TIDMSRES
RNS Number : 7478O
Sunrise Resources Plc
09 November 2016
SUNRISE RESOURCES PLC
("Sunrise" or the "Company")
9 November 2016
New Industrial Mineral/Base Metal Prospect
Ridge Limestone Project
Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded
diversified mineral exploration and development company ("the
Company"), is pleased to announce the staking of an additional
industrial mineral project in Nevada in line with its published
strategy.
HIGHLIGHTS - THE RIDGE LIMESTONE PROJECT
-- New industrial mineral/base-metal project acquired by US subsidiary SR Minerals Inc.
-- 18 claims staked to cover large surface area of high purity limestone.
-- Potential for use in higher-value industrial applications.
-- Favourably located adjacent to sealed highway and amenable to open-pit mining.
-- Claims also cover prospector-scale mine workings with grab
sampling results up to 15.8% zinc.
Commenting today, Executive Chairman Patrick Cheetham said: "We
are continuing to build our industrial minerals portfolio in the
western USA at low cost and in line with our strategy to acquire
projects with the potential to generate sustaining cash flow. The
Ridge Limestone Project now sits alongside our County Line
Diatomite Project, currently leased to EP Minerals, LLC and our
Pozz Project, also in Nevada, where further evaluation work is in
progress.
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
The Company has a well-defined strategy to acquire, at low-cost,
industrial minerals projects that have the potential to provide a
sustaining cash flow for the Company and to seek to develop those
interests at minimal cost to the Company in cooperation with
industry-leading companies.
This strategy was highlighted in the Company's news release of
19 September 2016 and is exemplified by the Company's acquisition
of the County Line Diatomite Project and the subsequent leasing of
the project to diatomite producer EP Minerals, LLC.
Consistent with this strategy the Company has now staked 18
mining claims over an area containing high purity limestone. The
deposit is located adjacent to a sealed highway and 55 miles from
sidings on the Union Pacific Railroad. There is no public record
that this limestone occurrence has previously been targeted for
industrial evaluation.
The Company's initial reconnaissance of this area was motivated
by an examination of small-scale mine workings for gold
mineralisation in a geologically complex area where an uplifted
fault block ("horst") of so called "lower plate" limestone occurs
in a setting favourable for the occurrence of intrusion related
precious metal, skarn and Carlin-style gold mineralisation.
The limestone deposit forms a prominent ridge and lends itself
to low-cost open-cast mining with potentially large tonnages
evidenced by a large exposed surface area (5.4 sq. km.). The
uplifted limestone is metamorphosed and recrystallised suggesting
proximity to an underlying intrusive rock. Metamorphism can be an
important process in the formation of high purity limestone
deposits where high temperatures can bleach and recrystallise the
rock and disperse impurities.
High purity limestones may have a higher value than those used
in construction aggregates and are used, for example, in the
chemical industries, in glass manufacturing, flue gas
desulphurisation and in various fillers and extenders in the
rubber, sealants, plastic and paper industries. It is also used in
the manufacture of lime (calcium oxide, CaO) which is used
extensively in the mining industry.
The field recognition of high purity limestone was confirmed by
three reconnaissance samples which returned the following
analytical results(1) . These analyses include samples from two
areas that can be classified by calcium carbonate (CaCO(3) )
content as very high grade limestone(2) .
Calculated Calculated XRF Analysis
------- ------------- ------------- ------------------------------------------------------
Sample CaCO(3) MgCO(3) CaO MgO SiO(2) Fe(2) Na(2) K(2) Al(2)
No. O(3) O O O(3)
------- ------------- ------------- ------ ----- ------- ------ ------ ------ ------
% % % % % % % % %
------- ------------- ------------- ------ ----- ------- ------ ------ ------ ------
383086 99.06 0.59 55.50 0.28 0.06 0.16 <0.01 <0.01 0.04
------- ------------- ------------- ------ ----- ------- ------ ------ ------ ------
810008 99.06 1.26 55.50 0.60 0.29 0.03 <0.01 0.01 0.06
------- ------------- ------------- ------ ----- ------- ------ ------ ------ ------
810009 92.99 6.90 52.10 3.30 0.33 0.07 <0.01 0.02 0.09
------- ------------- ------------- ------ ----- ------- ------ ------ ------ ------
Preliminary samples include limestone low in iron and silica
suggesting that the limestone could meet the specifications of a
wide range of higher value industrial applications if these surface
samples prove to be representative of sufficiently large areas of
the deposit.
The Company's grab samples of mineralised material from old
workings have shown high zinc values in material with results up to
15.8% zinc in the form of white oxidised zinc minerals. Such
minerals are difficult to identify in field samples of the pale
limestones and were not expected. Further work is required to
evaluate the economic significance of these results.
The first stage in the evaluation of the Ridge Limestone Project
will include more systematic mapping and surface sampling and
brightness testing to evaluate the suitability of the limestone for
higher value industrial applications. We will also evaluate the
significance of the high zinc values found in reconnaissance
samples.
The Company continues to be active on its industrial minerals
projects and expects to be able to provide further updates in due
course.
Notes:
1. Limestone samples for which analyses are being reported were
prepared and analysed by independent laboratory ALSGlobal in Reno,
Nevada using an XRF method.
2. Carbonate rocks are comprised of various proportions of the
minerals calcium carbonate (calcite- CaCO(3) ) and
calcium-magnesium carbonate (dolomite-CaMg(CO(3) )(2) ) together
with varying amounts of mineral "impurities" such as silica, iron
oxides and clay minerals, etc. Limestone is the most common
carbonate rock and different industrial applications require
different levels of purity and calcite/dolomite ratios. The higher
value carbonates are high purity calcite carbonates and those with
a high brightness/whiteness have the highest values in filler
applications.
For industrial purposes a practical chemical classification is
as follows*:
Very High Purity Limestone: >98.5% CaCO(3)
High Purity Limestone: 97.0 - 98.5% CaCO(3)
Medium Purity Limestone: 93.5% - 97.0% CaCO(3)
*Source; British Geological Survey Publication
3. This announcement contains inside information for the
purposes of Article 7 of Regulation (EU) 596/2014 of the European
Parliament and of the Council.
4. 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.
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"
Website: www.sunriseresourcesplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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November 09, 2016 06:00 ET (11:00 GMT)