Last checked at 22 Dec 2010 07:00
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.