TIDMSRES
RNS Number : 3840K
Sunrise Resources Plc
21 December 2022
21 December 2022
SUNRISE RESOURCES PLC
("Sunrise" or the "Company")
Tolsa commits to Pioche Sepiolite Project in 2023
and to pay $50,000 to maintain option to acquire the Project
Sunrise Resources plc is pleased to advise that Tolsa USA Inc.
("Tolsa") has notified the Company of positive results from its
October trenching programme, its strategy for further evaluation
work and its decision to continue the option period to acquire the
Company's Pioche Sepiolite Project in Nevada, USA (the "Pioche
Project").
Key Points
-- Tolsa will make the required interim payment of $50,000 to
the Company to continue its option to purchase the project for 12
months.
-- Trenching programme was successful in demonstrating
continuity of the sepiolite beds mapped at surface.
-- Tolsa now planning a resource definition drilling programme,
further industrial testing and feasibility studies.
-- Tolsa can purchase the Pioche Project for $1.25 million by 28
December 2023 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:
"This is excellent news and an early Christmas present for
shareholders. We are delighted with the progress being made by
Tolsa since our agreement was signed in the summer and to see the
commitment to resource definition drilling in the Spring when the
snow melts.
As we know, Sepiolite is a rare mineral with few commercial
deposits in the world and Tolsa is the world's largest producer, so
it is significant, I believe, when Tolsa tells us this project has
the highest priority within the Tolsa Group.
We are excited to see this project being fast tracked, and we
wish Tolsa all the best with its evaluation in 2023."
___________________________________________________________________________
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.
Detailed information
About the Pioche Sepiolite Project
The Pioche Sepiolite Project (the "Project") is located close to
the historic mining town of Pioche in Lincoln County, Nevada. It
lies within 4km of US Highway 93, from which it can be accessed by
a network of 4WD tracks, and 47km from rail at the town of
Caliente, Nevada.
The Project was originally identified whilst evaluating the area
for deposits of natural pozzolan and was acquired by claim staking
by Sunrise's Nevada subsidiary, SR Minerals Inc ("SRM"). High grade
sepiolite was subsequently identified in outcrop. The sepiolite
deposits are believed to have formed from volcanic ash deposited
and weathered in an extensive ancient lake system that once covered
the area of the claims and was fed by volcanoes in the surrounding
areas.
To date Tolsa has carried out detailed mapping and sampling and
a programme of trenching and bulk sampling. It has now advised that
it intends to carry out resource definition drilling in the Spring
and industrial testing of the bulk samples and feasibility studies
in the next 12 months.
About the Company's agreement with Tolsa.
Full details of the agreement with Tolsa are given in the
Company's news release of 28 June 2022. Having extended its option
period, Tolsa will now have until 28 December 2023 to purchase the
Pioche Project for the sum of US$1.25 million payable in cash.
If a sale is closed, SRM will retain a 3% royalty on all
minerals and mineral materials produced and sold from the Pioche
Project claims and any further claims acquired by either party in a
2-mile radius of the external boundary of the original claims (the
"Mineral Products Royalty"). The Mineral Products Royalty is
calculated as gross revenue less sales bonus, commissions, rebates
and any other discounts provided to unrelated third parties. The
Mineral Products Royalty will be payable from the commencement of
commercial production for a period of 25 years and a nominal
advance royalty of $50,000 per annum will be paid if production is
not started within 5 years for any reason.
Twenty percent of all payments, including royalties, will be
payable by the Company as a success fee to an unrelated third
party, a sepiolite industry specialist, who has brokered the
agreement with Tolsa.
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 could 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.
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END
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Sunrise Resources (LSE:SRES)
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