Sunrise Resources Plc Reese Ridge Zinc-Lead-Silver (-Gallium) Project (7690R)
October 31 2023 - 3:00AM
UK Regulatory
TIDMSRES
RNS Number : 7690R
Sunrise Resources Plc
31 October 2023
31 October 2023
SUNRISE RESOURCES PLC
("Sunrise" or the "Company")
Reese Ridge Zinc-Lead-Silver (-Gallium) Project
Sunrise Resources plc is pleased to report positive results from
further evaluation work at its Reese Ridge Project in Nevada, USA,
where the surface occurrence of high-grade zinc mineralisation was
reported by the Company on 29 June 2023.
The news release of 29 June 2023 highlighted a zone of low
resistivity, below the surface zinc occurrence, that was evident in
a 2010 report from a geophysical survey carried out to explore for
geothermal energy. The Company reported that such a low resistivity
(high conductivity) zone could be indicative of a significant zone
of sulphide mineralisation.
The Company has now sourced the original (1) ZTEM airborne
electromagnetic data and commissioned leading Canadian geophysical
company, Geotech Ltd ("Geotech"), to carry out further processing
and 2D and 3D inversions on the ZTEM data. Computational power and
inversion modelling has substantially improved since 2010 and this
has allowed Geotech to provide more reliable 3D conductivity models
for drill targeting.
3D inversion produces a 3D model that "maps" the conductivity of
the earth at and below surface. The newly developed 3D model has
confirmed an annular zone of low resistivity (high conductivity)
below the surface mineralisation that extends from just below near
surface to a depth of nearly 1,000m. This annular zone surrounds a
core of high resistivity which the Company interprets as a granitic
intrusion. This would be consistent with a Carbonate Replacement
Deposit ("CRD") model for 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 South32 for $1.6 billion in 2018 and is now under
development.
In other work at the Reese Ridge Project, the Company has
received results from a petrological report on thin section
examination of mineralised surface samples. This has indicated that
the zinc mineralisation at surface is largely contained in
secondary minerals, the result of weathering or alteration, but
remnants of zinc sulphide (sphalerite) and lead sulphide (galena)
were identified consistent with sulphide mineralisation at depth
and a possible source for the low resistivity anomaly.
A review of chemical analyses from the surface mineralisation
has identified anomalously high levels of the metal gallium in the
high-grade zinc samples - up to 69ppm gallium. Gallium is an
essential mineral in the production of semi-conductors and is
increasingly used in the production of solar panels. It is also
used in high frequency computer chips. It is extracted from some
zinc ores and approximately 80% of the world's gallium is produced
in China. China has placed some restrictions on the export of
gallium and gallium compounds in response to the US's restrictions
on the exports of high-end computer chips to China.
The Company is now planning a follow-up exploration programme to
include drill testing.
Images from the 3D inversion models will be available on the
Reese Ridge Project Page on the Company's website.
https://www.sunriseresourcesplc.com/reese-ridge-project-nevada
________________________________________________________________________
"We are fortunate to have secured access to the airborne ZTEM
data for this project at no cost to the Company. The results from
3D conductivity modelling are impressive, with exciting targets now
defined. The petrological work has helped confirm that we are
looking at CRD style mineralisation and the project is now drill
ready."
"The elevated gallium values are a pleasant surprise. Gallium is
listed as critical on the US Department of Energy's 2023 list of
critical minerals as it is critical to the green energy transition
and at a high risk of supply disruption. It is also important to
high-end computer chips. We will ensure that gallium is included in
all further analyses at Reese Ridge."
Patrick Cheetham, Executive Chairman, Sunrise Resources plc.
_________________________________________________________________________
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:
1. ZTEM
ZTEM is a type of electromagnetic (EM) survey to measure
variations in the electrical properties of rocks. EM surveys try to
identify bodies of rock that conduct electricity well, like massive
sulphide bodies or rocks that resist carrying current more than
their surrounds. ZTEM surveys are different to other commercial EM
systems because they measure variations in naturally-occurring EM
fields rather than introducing an EM field into the ground and
measuring the responding field, like VTEM. Instead, ZTEM measures
variations in the naturally-occurring or passive magnetic fields
produced by thunderstorms around the world. This magnetic field is
planar - constant in all directions - but areas of highly
conductive or very resistive rock will cause measurable
disruptions. ZTEM surveys are designed to map resistivity contrasts
to great depths, exceeding 1-2km.
2. 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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