TIDMSRES
RNS Number : 0136Y
Sunrise Resources Plc
02 September 2022
2 September 2022
SUNRISE RESOURCES PLC
("Sunrise" or the "Company")
Update - Pioche Sepiolite Project
Further to its announcement of 28 June 2022, Sunrise Resources
plc is pleased to advise that Tolsa USA Inc. ("Tolsa") has
submitted a notice to the US Bureau of Land Management ("BLM") for
approval of an extensive trenching programme at the Company's
Pioche Sepiolite Project in Nevada, USA (the "Pioche Project") as
part of their ongoing due diligence.
Key Points
-- A surface mapping programme completed by Tolsa in July has
identified multiple sepiolite horizons throughout the project
area.
-- Up to 2km of excavator trenching is now planned to better
expose and sample the sepiolite deposits.
-- Tolsa has scheduled trenching to start around the end of this
month, subject to BLM approval, and work is expected to take up to
4 weeks to complete.
-- Sunrise has granted Tolsa an option to purchase the Pioche
Project for $1.25 million and an ongoing payment to Sunrise of a 3%
royalty (see announcement of 28 June 2022 for detail). Tolsa is a
US subsidiary of Tolsa S.A., the world's largest producer of
sepiolite.
-- Sepiolite, an industrial mineral, has unique characteristics,
is scarce, with very few commercial deposits in the world.
Commenting today, Executive Chairman Patrick Cheetham said:
"We are very encouraged by the rapid start Tolsa has made in its
evaluation of the Pioche Project. Tolsa has hit the ground running
and has already completed a thorough programme of surface mapping
and evaluation, identifying multiple horizons of sepiolite below
the original discovery level.
Up to 2km of excavator trenching is now proposed to excavate
across these horizons which appear to extend throughout the project
area. This trenching will provide further exposures of the
mineralisation to enable a better evaluation of the thicknesses and
quality of the Pioche sepiolite deposits.
We are pleased to see favourable results from Tolsa's work
to-date and to have assisted Tolsa in formulating its proposals to
the BLM. We look forward to the results of further exploration
work."
___________________________________________________________________________
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
Shares in the Company trade on AIM. EPIC: "SRES".
Website: www.sunriseresourcesplc.com
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.
Notes
About Sepiolite
Sepiolite is a non-swelling, lightweight, porous clay with
outstanding sorption capacity. The largest market globally for
sepiolite is for use in light-weight non-clumping pet litters where
it has superior properties compared to other clays used in this
application.
Sepiolite is also used extensively in agriculture as a
slow-release absorbent and adsorbent carrier for chemicals and
pesticides, in animal feeds as a binder and carrier for nutrients
and growth promoter. It is also used as a suspending agent in
paints, medicines, pharmaceuticals and cosmetics, and in high
temperature drilling muds.
Sepiolite is a very uncommon clay because of both its peculiar
characteristics and scarce occurrence. There are very few
commercial deposits in the world, and, with one exception, there
are no significant sepiolite deposits known in the USA, so a large
potential market would exist for any new US producer of
sepiolite.
About Tolsa
Tolsa S.A., founded in Spain in 1957, is a privately owned
specialist clay mining and processing company that now operates in
95 countries including the USA where it has bentonite mining
operations in Wyoming and processing facilities in Nevada.
It is the largest producer of sepiolite in the world, mainly
from its mining operations near Madrid in Spain and it is Europe's
largest producer of lightweight hygienic pet litter with 37% of the
European market.
In 2021, Tolsa reported global turnover of Euros 193 million, a
clay processing capacity of 1.2 million tons/year and annual
production of over 1 million tons of clay products.
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.
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Sunrise Resources (LSE:SRES)
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부터 11월(11) 2024 으로 12월(12) 2024
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