Sunrise Resources PLC - Cheshire, England-based company focused on industrial mineral projects in Nevada - Says resource definition drilling is underway at its Pioche sepiolite project. Says programme is set to drill 24 holes at an average depth of approximately 50 feet. Adds sepiolite producer and subsidiary of Spain-based Tolsa SA, Tolsa USA, has the option to purchase the Pioche project for USD1.3 million no later than December 28. Sunrise Resources would retain 3% revenue royalty on production from the project area should Tolsa purchase the Pioche project.
Executive Chair Patrick Cheetham says: "We are pleased to see the start of resource definition drilling at Pioche. Expectations are high, given the success of previous mapping and trenching carried out by Tolsa. Commercial deposits of sepiolite are rare, and any development of the Pioche deposit will benefit from its proximity to both road and rail as high-value sepiolite clays are traded on a global basis."
Current stock price: 0.087 pence, up 2.4% on Tuesday
12-month change: down 21%
By Sabrina Penty, Alliance News reporter
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Sunrise Res (SRES)