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(Alliance News) - Sunrise Resources PLC on Friday reported it granted Tolsa USA Inc a USD1.3 million purchase option for the Pioche Sepiolite project in the US state of Nevada.
Sunrise Resources is a Macclesfield, England-headquartered mine developer with operations in Nevada.
Shares in the firm were up 1.6% at 0.097 pence on Friday morning in London.
The company also secured an ongoing payment of 3% royalty from Tolsa USA, the US subsidiary of sepiolite producer, Tolsa SA.
Tolsa has scheduled to start trenching at the project at the end of the month, subject to the approval of the US Bureau of Land Management.
Work is expected to take up to four weeks to complete and is hoped to provide further exposures of mineralisation to enable a better evaluation of the thickness and quality of Pioche sepiolite deposits.
This comes as Tolsa recently completed a surface mapping programme at Pioche in July. The programme identified multiple sepiolite horizons throughout the areas.
"We are very encouraged by the rapid start Tolsa has made in its evaluation of the Pioche Project. Tolsa has hit the ground running and has already completed a thorough programme of surface mapping and evaluation, identifying multiple horizons of sepiolite below the original discovery level," commented Chair Patrick Cheetham.
By Heather Rydings; heatherrydings@alliancenews.com
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