TIDMSRES
RNS Number : 0226M
Sunrise Resources Plc
19 May 2022
19 May 2022
SUNRISE RESOURCES PLC
("Sunrise" or the "Company")
UPDATE ON MYRTLE GOLD-SILVER PROJECT
Sunrise Resources plc is pleased to advise high grade assay
results from sampling and mapping at surface at its Myrtle
Gold-Silver Project in Mineral County, Nevada, USA.
Key Points
-- Company holds 20 mining claims (the "Company Claims")
surrounding two mining claims over the historic Myrtle Mine owned
by another party (the "Adjoining Myrtle Mine Claims")
-- Reconnaissance field mapping and sampling has been carried
out on both sets of claims by the Company
-- On the Adjoining Myrtle Mine Claims, Company samples returned
values of up to 142g/t gold (4.1 ounces/ton) from narrow in-situ
quartz veins and up to 9.7g/t from quartz vein samples on the
Myrtle Mine dumps
-- Values of up to 3g/t gold from Sunnyside Mine workings on the Company Claims
-- Silver values of up to 13.2 ounces/ton (452g/t) and up to
4.9% zinc-lead-copper from more distal mineralisation on Company
Claims
-- Intrusive related gold-silver-base metal system suspected
-- Located in prolific Walker Lane Mineral Belt of epithermal
gold silver and porphyry copper deposits
Commenting today, Executive Chairman Patrick Cheetham said:
"The assay results from reconnaissance sampling of the Myrtle
Project are very promising with different styles of mineralisation
developed around what appears to be an intrusive related gold
system.
Very high gold values of up to 142g/t have been returned from
the Adjoining Myrtle Mine Claims whilst samples from the Company
Claims include gold values of up to 3g/t from the Sunnyside Mine
area and 13.2 ounces/ton silver from prospector workings in a more
distal setting. A number of separate exploration targets are
suggested by this sampling and further exploration is justified
The development of our core pozzolan and perlite projects
remains our priority and only limited funds are deployed on other
projects where we think we can add value at little cost as
demonstrated by these results."
Further information:
Sunrise Resources plc Tel: +44 (0)1625 838 884
Patrick Cheetham, Executive
Chairman
Tel: +44 (0)207 628 3396
Beaumont Cornish Limited
Nominated Adviser
James Biddle/Roland Cornish
Tel: +44 (0)207 469 0930
Peterhouse Capital Limited
Broker
Lucy Williams/Duncan Vasey
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 which forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Detailed Information
The Myrtle Gold-Silver Project (the "Project") is located 25km
northwest of Hawthorne, the administrative centre for Mineral
County, Nevada.
The Project is located in the Walker Lane Mineral Belt which
contains a number of commercial porphyry copper deposits and
epithermal gold and silver deposits. The nearest of these are the
Rawhide Mine (1.8 million ounces gold and 15.6 million ounces of
silver from past production) 31km to the northwest, and the
currently producing Isabella Pearl Mine, 33 km to the
southwest.
The Project was acquired by claim staking in 2021 and comprises
20 lode mining claims (400 acres) held by Sunrise's Westgold Inc.
subsidiary. These Company Claims surround the two Adjoining Myrtle
Mine Claims which are centred on the old Myrtle Gold Mine and
excised from the Company Claims having been held since the 1940's
by independent family interests. The Company Claims cover the
adjacent Sunnyside Mine and a number of prospector scale workings
spread throughout the area of the Company Claims.
Reconnaissance field mapping and sampling has been carried out
on both sets of claims by a Nevada based geological contractor and
assay results are now available. In addition, the Chairman visited
the property on his recent visit to Nevada accompanied by the owner
of the Myrtle Mine and carried out a brief examination of old
underground workings.
Sampling and mapping results discussed here are for both the
Company Claims and the excised Adjoining Myrtle Mine Claims in
order to give a more coherent and complete description of the
mineralisation in the area.
Historical mine workings are located in an intrusive quartz
monzonite as well as a surrounding sequence of shallow dipping
limestones and shales. On the Adjoining Myrtle Mine Claims two
styles of mineralisation are apparent. Narrow, north striking
quartz veins occur within the quartz monzonite and free gold is
reported to be visible in some samples of these veins. A sample of
one such vein taken by the Company, 5cm wide where sampled, assayed
a very high 4.1 ounces/ton gold (141g/t gold) whilst 30m away a
similar 10cm wide vein assayed 4.7g/t gold. In addition, there is a
zone of limonite and quartz veining at the contact between the
quartz monzonite and a dolomitic limestone which an old report
describes as gold bearing and up to 10 feet wide. This zone was
seen underground on the recent visit and is strongly mineralised
with oxidising sulphides. This underground zone is likely the
source of quartz vein samples on the main adit dump, two samples of
which assayed 4.7g/t gold and 9.6g/t gold. There is insufficient
development work underground to determine the extent of this
mineralisation.
In the old Sunnyside Mine, on the Company Claims, old mine
workings reportedly targeted a pipe-like body of gold
mineralisation developed over an area 9m x 5.5m, but open ended,
and also comprising massive limonite and quartz. This reportedly
occurred at the intersection of a number of faults near the contact
of the quartz monzonite and the limestone in an area intruded by
mineralised fine grained porphyry dykes. Dump samples taken by the
Company at the Sunnyside Mine assayed 1.87g/t gold and 2.96g/t
gold. Gold bearing samples from both the Myrtle and Sunnyside Mine
areas are highly anomalous in the elements bismuth and tellurium
which are often associated with gold in intrusive related gold
systems.
The larger part of the Company Claims is underlain by a shallow
dipping limestone-shale sequence that contains old prospector scale
workings developed on gossanous horizons and shear zones. The
Company's samples from various dumps have returned values of up to
452g/t silver (13.2 ounces/ton) and, in another sample, 110g/t
silver (3.2 ounces/ton) with 4.9% zinc-lead-copper in that same
sample. These samples are suspected to represent more distal
mineralisation developed around the quartz-porphyry intrusive.
In the late 1980s, the area around the Myrtle Mine was held by
Atlas Precious Metals who, according to records at the Bureau of
Land Management, completed up to 9 drill holes. Results are
unknown. Seven of these holes are shown as located on the Company
Claims and two on the Adjoining Myrtle Mine Claims.
A plan showing the location of the Myrtle Project can be found
on the Company website here and plans showing the distribution of
significant gold and silver values in the Company's sampling
programme and a preliminary geological interpretation can be found
on the Company website here and here .
Notes:
1. Units:
g/t = grammes/tonne
ounce/ton = troy ounces per US (short) ton
1 g/t = 1 g/tonne
1 (Troy) ounce =31.105g
1 US ton = 0.907185 tonne
1 troy ounce/US(short) ton = 34.2857g/t
2. Technical Glossary:
Dolomitic limestone. A limestone containing a significant
replacement of calcium by magnesium.
Epithermal . A type of mineralisation resultant of hydrothermal
alteration at relatively shallow depth and temperature.
Gossan. Surficial expressions of sulphide mineralisation where
oxidisation results in an iron-rich capping to the
mineralisation.
Porphyry. A granitic rock having a texture where relatively
large/coarse-grained minerals are contained in a fine-grained
groundmass. Sometimes associated with disseminated copper deposits
(porphyry copper deposits).
Quartz monzonite . An intrusive granitic rock containing both
plagioclase and orthoclase felspar and quartz. Sometimes
porphyritic and associated with porphyry copper deposits or
intrusive related gold deposits.
3. Qualified Person Information:
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. Mr. Cheetham is a Member of the Institute of Materials,
Minerals & Mining and also a member of the Australasian
Institute of Mining & Metallurgy.
Shares in the Company trade on AIM. EPIC: "SRES". Website:
www.sunriseresourcesplc.com
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END
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