hole depth
to the end of hole at 24m and the final 2m sample assayed 1.17 g/t
Au. No follow up drilling was carried out.
A 100m by 50m soil sampling programme was carried out previously
by the Company to evaluate the size of the potential target and
defined a 500m long gold-in-soil anomaly.
In the latest programme a further 90 soil samples were taken on
a 50m by 25m grid to infill the earlier soil sampling grid and
refine the distribution of gold-in-soil anomaly. The new sampling
achieved its objectives; it confirmed the original anomaly,
increased its tenor and better defined the target for follow up
drilling.
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.
3. 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
This information is provided by RNS
The company news service from the London Stock Exchange
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