Last checked at 24 May 2024 07:00
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SUNRISE RESOURCES PLC
("Sunrise" or the "Company")
Crow Springs Diatomite Project (Royalty Interest, Nevada, USA)
Sunrise Resources plc is pleased to provide the following update on its royalty interest in the Crow Springs Diatomite Project in Nevada, USA:
Ø Project recently sold to Dicalite Management Group ("Dicalite") for US$150,000 (plus royalty), of which half is already paid and half is payable on submission of a mine Plan of Operations to the US Bureau of Land Management ("BLM").
Ø Dicalite has advised that documents are being readied for submission of a Plan of Operations to the BLM which will trigger the further payment to Sunrise.
Ø Sunrise retains the right to royalty payment of $6/dry ton of ore delivered to Dicalite's nearby processing plant.
Ø Royalty income could start within 12 months, mine permits allowing.
Commenting today, Executive Chairman Patrick Cheetham said:
"We are pleased to see Dicalite progressing the development of the project so rapidly and look forward to seeing their Plan of Operations. We expect this to detail the scale of the operation which we believe will be a relatively simple mining operation extracting ore for delivery to their existing diatomite processing plant. We believe that Dicalite, permits allowing, is planning to start production as early as this time next year which would result in royalty income being generated from that point."
Further information:
Sunrise Resources plc Patrick Cheetham, Executive Chairman | Tel: +44 (0)1625 838 884 |
Beaumont Cornish Limited Nominated Adviser James Biddle/Roland Cornish | Tel: +44 (0)207 628 3396 |
Peterhouse Capital Limited Broker Lucy Williams/Duncan Vasey
| Tel: +44 (0)207 469 0930
|
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
About Diatomite
In its raw form, diatomite is a valuable industrial rock formed by the accumulation in marine and freshwater lake environments of vast quantities of skeletal material from single celled aquatic algae called diatoms.
Diatoms have hollow and lattice-like silica skeletons and the mass accumulation of these skeletons during algal blooms forms a rock with very high porosity suitable for use, amongst other things, as a filtration medium.
About Dicalite
Dicalite Management Group is a vertically integrated international industrial minerals company founded in 1928. It produces and processes diatomite (diatomaceous earth), perlite and vermiculite from 17 facilities in the U.S. and Europe comprising five strategic mines and twelve processing facilities. This includes a diatomite processing plant and associated mining operations at Basalt, Nevada, the fourth oldest continually operated mine in the state of Nevada.
Two varieties of diatomite are made at Basalt, calcined and natural.
Natural diatomaceous earth has a variety of uses in:
· Animal feed additives
· Cement and concrete
· Consumer products
· Desiccants coatings
· Mild abrasive applications
· Polishing compounds
· Seed coatings
· Soil amendments
After processing, which can include heating to a high temperature (calcining) to improve quality, diatomite is used, for example, in filtering beer, liquor, wine, fats, fruit juices, and solvents. Commercial deposits of diatomite have a high brightness, a low bulk density and chemical inertness which also make it a suitable filler or carrier material in various industrial and domestic products.
CAUTIONARY NOTICE
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 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.
Shares in the Company trade on AIM. EPIC: "SRES".
Website: www.sunriseresourcesplc.com