Sunrise Resources Plc Pioche Sepiolite Project (9383X)
December 27 2023 - 5:31AM
UK Regulatory
TIDMSRES
RNS Number : 9383X
Sunrise Resources Plc
27 December 2023
27 December 2023
SUNRISE RESOURCES PLC
("Sunrise" or the "Company")
Pioche Sepiolite Project
Sunrise Resources plc wishes to advise the following in
connection with its agreement with Spanish sepiolite producer Tolsa
USA Inc ("Tolsa"), a subsidiary of Spanish sepiolite producer Tolsa
S.A..
Key Points
Ø Sunrise has granted Tolsa a 12-month extension to its option
to purchase the Pioche Sepiolite Project.
Ø Tolsa to pay Sunrise an option extension fee of US$100,000
prior to 15 January 2024.
Ø Option exercise price is increased from US$1.25 million to
US$1.40 million.
Ø Sunrise's right to 3% ad valorem royalty remains
unchanged.
All other terms, as set out in the Company's news announcement
of 28 June 2022, remain the same.
______________________________________________________________________
"We are pleased to generate this additional income from the
Pioche Project whilst increasing the option exercise price. This is
a win-win arrangement. Tolsa has carried out a significant amount
of exploration and has defined extensive and thick beds of
sepiolite clay but needs more time to understand the commercial
properties of the Pioche sepiolite and determine the best
processing methods and range of commercial products that might be
produced at Pioche. We believe that Tolsa, as the world's largest
producer of sepiolite, is best placed to maximise the development
potential of the project and the value of our ongoing royalty
interest and so we are happy to give them the additional time
required to achieve this."
Patrick Cheetham, Executive Chairman, Sunrise Resources plc
"We welcome the opportunity to continue our evaluation of the
Pioche Deposit which we see as a potentially important development
opportunity for Tolsa in the US. We look forward to working closely
with Sunrise to bring about a positive result for all
concerned."
Rafael González, Chief Mining Officer Tolsa S.A.
_______________________________________________________________________
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
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.
About Sepiolite
Sepiolite is a rare form of clay with very few commercial
deposits in the world. It is non-swelling, lightweight and highly
porous. It is used extensively in pet litter, 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 a valuable gelling agent
and viscosity modifier in several industrial products.
Further information on the Pioche Project and photographs from
the drill programme can be found on the Company's website at:
https://www.sunriseresourcesplc.com/pioche-sepiolite-project
.
Further information on the Company's agreement with Tolsa and
information on Sepiolite and Tolsa can be found in the company's
news release of 28 June 2022 at:
https://www.sunriseresourcesplc.com/news/category/news
Shares in the Company trade on AIM. EPIC: "SRES".
Website: www.sunriseresourcesplc.com
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END
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