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LONDON (Alliance News) - Sunrise Resources PLC saw its shares rise and then fall early Thursday after it said it had made progress on all its Australian projects.
In a short trading update, the gold and diamond explorer said it had completed a soil sampling programme at the Corona gold project, with analysis showing point anomalies showing up to 62 parts per billion gold. It will undertake infill anomaly sampling next week to define drill targets, and expects further soil results in four weeks.
It said it had also taken 534 samples at the Baker's gold project and analytical results are expected within three weeks.
The company's main focus is the Cue diamond project. It said it is planning more geological and geophysical work in lead up to drill sampling of new kimberlite dike discoveries and further drill testing for the source of Target 5 kimberlite float.
It added that the evaluation of diamonds recovered in 2014 had confirmed the reliability of reported stone size data, and as a result, it isn't planning any further work for Soapy Bore Kimberlite.
All three of the projects are in Western Australia.
"We are advancing exploration across our project portfolio and look forward to updating shareholders soon on work at our Nevada projects and to reporting further results as they become available," Chairman Patrick Cheetham said in a statement.
Sunrise Resources shares were down 5.6% at 0.425 pence on AIM Thursday morning, reversing big gains made immediately after the open when it hit a high of 0.549 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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