Last checked at 14 Jun 2011 07:00
14 June 2011
Sunrise Resources Plc
Drill Contract Secured at Long Lake Gold Project
Sunrise Resources plc ("Sunrise" or "the Company"), the AIM-quoted diversified mineral exploration and development specialist, is pleased to announce that it has signed a drill contract for a second round of drilling at its Long Lake Gold project near Sudbury in Canada.
Highlights:
·; Second round drill programme contracted to start on or before 4 July 2011;
·; Drilling to follow-up on results of the Company's first drill programme announced earlier this year which included high-grade gold intersections;
·; The Company has recently extended its option to acquire the Long Lake claim group located to the south-west of Sudbury in Canada; and
·; Long Lake Gold Mine produced 57,000 ounces gold from ore having an average grade of over 11g/t gold down to a depth of just 55m from surface.
The drilling will seek down-dip and along-strike extensions to the gold mineralisation mined in the period prior to the mine's closure in 1939. Earlier this year the Company's reported results from its first round of drilling at the mine site included a best result of 17.0m grading 2.9g/t gold, including 2.3m grading 16.1g/t gold within a 35m thick interval grading 2.0 g/t gold. Grades to 55 g/t gold (1.8 ounces gold per tonne) were also reported over narrow intervals. The deepest hole from that programme intersected the mineralised mine sequence in the predicted position below the mine workings confirming continuation of the mineralisation at depth.
Further drilling is also planned to test a number of recently defined geophysical targets around the mine site and at prospect E1 as well as to re-test Anomaly 23 where a down-hole and surface IP survey around the Company's drill hole 10LD006 suggested that this hole missed the target which is strong and indicative of massive sulphide mineralisation.
The programme will comprise around 10 holes for around 1,000m of diamond drilling and is expected to take 6 weeks to complete. Analytical results from drill samples should be available within 6 weeks after completion of the drill programme.
Commenting on today's news, Patrick Cheetham, Executive Chairman, said: "The results from our first drill programme included high-grade gold intersections that exceeded expectations. We look forward to the results from the follow-up drilling programme and expect to build on those exciting first results".
Further information:
Sunrise Resources plc Tel: +44 (0)845 868 4590
Patrick Cheetham, Executive Chairman Mobile: +44 (0)7767 458751
www.sunriseresourcesplc.com
Northland Capital Partners Limited Tel: +44 (0)20 7796 8800
Gavin Burnell / Rod Venables
Charles Vaughan (Corporate Broking)
Yellow Jersey PR Limited Tel: +44 (0)7768 537739
Dominic Barretto
Notes:
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 dated June 2009. Mr Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
Please note that any reference to dates or timetables for exploration programmes and the receipt of results are based on the Company's expectations held at the date of this release. Such timetables often depend on outside contractors, weather conditions and permitting issues beyond the Company's control and are therefore subject to change.
Notes to Editors
About the Long Lake Gold Project
The Company holds a three year option, effective 5 May 2010 to acquire the Long Lake claim group located to the south-west of Sudbury. The claims are being explored for gold and also for nickel-copper-platinum group elements.
The Long Lake Gold Mine produced 57,000 ounces of gold from over 200,000 tonnes of ore mined in the periods 1910-1916 and 1932-1939 from ore having an average grade of over 11g/t gold. Most of the ore mined was extracted from a 50m diameter open glory-hole developed on a plunging pipe-like zone of disseminated gold and strongly sulphide mineralised sedimentary rock down to a depth of just 55m from surface.
Since 1883 the Sudbury mining field has accounted for over 25% of the world's total nickel production and new discoveries continue to be made. The claims include a potential 10km extension to the producing Copper Cliff offset dyke system prospective for nickel-copper-platinum group metals, where, north of the Company's Property, the producing Copper Cliffs South mine and the Copper Cliff North mine have yielded over 200 million tonnes of ore and Vale Inco Limited's Clarabelle Mill, Copper Cliff Smelter and Copper Cliff Nickel Refinery are located in close proximity.
About Sunrise Resources plc
Sunrise Resources plc was formed to acquire the diamond exploration interests of Tertiary Minerals plc in 2005. Since then, the Company has made a number of new kimberlite discoveries in Finland and expanded its portfolio of diamond exploration interests to include a new project near Cue in Western Australia.
In 2009 the Company made a strategic decision to diversify its project interests and has since acquired interests in the Long Lake Project as well as the Derryginagh Barite mine in south-west Ireland.
Derryginagh was worked for barite from 1864-1922, supplying white barite to the local paint industry. Barite, the mineral form of the chemical barium sulphate, is used as high-value industrial filler in, for example, paint, plastics, brake linings and acoustic panels. The Company is targeting a modest scale mining operating at Derryginagh that could, in time, produce a valuable cash flow for the Company.
Various maps and images illustrating some of the features discussed in this release are available on the Company's website at:
http://www.sunriseresourcesplc.com