Last checked at 18 Dec 2018 07:00
("Sunrise" or the "Company")
18 December 2018
VR Resources Ltd - Junction Project
Sunrise Resources is pleased to announce that it has now been issued with a further 50,000 shares in TSX-V listed VR Resources Ltd ("VRR") following the start of drilling on the Junction Copper-Silver-Gold Project in Nevada, USA, bringing the total number of shares in VRR held by the Company to 100,000.
VRR has issued the shares to the Company in part consideration of the acquisition of the Junction Copper-Silver-Gold Project as announced on 30 August 2017.
Under the terms of the Company's agreement with VRR the issue of shares became due on the start of drilling and a further 250,000 shares are due to the Company in the event that VRR completes a 43-101 compliant mineral resource estimate for the Junction Project.
Sunrise also holds a 3% net smelter return royalty interest in the original 15 claims sold to VRR and all additional claims staked by VRR within a 2-mile radius.
Details of the proposed drill programme to test the Denio Summit target were given in the Company's announcement of 7 November 2018.
Commenting today Sunrise Executive Chairman Patrick Cheetham said: "We are pleased to see our interest in VRR increase now that drilling is underway to test this exciting exploration project and we wish VRR every success."
For further information, visit www.sunriseresourcesplc.com or please contact:
Further information:
Sunrise Resources plc Patrick Cheetham, Executive Chairman | Tel: | +44 (0)1625 838 884 |
Beaumont Cornish Limited Nominated Adviser James Biddle /Roland Cornish | Tel: | +44 (0)20 7628 3396
|
SVS Securities Plc Broker Tom Curran/Ben Tadd | Tel: | +44 (0)203 700 0093 |
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
About Sunrise Resources plc
Sunrise Resources plc is an exploration and development stage company. It is focused on the development of its CS Pozzolan-Perlite Project in Nevada, USA, which it anticipates will be mine ready in the third quarter of 2019.
Natural pozzolan is a rock or mineral having cementitious properties that can replace fly-ash and ordinary Portland cement in mortar and concrete mixes. This includes raw perlite which also has a wide range of horticultural and industrial uses based on its ability to expand up to 20 times its volume on heating.
Sunrise also holds a portfolio of drill ready precious and base metal and other industrial mineral projects in Nevada and Australia and is working to unlock the value inherent in this portfolio through sale, joint venture or other arrangements.
Shares in the Company trade on AIM. EPIC: "SRES".