TIDMSRES
RNS Number : 7898R
Sunrise Resources Plc
10 March 2021
10 March 2021
SUNRISE RESOURCES PLC
("Sunrise" or "the Company")
Assay Results
Clayton Silver-Gold Project, Nevada USA (100% owned by
Sunrise)
The Company is pleased to advise that assay and analytical
results have now been received for drill core from its maiden drill
hole, 20CLDD001, at its Clayton Silver-Gold Project in Nevada,
USA.
Highlights:
-- Recovered core from a 7.92m mineralised interval graded 303
g/t (8.84 ounces/ton) silver and 0.2 g/t gold (from 82.30m down
hole, 1.98m of no core recovery in this interval).
-- Includes 4.27m interval grading 408 g/t (11.89 ounces/ton)
silver and 0.23 g/t gold from 83.82m depth.
-- 84% higher silver grade in hole 20CLDD001 compared to twinned
1980s-hole CL-15 which reported 7.62m grading 165 g/t silver (4.8
ounces/ton) and 0.4 g/t gold.
-- Mineralised interval contains sulphide bearing vein quartz
and quartz breccia over the down hole drilled interval of 7.92m
from 82.3m depth (true thickness - as yet unknown).
Commenting today, Executive Chairman Patrick Cheetham said:
"This is a great result. The higher grades now being reported
vindicate our belief that silver grades were under-reported in the
1980s reverse circulation drill holes due to the loss of
fine-grained silver minerals in the drill circulation water. Whilst
our own samples were affected by poor core recovery, the results
now being reported, when taken together with the historical
results, confirm the presence of significant silver mineralisation
in an area with several active mines and extensive current and
historic exploration. This intersection warrants further intensive
exploration. The Company will now consider its next steps including
the possibility to find a joint venture partner to continue this
exploration."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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
Detailed Information
The Clayton Silver-Gold Project is located in the Walker Lane
Mineral Belt, a major zone of structural dislocation running
parallel to the Nevada-California border that includes a large
number of epithermal gold and silver deposits and porphyry copper
and molybdenum and copper skarn deposits, including the famous
Comstock gold and silver deposits and the Yerington porphyry copper
deposits.
The property lies at the south end of the Clayton Valley, a
major centre of lithium brine production. It is some 19 miles
southeast of the producing Mineral Ridge Gold Mine, 19 miles
southwest of the major historic mining centre of Goldfield, where a
number of large gold-silver deposits are currently under
development, and 40 miles southwest of the famous epithermal silver
deposits of Tonopah which produced over 138 million ounces of
silver and 1.5 million ounces of gold from 1900-1921.
Previous Exploration
The mineralisation at the Clayton Project was discovered by
prospector Ed Tomany in the 1980s under a grubstake agreement with
Freeport McMoRan Limited. Surface samples assayed up 5.4
grammes/tonne (g/t) gold and 265 grammes/tonne silver in a window
of Cambrian age sediments outcropping through a cover of Tertiary
age volcanics.
Fifteen drill holes (CC1-6 and CL7-15) were drilled by Tomany
and Freeport in 1987 within an area of about 500m x 350m. A number
of holes intersected significant silver mineralisation within a
zone of extensive brecciation and silicification believed by
Freeport to represent the high levels of an epithermal system.
Mineralogical evaluation of drill samples and the results of
screen gold and silver analyses were interpreted by Freeport to
indicate that silver occurs in association with fine grained
sulphide minerals that may have preferentially been lost from the
drill samples into the drill fluids and that the reported silver
grades are likely to be understated.
In 1989 Coeur Exploration drilled a further 6 shallow RC holes
(CL-16 to 21) in the central part of the project area. Wide
intervals of low-grade silver mineralisation were intersected in
all holes The available record of Coeur's drill programme is
incomplete, but it is clear that Coeur did not follow up the
important drill intersection made by Freeport in Hole CL-15 or
follow up their recommendation that any further drilling should be
done using diamond core drilling.
Sunrise Resources Drilling
In November 2020, Sunrise completed a vertical diamond core
drill hole, 20CLDD001, to a depth of 104.7m to twin and further
evaluate the silver mineralisation reported in Freeport Hole
CL-15.
Drilling conditions were difficult due to heavy faulting and
extensive zones of swelling clays in the fractured and
hydrothermally altered rock. Whilst these geological conditions can
be favourable indications for mineralisation, core recovery was
very poor as a result.
Massive quartz vein and quartz breccia was intersected in the
target zone from 82.30m to 90.22m downhole (true thickness unknown)
containing fine grained disseminated sulphides including a mineral
logged as the silver sulphide mineral acanthite. Within this 7.92m
interval there were two intervals with no core recovery having an
aggregate thickness of 1.98m.
The fire-assay weighted average grade of the core recovered in
this 7.92m down-hole interval, comprising 5.94m of recovered core.
was 303 g/t silver (8.84 troy ounces/ton) and 0.2g/t gold. When
analysed by geochemical methods the equivalent grade was 4% higher
at 316 g/t silver (9.23 ounces/ton).
No information is available for the interval where no core was
recovered but, as it is internal to the mineralised zone and
includes 1.37m of missing core adjacent to the highest-grade sample
recovered, the Company believes that in-situ material that was not
recovered is also likely to be silver bearing.
The following table shows the detailed analytical results
summarised above, including silver values determined by both fire
assay (method ME-GRA22) and by geochemical analysis (method
ME-ICP61/ Ag-OG62).
Table 1. Hole 20CLDD001 sample intervals, assay, and analytical
results.
Sample Interval Down Hole Element/Analytical Method
---------------------------------------------
From To Interval Silver (g/t) Silver (g/t) Gold (g/t)
ME-GRA
m m m ME-GRA 22 ME-ICP61/Ag-OG62 22
------------- -------- ---------- ------------- ----------------- -----------
82.30 82.91 0.61 36.00 42.60 0.03
82.91 83.52 0.61 No core recovered
-------- ---------------------------------------------
83.52 83.82 0.30 7.00 8.10 0.03
*83.82 84.43 0.61 163.50 171.10 0.20
-------- ------------- -----------------
84.43 85.65 1.22 317.00 326.00 0.36
85.65 86.26 0.61 224.00 234.00 0.15
86.26 87.17 0.91 181.00 190.00 0.10
87.17 88.09 0.91 1040.00 1085.00 0.28
88.09 89.46 1.37 No core recovered
-------- ---------------------------------------------
89.46 90.22 0.76 49.00 55.00 0.23
Total Interval (m) 7.92
Weighted average of core recovered
(g/t)
---------------------------------------------
Total recovered
core (m) 5.94 303 316 0.20
--------------------- ---------- ------------- ----------------- -----------
Weighted average of core recovered
(troy oz./ton)
---------------------------------------------
Total recovered
core (m) 5.94 8.84 9.23 0.01
--------------------- ---------- ------------- ----------------- -----------
*One duplicate core sample was submitted from the interval
83.82-84.43m. The original sample assayed 88 g/t silver and 0.16
g/t gold by fire assay whereas the duplicate assayed 239 g/t silver
and 0.23 g/t gold. This is a significant variation and highlights
the difficulty of reliably sampling broken core and the uncertainty
associated with results when core recovery is low, and the ground
is highly fractured. The average fire assay value of these two
assays was used in Table 1 and for the purposes of the calculation
in Table 2.
When compared to the analytical results from the 1980s drill
hole, CL-15, hole twinned by hole 20CLDD001 shows an 84% increase
in in silver grade. Corresponding gold grades were 50% lower, but
the economic value of the mineralisation is overwhelmingly from the
silver content in both drill holes.
Table 2. Comparison of assay results
Grade (fire
Down Hole assay)
Drill Hole From To Interval Silver Gold
----------------------------- ----- -------- -------
m m m g/t g/t
Historical RC Hole
CL-15 82.3 89.92 7.62 165 0.4
Sunrise Core Hole 20CLDD001 82.3 90.22 **7.92 303 0.2
---------------------------------- ----- -------- ----------- ------- -----
Grade difference 84% -50%
---- ----------------------------- ----- --------------------- ------- -----
** Includes core loss intervals.
These results, and the Company's geological logging, support
Freeport's mineralogical evaluation of drill samples and the
results of screen gold and silver analyses which were interpreted
by Freeport to indicate that silver occurs in association with fine
grained sulphide minerals that may have preferentially been lost
from the drill samples into the drill fluids and that the
historically reported silver grades are likely to be
understated.
The presence of primary silver and other sulphide minerals in
the mineralised intersection support a belief that the higher
grades are primary, rather than the result of supergene enrichment,
and so have depth potential.
Notes:
1. Units:
g/t = grammes/tonne
ounce/ton = troy ounces per US ton
1 g/t = 1 g/tonne
1 (Troy) ounce =31.105g
1 US ton = 0. 0.907185 tonne
2. Analytical methods, QA/QC:
All drill samples were submitted to ALS Global for Fire Assay
for silver and gold using method ME-GRA22 and for geochemical
analysis for a range of trace elements by method ME-ICP61 which has
an upper detection limit of 100 g/t silver. Sample returning values
over the upper detection limit of 100pm silver by method ME-ICP61
were then re-analysed by geochemical method Ag-OG62 having a higher
upper detection limit. For the purposes of quality control blanks
and standards were inserted into the sample run by the Company and
standards and blanks were run by the analytical laboratory for
internal QA/QC purposes. There is no information available to the
Company regarding the analytical methods used by Freeport for
reported analytical results from hole CL-15.
3. Forward Looking Statements:
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.
4.. Covid-19:
To date the Covid-19 pandemic has not affected the progress of
the Company's projects. Mining is considered an essential industry
in Nevada and existing operations are progressing largely as
normal, as is mineral exploration. However, the future impact of
Covid infections in Nevada and more widely in the US is
unpredictable. Travel bans are still in place between the US and
the UK and many US Companies have self-imposed internal travel
bans. These factors have the potential to negatively affect and
delay the Company's plans.
5. 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
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END
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