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29 Oct 2009 11:05
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Sunrise Diamonds plc 29 OctoberΒ 2009
NEWΒ EXPLORATIONΒ PROJECTΒ FORΒ DIAMONDS AND PLATINUM GROUPΒ METALSΒ INΒ WESTERN AUSTRALIA
LicenceΒ Application Covers Several Kimberlite Dykes Discovered ByΒ De BeersΒ
SulphideΒ Bearing Gabbro Dyke To Be Evaluated ForΒ PGM's & Gold
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Sunrise Diamonds plc ("Sunrise" or "the Company") is pleased to announce that it hasΒ applied for an exploration licenceΒ targetingΒ diamonds,Β platinum groupΒ metals (PGM's)Β and goldΒ inΒ Western Australia.
TheΒ explorationΒ licenceΒ applicationΒ (ELA20/727)Β covers an area of approximatelyΒ 70Β square km and is locatedΒ 70kmΒ to theΒ north-west of the town ofΒ CueΒ in the Murchison Mineral FieldΒ in theΒ Yilgarn CratonΒ ofΒ Western Australia.Β
TheΒ Cue regionΒ was explored by De Beers in the period 1994-2001Β during which timeΒ De BeersΒ discovered a numberΒ of kimberlite dykes in two separate areasΒ within the Company's application area.Β
AtΒ the "Cue 1" localityΒ aΒ kimberliteΒ dykeΒ outcrops and isΒ reported by De Beers to be 2-3 m wide. Several drill holes intersected the dykeΒ andΒ one vertical holeΒ intersectedΒ kimberliteΒ from surface to 60m depth. AtΒ Soapy Well,Β 7km to the west,Β at least threeΒ closely spacedΒ kimberlite dykes,Β up to 3 m wide,Β were encountered in two drill traversesΒ spacedΒ 400m apart.Β Β
Following these discoveriesΒ De BeersΒ described the areaΒ as havingΒ "β¦excellentΒ potential for discovery of kimberlitesΒ and diamonds"Β andΒ reported thatΒ Β "β¦.anomalousΒ heavy mineralΒ resultsΒ from areas that are structurallyΒ analogous toΒ the Cue and Soapy Well kimberlites suggestΒ that additional kimberliteΒ intrusions remain to be found."Β
Also of interest within the licence area is a sulphide-bearing gabbro dyke that was intersected in several drill holes by De Beers prior to the discovery of the Cue 1 kimberlite.Β Although not of interest to De Beers for diamond exploration,Β thisΒ gabbro dyke is now targeted byΒ SunriseΒ for PGM's and gold. It is locatedΒ in the same region as the Weld Range PGM deposit (reported Inferred Resource >0.5 million ounces platinum+palladium+gold) the discovery of which was initiated byΒ Sunrise Executive Chairman,Β Patrick Cheetham,Β when Joint Managing Director of Dragon Mining NL.
TheΒ new licence applicationΒ area has not been held under licence since the De Beers licences expired and their exploration results did not become open file until 2006.Β Consequently the occurrence of the Cue kimberlites is not widely documented.
A map showing the location ofΒ ELA20/27 will be made availableΒ shortlyΒ on the Company's website, www.sunrisediamonds.com, under the "Projects" Tab (Cue Project).
TheΒ CueΒ projectΒ is the first of a number of new projects planned by the Company toΒ broaden itsΒ
geographicalΒ base and widen its commodity interestsΒ which, to date, have beenΒ focusedΒ on diamondΒ
exploration inΒ Finland.
Further information:
Patrick Cheetham, Sunrise Diamonds plc. Tel: +44 (0)1625-505947.Β Mobile: +44(0)7767 458751
Brett Miller/Gavin Burnell, AstaireΒ Securities plc. Tel: +44(0)20Β 7448 4400
The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person forΒ the purposes of the AIMΒ Note for MiningΒ andΒ Oil & Gas CompaniesΒ dated June 2009. Mr Cheetham is a Member of theΒ InstituteΒ ofΒ Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
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