LONDON (Alliance News) - Sunrise Resources PLC on Thursday said it received positive results from expansion testing of perlite samples at its NewPerl project in the US.
Shares in Sunrise Resources were up 23% at 0.13 pence on Thursday morning in London.
Testing at the mining company's project, which is located in the US state of Nevada, found that the majority of samples were suitable for the production of horticultural grade perlite.
Perlite, a type of volcanic glass, causes soil to retain water and is used in horticulture. It also has applications in insulation and as a building material.
Sunrise Resources said the NewPerl project can now "move quickly to drilling and bulk sampling and commercial scale testing".
Sunrise Resources Executive Chairman Patrick Cheetham said the company is still firmly focused on developing its other Nevada mine, the CS pozzolan-perlite project.
However, Cheetham said the firm now considers NewPerl a "future feed to the CS project" and plans for "drilling, bulk sampling and commercial-scale testing" to take place at NewPerl .
In addition, Sunrise announced that its NewPerl project area has been divided into a new northern area, which has been named the Jackson Wash project, and the original southern area, which will continue under the NewPerl name.
Sunrise Res (SRES)