Sunrise Resources Plc Newark Gold Project, update (5211E)
July 19 2016 - 1:00AM
UK Regulatory
TIDMSRES
RNS Number : 5211E
Sunrise Resources Plc
19 July 2016
SUNRISE RESOURCES PLC
(the "Company")
19 July 2016
Newark Gold Project
(Westgold Inc.)
Further to its announcement of 19 May 2016 Sunrise Resources plc
(ticker symbol 'SRES'), the AIM-traded diversified mineral
exploration and development company ("the Company") advises that it
has completed a review of historical exploration carried out at its
Newark Gold Project in Nevada by Freeport-McMoRan Gold Co
("Freeport") and is pleased to provide the following
information:
HIGHLIGHTS:
-- Targeting Carlin-style gold mineralisation which includes
some of the largest gold deposits in the world.
-- Favourably located at intersection of the Alligator Ridge and
Battle Mountain-Eureka gold trends.
-- Freeport surface sampling returned anomalous gold with high
values of Carlin-style geochemical indicator elements arsenic,
antimony, thallium and barium.
-- A major silicified structure is associated with favourable
north-south striking anticline "trap".
-- 16 reconnaissance holes drilled by Freeport in 1986-87:
-- Hole NWK8 intersected 47 m of gold-anomalous jasperoid
containing an average 0.14 ppm gold from 75m to the end of hole at
122 m.
-- A number of the follow-up holes failed to reach target depth.
-- Deeper drilling is required to test the favourable target horizons.
-- Company's reconnaissance surface samples confirm prospective geochemistry.
Commenting today, Executive Chairman Patrick Cheetham said:
"This Project contains all of the geochemical and structural
ingredients for the occurrence of Carlin-style mineralisation and
is a valuable addition to our Westgold precious metal
portfolio."
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
Detailed Information
Nevada is the one of the largest gold producing regions in the
world with production of 5 million ounces recorded in 2014. Most of
this production comes from so-called "Carlin-style" gold deposits
where microscopic gold particles occur in silicified, carbonaceous
and decalcified silty limestones.
Carlin-style deposits are visually unremarkable and were only
recognized as a distinct style of gold deposit with the discovery
of the Carlin deposit in 1961. Since then numerous discoveries have
been made many of which are currently producing. They can be both
large (e.g. Goldstrike which contains 39 million ounces gold at a
grade of 3.3 g/t) and high-grade (e.g. Barrick's recent Goldrush
discovery which contains 8.6 million ounces gold at a grade of 10.6
g/t).
The majority of known Carlin-style deposits occur in one of a
small number of linear belts ("trends") believed to reflect
regional crustal discontinuities. Favourable factors include
chemically receptive limestone host rocks, particularly where
folded into anticlines and cut by suitable fault structures. The
silicification of the host rocks that accompanies gold
mineralisation is often manifest at or near surface by so-called
jasperoids containing anomalous levels of the elements arsenic,
antimony, thallium, barium and mercury.
The Newark Gold Project is located at the southern end of the
Battle Mountain-Eureka (Cortez) gold trend where intersected by the
projection of the Alligator Ridge gold trend. It lies 40 km south
of and along the same structural zone as the past-producing
Alligator Ridge Mine, 12 km north of the Mt. Hamilton Gold Project
and 20 km east of the Pan Gold Mine.
The Newark Project was originally targeted by Freeport-McMoRan
Gold Co. in the 1980s following the discovery of gold anomalous
values in silicified rocks in a favorable structural and
stratigraphic setting. Surface sampling returned a high of 0.18 ppm
gold along with high arsenic, antimony and thallium.
Freeport drilled a total of 16 holes. Significantly, hole NWK8
intersected 47m of low-level gold (average 0.14 ppm) gold in
jasperoid from 75m to the end of the hole at 122m. All holes
targeted the Chainman Shale but not the more prospective lower
levels of the stratigraphy (Joanna Limestone and Pilot Shale) which
are now known to host most of the gold in the deposits in this
region.
In April this year the Company staked 29 mining claims covering
the core of the prospective area. A field visit was carried out in
June and a number of surface samples collected have confirmed the
anomalous geochemistry. It is likely that the Company's future
exploration at Newark will include soil sampling and a deeper drill
hole at the location of hole NWK8.
This Company's Newark field visit was part of a wider fieldwork
and reconnaissance programme carried out in Nevada during June. The
programme included a small trenching programme at the Garfield
Copper-Gold Project, where analytical results should be available
shortly, and reconnaissance of a number of areas not currently
subject to claim and where follow-up evaluation and sampling is
currently underway.
Notes:
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 of the European
Parliament.
The information in this release is sourced from archived
information held by the Nevada Bureau of Mines & Geology and
from privately held sources associated with the previous
exploration programmes. It 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
Notes to Editors:
About Sunrise Resources plc
Sunrise Resources plc is an AIM-traded diversified mineral
exploration and development company. The Company's objective is to
develop profitable mining operations to sustain the Company's wider
exploration efforts and create value for shareholders through the
discovery of world-class deposits.
The Company is exploring a number of precious metal, base metal
and industrial mineral projects in Nevada, USA. The Company holds a
royalty interest from EP Minerals in a diatomite project in Nevada
and holds a white barite project in South-West Ireland. The Company
also holds diamond and gold exploration interests in Western
Australia.
Shares in the Company trade on AIM. EPIC: "SRES"
http://www.sunriseresourcesplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLLLFFRDIITLIR
(END) Dow Jones Newswires
July 19, 2016 02:00 ET (06:00 GMT)