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Drill programme completed

22 Dec 2010 07:00

RNS Number : 4053Y
Sunrise Resources Plc
22 December 2010
 



 

 

 

22 December 2010

 

 

FIRST DRILL PROGRAMME COMPLETED AT LONG LAKE GOLD PROJECT, SUDBURY, CANADA

 

Sunrise Resources plc ("Sunrise" or "the Company"), the AIM-quoted diversified mineral exploration and development specialist, is pleased to announce that it has now completed a first phase of drilling at its Long Lake Gold Project near Sudbury in Ontario, Canada. Past production of 56,000 ounces of gold at the high grade of 11 grammes per tonne gold was recorded at this project before mine closure in 1939.

 

Details of the programme were set out in the Company's news release dated 10 November 2010. All 6 of the pre-planned drill holes were completed successfully to test for extensions of mineralisation around and below the existing mine workings; a further 3 holes were completed to test other areas of interest identified by the Company's prospecting activities during the summer.

 

The programme of geophysical surveying also referred to in the above mentioned news release is also complete and was extended to include surface and down-hole surveying at Anomaly 23.

 

Drill core continues to be submitted for analysis and the results of the drilling and geophysics are expected during January 2011.

 

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Further information:

 

Sunrise Resources plc Tel: +44 (0)1625-505947

Patrick Cheetham, Executive Chairman Mobile: +44 (0)7767 458751

www.sunriseresourcesplc.com

 

Northland Capital Partners Limited Tel: +44 (0)20 7492 4750

Gavin Burnell or Charles Vaughan (Broking)

 

Yellow Jersey PR Tel: +44 (0)20 8980 3545

Dominic Barretto

 

 

 

Notes to Editors:

 

About the Long Lake 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.

 

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. It is the most productive nickel-mining field in the world with over 1.7 billion tonnes of past production, reserves and resources. Nickel-copper-and platinum group metals ("PGM") bearing sulphide minerals occur in and around a 60 km by 27 km elliptical igneous body called the Sudbury Igneous Complex ("SIC").

 

The claims include a potential 10km extension to 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.

 

The Long lake gold mine in the SW corner of the claim block produced 57,000 ounces of gold from over 200,000 tonnes of ore mined in the periods 1910-1916 and 1932-1939 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.

 

The Company may acquire a 100% interest in the Property by making staged payments totalling Can $575,000 over a three year period, by meeting exploration expenditures of Can $500,000 in that period and by issuing up to 5,000,000 five year share warrants exercisable at 0.675p per share. The vendor retains a 3% NSR on the property of which 2% may be purchased by the Company at any time for the sum of Can$3 million.

 

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/longlake_project.html

 

 

About Sunrise Resources

 

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 a 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.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLKKDDPOBDDNBB
Date   Source Headline
22nd Feb 201110:00 amRNSIssue of Equity
15th Feb 201112:34 pmRNSDirector/PDMR Shareholding
10th Feb 20117:00 amRNSLong Lake Gold Project - Exploration Update
31st Jan 20111:13 pmRNSResult of AGM
25th Jan 20117:00 amRNSEncouraging Drill Results
14th Jan 201110:45 amRNSIssue of Equity
31st Dec 20107:00 amRNSTotal Voting Rights
22nd Dec 201012:43 pmRNSPosting of Annual Report and Accounts
22nd Dec 20107:00 amRNSDrill programme completed
10th Dec 20107:00 amRNSIssue of Equity
9th Dec 20107:00 amRNSIssue of Warrants
7th Dec 20102:00 pmRNSFinal Results
25th Nov 20107:00 amRNSPlacing to raise £1.2million
11th Nov 20107:00 amRNSStart of Drilling, Long Lake Gold Project
3rd Nov 20107:00 amRNSExploration Results, Derryginagh
3rd Nov 20107:00 amRNSNominated adviser and broker change of name
7th Oct 201012:48 pmRNSHolding(s) in Company
19th Aug 20107:00 amRNSDerryginagh Project Update
30th Jul 201012:07 pmRNSTotal Voting Rights
21st Jul 20107:00 amRNSDirectors' Share Issue
8th Jul 20103:26 pmRNSHolding(s) in Company
23rd Jun 20107:00 amRNSLong Lake Project, Canada - Update
22nd Jun 201012:37 pmRNSResult of General Meeting
3rd Jun 20104:27 pmRNSPosting of half year report and Notice of General
24th May 201010:40 amRNSHalf Yearly Report
14th May 20104:36 pmRNSChange of Name
5th May 20107:00 amRNSOption on Gold Project, Canada
21st Apr 20107:00 amRNSPositive test results, Derryginagh
31st Mar 20107:00 amRNSTotal Voting Rights
1st Mar 20107:00 amRNSIssue of Equity
26th Feb 201011:40 amRNSTotal Voting Rights
1st Feb 20104:01 pmRNSDirector's Share Issue
29th Jan 20103:42 pmRNSResult of AGM
8th Dec 20097:00 amRNSGrant of Warrants
7th Dec 200911:45 amRNSFinal Results
25th Nov 20099:28 amRNSNew Project, Ireland
24th Nov 20095:12 pmRNSHolding(s) in Company
4th Nov 200911:12 amRNSCue Project - Diamond Update
29th Oct 200911:05 amRNSNew Project, Australia
17th Aug 20091:30 pmRNSChange of Adviser
31st Jul 20099:42 amRNSTotal Voting Rights
24th Jul 20091:43 pmRNSIssue of Equity
21st May 200910:22 amRNSHalf Yearly Report
30th Apr 20099:15 amRNSTotal Voting Rights
27th Apr 20099:43 amRNSHolding(s) in Company
24th Apr 200910:21 amRNSNordic Agreement Concluded
27th Feb 20098:53 amRNSTotal Voting Rights
2nd Feb 200912:17 pmRNSIssue of Equity
30th Jan 200912:00 pmRNSResult of AGM
28th Jan 20091:23 pmRNSHolding(s) in Company

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