TIDMSRES
RNS Number : 9409D
Sunrise Resources Plc
25 October 2022
25 October 2022
SUNRISE RESOURCES PLC
("Sunrise" or the "Company")
Update - Pioche Sepiolite Project
Further to its announcements of 28 June and 2 September 2022,
Sunrise Resources plc is pleased to advise that Tolsa USA Inc.
("Tolsa") has received approval from the US Bureau of Land
Management ("BLM") for its proposed trenching programme at the
Company's Pioche Sepiolite Project in Nevada, USA (the "Pioche
Project") and that Tolsa will start work this week.
Key Points
-- Tolsa's BLM Notice Level permit is approved and reclamation bond submitted.
-- Up to 2km of excavator trenching will start this week to
better expose and sample the mapped sepiolite deposits (see
announcement of 2 September for detail).
-- On 28 June 2022, Sunrise granted Tolsa a 6-month option to
purchase the Pioche Project for $1.25 million and an ongoing
payment to Sunrise of a 3% royalty. This option may be extended for
a further 12 months on payment of $50,000 to Sunrise within the
option period (see announcement of 28 June 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 pleased to see that the permitting has proceeded
smoothly and in a timely manner and that Tolsa is now proceeding
immediately with its proposed exploration programme, having already
identified multiple horizons of sepiolite at the Pioche
Project.
The trenching programme will provide further exposures of the
sepiolite beds to enable a better evaluation of their thicknesses
and quality.
Whilst our focus remains on the CS and Hazen pozzolan projects,
the Pioche Project exemplifies the Company's long-standing strategy
to identify overlooked mineral opportunities and convert these into
cash and free carried royalty interests such as those the Company
already holds on the Junction, Garfield and Stonewall exploration
projects.
We are pleased that the Pioche Project continues to advance at a
fast pace and we look forward to the results from this next stage
of evaluation."
___________________________________________________________________________
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 lightweight 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 and 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 unusual
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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