Last checked at 12 Jan 2012 07:00
12 January 2011
DRILLING PROGRAMME COMPLETED, DERRYGINAGH BARITE PROJECT
Sunrise Resources plc ("the Company"), the AIM-quoted diversified mineral exploration and development specialist is pleased to announce the completion of the Company's first drilling programme at its Derryginagh barite project in south west Ireland.
The programme comprised 6 complete holes on 5 separate traverses for a total of 892m of drilling. It has been successful in extending the known barite vein system to approximately 180m vertically below surface, a significant depth below the old workings where the drill intercepts based on visual inspection, have thicknesses in line with shallower historical drill intersections and are visually estimated to be high-grade.
Drill holes on traverses east and west from the old workings showed the main vein to be thin, or absent where tested in this initial programme but, as the vein is known to pinch and swell and be offset by faults, the potential remains for strike extensions in areas not yet tested.
The drill core from the programme has now been sampled and core samples submitted for analysis. Geological logging of the drill core is being completed and results will be evaluated together with down-hole survey data to allow more detailed information to be released after assay results become available later this month.
Further information:
Sunrise Resources plc Tel: +44 (0) 845 868 4590
Patrick Cheetham, Executive Chairman
Northland Capital Partners Limited Tel: +44 (0)20 7796 8800
Gavin Burnell / Rod Venables
Charles Vaughan (Sales)
Yellow Jersey PR Limited Tel: +44 (0)7768 537 739
Dominic Barretto
Notes to Editors:
About Derryginagh Barite Project
The concept for Derryginagh is for a modest-sized underground mining operation feeding a low cost gravity separation plant producing high-value filler grade barite.
Barite is the mineral form of the chemical barium sulphate. It is an environmentally friendly, non-toxic natural product. It is chemically and physically unreactive, has a high specific gravity, and low oil adsorption. It also has good sound-deadening and radiation-shielding properties. These properties make barite suitable for use as a weighting agent in oil industry drilling muds and as higher value industrial filler in, for example, paint plastics, brake linings and acoustic panels.
The Derryginagh mine was worked in the period 1864-1922, supplying white barite to the local paint industry. The mine workings extend over a strike length of 200m and to a maximum depth of 60m. In the 1980s four holes drilled by Dresser Minerals International Inc. intersected the barite vein over an average true width of 2.4m at about 100m below surface and over a total strike length of 200m.
There is a significant demand for white paint-grade barite in Europe but no major mine supply outside of China and India. Consequently there is a niche opportunity for a new European supplier as China's own internal demand limits traditional exports. The price currently quoted for white paint grade barite is £195-220/tonne delivered in the UK.
About Sunrise Resources
Sunrise Resources plc ('SRES') is a British-led diversified mineral exploration and development specialist.
The Company's objective is to develop profitable mining operations to sustain the Company's wider exploration efforts and create value for shareholders through the discovery of world-class deposits.
The Company is evaluating a product opportunity for white barite in south-west Ireland and has an exploration portfolio including gold and base-metal exploration interests in Canada and diamond exploration interests in Finland and Western Australia.
Shares in the Company trade on AIM and PLUS Markets under the symbol "SRES".
For further information: www.sunriseresourcesplc.com
Other Notes:
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.
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.