Last checked at 19 Apr 2018 07:00
SUNRISE RESOURCES PLC
("Sunrise" or "the Company")
19 April 2018
BAKER'S GOLD PROJECT - EXPLORATION UPDATE
Sunrise Resources plc, the AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project in Nevada, USA, is pleased to advise the results of exploration recently carried out by the Company at its Baker's Gold Project in Western Australia.
Highlights:
· Dicky Lee open pit developed in project area in the 1980s for production of specimen gold-quartz nuggets.
· Mapping and chip sampling of gold bearing quartz-stockwork veins in Dicky Lee open pit; gold values to 32.1 grammes/tonne gold ("g/t Au"), averaging 1.7 g/t Au.
· Infill soil sampling at DRL4 target confirms 500m long gold-in-soil anomaly, increases tenor and enhances definition of drill target.
Commenting today, Executive Chairman Patrick Cheetham said: "These new and positive exploration results were generated at low cost and enhance the value and marketability of the Baker's Gold project as we continue our divestment programme of non-core assets and focus on the development our CS Pozzolan-Perlite Project in Nevada, USA."
Further information
Sunrise Resources plc Patrick Cheetham, Executive Chairman | Tel: | +44 (0)1625 838 884 |
Northland Capital Partners Limited Nominated Adviser & Broker Matthew Johnson/Edward Hutton/ Jamie Spotswood John Howes/Rob Rees
| Tel: | +44 (0)20 3861 6625
|
Detailed Information
The Baker's Gold Project is located in the Meekatharra Mining District in Western Australia, a prolific historical gold producing district and host to a number of currently operating mines.
In March 2018 the Company engaged Terra Search Pty Ltd to undertake a programme of mapping and sampling within the Dicky Lee open pit and to conduct infill soil sampling within the nearby DRL4 gold-in-soil anomaly.
The programme was undertaken to ensure that the Company's expenditure commitments were met for the project and to enhance the prospectivity of the project which is currently offered for sale or joint venture.
Dicky Lee Pit - Mapping & Sampling
The Dicky Lee pit has dimensions of approximately 60m by 40m and depths up to 10m. The pit was excavated in the 1980s following the discovery of specimen quality gold-quartz nuggets, by metal detectorists both at surface and in-situ. The excavated material was not processed for gold extraction by any conventional method but was reportedly scanned for further gold nuggets using hand held metal detectors. It is reported that 106 ounces of gold was recovered by this crude method from 4,050 tonnes of material excavated but the tonnage of material excavated is well in excess of this amount and thus the total amount of gold recovered is unknown.
The gold at Dicky Lee occurs in a quartz vein stockwork in dolerite. This style of mineralisation presents an attractive target for gold exploration. An example is the Boorara deposit now being defined by MacPhersons Resources.
In such deposits multiple narrow fracture filling quartz-veins are found with different orientations and gold may be preferentially associated with certain vein geometries reflecting the rock stress conditions at the time of gold mineralisation. Consequently drilling results can be heavily influenced by the direction of drilling relative to the orientation of the preferentially gold-mineralised veins.
Mapping and sampling was therefore undertaken to establish the geometry of the veins in the stockwork and to establish gold contents. Thirty chip and grab samples were taken from the pit. All contained detectable gold up to 32.1 g/t Au and averaging 1.7 g/t Au.
Individual veins are generally narrow (sub-metre and sub-decimetre widths) and so grades being reported cannot be considered representative of the deposit as whole and no attempt was made to systematically evaluate the grade of the hydrothermally altered host dolerite although the few samples taken assayed up to 1.4 g/t Au.
To date only two drill holes have tested the pit area and both intersected very wide intervals of low-grade gold mineralisation (69m grading 0.2 g/t gold and 80m grading 0.2 g/t gold including 1m grading 5.7 g/t gold from 5m deep). Both holes were drilled at an angle of 60 degrees to the south. Mapping and sampling results suggest that different drill orientations need to be considered in future.
Infill Soil Sampling - DRL4 Target.
The DRL4 target lies some 750m south west of the Dicky Lee pit and is named after the number of a historic drill hole DLR4 completed by Australian Consolidated Minerals in 1987. This hole averaged 0.55 g/t Au over the 22m interval from 2m down hole depth to the end of hole at 24m and the final 2m sample assayed 1.17 g/t Au. No follow up drilling was carried out.
A 100m by 50m soil sampling programme was carried out previously by the Company to evaluate the size of the potential target and defined a 500m long gold-in-soil anomaly.
In the latest programme a further 90 soil samples were taken on a 50m by 25m grid to infill the earlier soil sampling grid and refine the distribution of gold-in-soil anomaly. The new sampling achieved its objectives; it confirmed the original anomaly, increased its tenor and better defined the target for follow up drilling.
Notes:
1. The news release may contain certain statements and expressions of belief, expectation or opinion which are forward-looking statements, and which relate, inter alia, to the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely unduly on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.
2. This announcement contains inside information.
3. 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.
Shares in the Company trade on AIM. EPIC: "SRES". Website: www.sunriseresourcesplc.com