20 August
2024
SUNRISE RESOURCES
PLC
("Sunrise" or the
"Company")
Garfield Royalty
Interest
Sunrise Resources plc notes the
announcement made yesterday by Guardian Metal Resources plc
("GMR"), formerly named Golden Metal Resources plc, in connection
with its Garfield Copper Project in the Walker Lane Mineral Belt,
Nevada, USA, where Sunrise holds a 2% Net Smelter Return ("NSR")
Royalty.
Under the heading "Significant Geophysical Campaign Results,
Magnetic and IP Data Confirm Porphyry Potential at Garfield
(and Pilot Mountain)" GMR has announced that, at Garfield:
·
"Previously completed magnetic surveys over the
High-Grade and Power-Line Zones identified 0.75 km x 0.75 km and
0.7 km x 0.5 km magnetic high anomalies believed to be associated
with buried porphyry intrusions at depth. These anomalies are
coincident with strong copper-mineralisation at surface.
·
"3D inversions of the magnetic data show two large
deep seated intrusive/magnetic bodies. The anomalies at both the
High-Grade and Power Line Zones extend for at least 800 m
vertically and remain open below the depth of investigation of the
ground magnetic survey.
·
"Follow up high-resolution 3D IP surveys
successfully identified several sub-cropping anomalies at the
margins of these intrusions, which correlate to copper-magnetite
skarn mineralisation at surface, at the contacts between
limestones and the granitic intrusions.
·
"It (GNR) is finalising planned drillhole
locations and will submit a notice level permit application to the
local Bureau of Land Management ("BLM")
thereafter."
Commenting today, Executive Chairman Patrick Cheetham
said:
"We are delighted to see GMR advancing the Garfield Project
with drilling now planned and fully funded. Our 2% royalty
interest is a cost-free, risk-free and free-carried interest, and
could be of substantial value if GMR's drilling is
successful."
Background Information.
The original discovery of copper
mineralisation at surface at Garfield was made by Sunrise prior to
selling the project mining claims. Sunrise has retained a 2% NSR
royalty over the original claim area and a 1-mile surrounding area
(see image below). NSR royalty interests such as this are risk free
to the holder as they are payable from revenue and not exposed to
profitability. Furthermore, they are free carried and so, as
holder, we are not required to contribute to exploration or mine
development costs. Royalty interests also have a ready market
amongst numerous specialist royalty holding companies. The Garfield
royalty is just one of a number of royalty interests held by the
Company and built into our agreements with other
parties.
GMR's news release, yesterday, can
be viewed in full at:
https://polaris.brighterir.com/public/golden_metal_resources/news/json_news/story/xodl9dr
Further
information:
|
Sunrise Resources plc
Patrick Cheetham, Executive
Chairman
|
Tel: +44 (0)1625 838 884
|
|
Beaumont Cornish Limited
Nominated Adviser
James Biddle/Roland
Cornish
|
Tel: +44 (0)207 628 3396
|
|
Peterhouse Capital Limited
Broker
Lucy Williams/Duncan
Vasey
|
Tel: +44 (0)207 469 0930
|
|
|
|
Nominated Adviser
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
Shares in the Company trade on AIM.
EPIC: "SRES". Website: www.sunriseresourcesplc.com
