Last checked at 26 Jul 2016 09:07
26 July 2016
Garfield Copper-Gold Project - Update
Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded diversified mineral exploration and development company ("the Company"), is pleased to announce the identification of significant bedrock copper-gold mineralisation in trenching at its Garfield Project in Nevada.
HIGHLIGHTS:
· Two trenches excavated in June 2016 tested beneath mineralised surface samples.
· Trench 1 (26m long) sampling results:
22m grading 0.33% copper, including:
Ø 2 metres grading 2.18% copper and 0.48 g/t gold from 16m-18m.
Ø 2 metres grading 1.2 g/t gold and 0.07% copper from 8m-10m.
· Trench 2 did not reach bedrock and was not sampled.
Commenting today, Executive Chairman Patrick Cheetham said: "This is a very encouraging start to exploration at Garfield. We have a permit to undertake further trenching and this will be scheduled to fit in with other work programmes in Nevada this summer.
Further information:
Sunrise Resources plc Patrick Cheetham, Executive Chairman | Tel: | +44 (0)1625 838 884 |
Northland Capital Partners Limited Nominated Adviser & Broker Edward Hutton/David Hignell John Howes/Rob Rees
| Tel: | +44 (0)20 3861 6625
|
Beaufort Securities Limited Joint Broker Jon Belliss | Tel: | +44 (0)20 7382 8300 |
Detailed Information
The Garfield Project is located approximately 10km east of Hawthorne, in Mineral County, Nevada.
It is within the large Walker Lane Mineral Belt, a major fault zone running parallel to the Nevada-California border. This mineral belt has been a prolific producer of gold and silver from epithermal deposits such as the famous deposits at Comstock and Tonopah and over 50 million ounces of gold have been discovered so far in the Walker Lane belt.
The Walker Lane belt also hosts a number of major porphyry and skarn-type copper and molybdenum deposits (e.g. the famous Anaconda/Yerrington copper mine) and also large Iron-Oxide-Copper-Gold deposits such as the Pumpkin Hollow deposit (5.2 billion lbs of contained copper in reserves) under active development by Nevada Copper Corporation.
The project comprises twenty four claims staked in June 2014 after regional reconnaissance resulted in the find of surface samples grading up to 6% copper, 3.5g/t gold, 4 ounces/tonne silver. In April 2015 the Company completed a small soil sampling programme which defined a discrete gold-copper anomaly in soils associated with the surface discovery. A preliminary trenching programme was recently carried out (June 2016) and was designed to expose bedrock immediately beneath overlying scree material.
Trench 1 was completed for an overall length of 26m in a northwest-southeast direction centred beneath the surface occurrence.
The bedrock exposed in Trench 1 comprised variably silicified limestone containing disseminated copper mineralisation largely in the form of the copper carbonate mineral, malachite, in association with jarosite (an iron/potassium sulphate mineral found in the oxidised zone of sulphide deposits).
The exposed bedrock was sampled along the base of the trench with continuous chip and composite grab samples being taken at 2m intervals.
The 22m interval from 4m to the end of the trench at 26m averaged 0.33% copper and contained a 2m interval grading 2.18% copper from 16m-18m.
A 2m interval from 8m-10m along the trench assayed 1.22 grammes/tonne gold.
The trench was orientated perpendicular to the interpreted strike of mineralisation but the true thicknesses of mineralisation is not yet known. Significantly, copper mineralisation was continuing at the southeast end of the trench.
An attempt was made to excavate a second trench 50m northwest of Trench 1 but the trench quickly passed into deep overburden and Trench 2 was abandoned.
After sampling both trenches were backfilled and levelled in compliance with permitting obligations.
Trenching provides a low cost means of initial evaluation and the programme will now be extended to lengthen the existing trench and excavate parallel trenches. This work is already permitted and will be scheduled to fit in with other work programmes in Nevada this summer.
A plan showing the location of the project is available on the Company's website at the Garfield Project page and photos of the trenching programme will be added shortly.
Notes:
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 of the European Parliament.
The information in this release is sourced from archived information held by the Nevada Bureau of Mines & Geology and from privately held sources associated with the previous exploration programmes. It 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. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
Notes to Editors:
About Sunrise Resources plc
Sunrise Resources plc is an AIM-traded diversified mineral exploration and development company. 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 exploring a number of precious metal, base metal and industrial mineral projects in Nevada, USA. The Company holds a royalty interest from EP Minerals in a diatomite project in Nevada and holds a white barite project in South-West Ireland. The Company also holds diamond and gold exploration interests in Western Australia.
Shares in the Company trade on AIM. EPIC: "SRES"
Website: www.sunriseresourcesplc.com