TIDMSRES
RNS Number : 2930E
Sunrise Resources Plc
29 June 2023
29 June 2023
SUNRISE RESOURCES PLC
("Sunrise" or the "Company")
Reese Ridge Project Update
Sunrise Resources plc is pleased to announce the receipt of
high-grade zinc, lead and silver analytical results from samples
collected during a recent field visit to the Reese Ridge Project in
Nevada, USA.
Highlights
-- Field visit made to follow up on a Company reconnaissance
mapping sample that had yielded an unexpectedly high zinc content
of 15.9% zinc.
-- Original sample site has been revisited and two additional grab samples yielded:
Ø Sample No 52303: 13.6% zinc, 12.8% lead, 146ppm silver.
Ø Sample No.52304: 29.6% zinc, 0.3% lead, 7ppm silver.
-- Samples occur within a larger altered area containing
widespread zinc-lead-silver values (see announcement of 15 March
2023).
-- Low resistivity zone defined during historical geothermal
exploration programme is a priority drill target.
-- Geological setting and mineralogical evaluation of the
samples suggests a Carbonate Replacement Deposit ("CRD") style of
base-precious metal mineralisation.
-- CRD deposits can be large and high-grade as seen in the
Taylor (Hermosa) Deposit in the neighbouring State of Arizona which
was purchased by South 32 for $1.6 billion in 2018 and is now under
development.
________________________________________________________________________
Commenting today, Executive Chairman Patrick Cheetham said:
"We are delighted to have revisited the original high grade
sample site and to have obtained such high zinc, lead and silver
values in these follow up samples. As with the original
reconnaissance sample, the high zinc values in these new rock
samples came as a very pleasant surprise. We believe the zinc
occurs in these samples as secondary minerals, formed from
weathering of zinc sulphides. These secondary zinc minerals are
visually unremarkable and difficult to distinguish from the host
rock, even for experienced mineralogists. These very high zinc
grades could have been easily missed by earlier prospectors and
explorers.
The Reese Ridge Project is now emerging as an exciting target
for zinc-lead silver mineralisation and has many of the
characteristics of a CRD deposit and, as such, presents a very
attractive exploration target."
_________________________________________________________________________
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.
Additional Information
The Reese Ridge Project is located on the south side of
prospective Humboldt Structural Zone, 52 miles south-southwest of
Battle Mountain, Nevada.
The Project has evolved from the Company's Reese River
industrial limestone project and was first suggested as an
interesting target when prospecting by the Company yielded an
unremarkable limestone sample containing a few spots of the lead
sulphide mineral galena which was submitted for analysis and
returned a value of 15.9% zinc (alongside 0.3% lead and 17ppm
silver). The high zinc content was unexpected and unexplained and
given a low priority.
Since then, various Company prospecting campaigns have focused
on a broader area containing numerous conspicuous iron-rich gossans
of generally limited extent but which attracted the Company's
attention and that of early prospectors and were found to contain
exotic geochemistry and consistently anomalous zinc, lead and
silver with values up to 6.8% zinc, 3.3% lead and 51g/t silver. 43
samples taken from these gossans and old workings averaged 0.86%
zinc.
In May 2023 the original high-grade zinc sample site was
revisited and two further samples collected and analysed with the
following results:
-- Sample No 52303: 13.6% zinc, 12.8% lead, 146ppm silver.
-- Sample No.52304: 29.6% zinc, 0.3% lead, 7ppm silver.
Sample 52303 contained visible galena and so the high lead
content was to be expected. However, the very high zinc values in
both samples were again a surprise as the samples were otherwise
unremarkable. It is believed that the zinc in these samples is
present as secondary zinc oxide, carbonate or silicate minerals.
These minerals are difficult to identify in the field in an area
where the rocks are significantly altered and do not have the
stand-out character of iron rich gossans and are easily
overlooked.
Whilst the widespread high visibility iron rich gossans at Reese
Ridge are part of the same mineralising system, they were likely a
red herring to the early prospectors and our own earlier follow up
sampling campaigns given that less visually distinctive samples are
now confirmed to contain very high zinc levels.
The geological setting and geological features of the target are
consistent with a Carbonate Replacement Deposit (CRD) style of
mineralisation. These can be large and high grade. A relevant
example is the Hermosa Project in the neighbouring State of Arizona
which was acquired by South 32 in a US$1.3 billion takeover and
which includes the Taylor Deposit (138 million tonne Mineral
Resource with a zinc equivalent grade of 8.61%) now under
development.
The project claims lie adjacent to the Reese River geothermal
system which has been explored for geothermal energy. This
exploration has included a number of geophysical techniques common
to the mineral exploration industry, including VTEM and MT
electromagnetic methods.
Both VTEM and MT surveys have independently identified a zone of
low resistivity at a depth of about 250m below the surface
mineralisation. This is an attractive drill target and is
considerably enhanced by the high zinc values now being reported.
Further work is required to better define the resistivity anomaly
prior to drill testing.
Various plans and photos illustrating the information in this
news release will be available on the Company's website at:
https://www.sunriseresourcesplc.com/reese-ridge-project-nevada
Technical Glossary
Gossan: An exposed, oxidised portion of a mineral deposit, often
rust-coloured due to a high content of iron oxide formed from the
oxidation of metallic sulphide minerals.
VTEM(TM): Versatile Time Domain Electromagnetic . A low
frequency geophysical exploration system developed, patented and
trademarked by Geotech. VTEM(TM) has good depth penetration and is
useful for detecting conductive sulphides and discriminating
between low and high resistivity zones. Zones of low resistivity
can be due to sulphides and/or clay alteration associated with a
number of styles of mineralisation commonly found in Nevada.
MT: Magnetotelluric. An electro-magnetic survey and imaging
system that use naturally-occurring ionospheric current sheets and
lightning storms - passive energy sources - to map geologic
structures to depths of up to 500 metres or more. The MT
geophysical survey method combines measurements of the earth's
electric field and magnetic field over a wide band of frequencies.
Low frequencies sample deep into the earth and high frequencies
correspond to shallow samples.
Secondary. A term applied to minerals formed from the oxidation
of the original (primary) minerals, usually sulphide minerals, as a
result of weathering.
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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