TIDMSRES

RNS Number : 6278O

Sunrise Resources Plc

08 November 2016

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

8 November 2016

Update on Bay State Silver Project

Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded diversified mineral exploration and development company ("the Company"), is pleased to present the following summary of progress to date on its priority Bay State Silver Project and to advise that further drilling is now provisionally scheduled for next spring.

Project Summary:

-- Historical production (1860s-1920s) focused on Chihuahua Vein - significant historical production including direct shipping ores up to 7,200 g/t (210 oz/t) silver.

-- Surface samples of vein material left behind by old miners average 387 grammes/tonne silver (11.3 oz/t) silver along a 280 metre strike length of the Chihuahua vein system.

   --     Underground sampling returned:

Ø bonanza values up to 4kg/tonne silver (4,020g/t or 0.4% or 117oz/t) within replacement style mineralisation at end of adit over 61cm (2ft).

Ø over 1kg/tonne silver (1,123g/t or 33oz/t) average for 18 samples along 230m strike length to end of adit.

-- Surface and underground sampling together suggest a c.500m minimum strike length for drill targeting.

-- Five holes drilled to date on Chihuahua vein system. Three holes hit high grade silver mineralisation:

Ø 1,460 g/t silver (42.6 oz/ton) over 0.2m from 164.13m in Hole 15SRDD002.

Ø

Ø 566 g/t silver (16.5 oz/ton) over 0.5m from 70.71m in Hole 15SRDD001.

Ø

Ø 503 g/t silver (14.7 oz/ton) over 1.4m from 185.32m in Hole 15SRDD003.

   --     Fourth hole demonstrated continuity of Chihuahua vein system at 300m below surface. 
   --     Further drilling provisionally scheduled for spring 2017.

Commenting today, Executive Chairman Patrick Cheetham said: "The Company has achieved significant progress at Bay State on a limited budget. Through surface and underground sampling on the Chihuahua vein we have demonstrated high silver grades over a strike length of around 500m and have confirmed the occurrence of bonanza grades that supported historical production of direct smelter feed grades in the past. We have drilled just five holes so far on the Chihuahua vein, three have hit high grade silver mineralisation and one has demonstrated continuity of the vein system at a depth of 300m below surface. That's an excellent strike rate and we have been successful in predicting the location of the Chihuahua Vein in all but one hole. This success was underpinned by careful and systematic sampling, and planning which is continuing. Due to the high cost of drilling in winter, it is proposed that follow-up drilling be scheduled for spring. This is likely to include further drill testing along strike south of Mining Canyon and deeper drilling beneath the existing high grade drill intersections obtained north of Mining Canyon. Further details will be provided in due course."

For further details of the Bay State Drill Project see the project page at: http://www.sunriseresourcesplc.com/projects/bay-state-silver-project

And various news releases at: http://www.sunriseresourcesplc.com/news-releases

Further information:

 
 Sunrise Resources plc 
  Patrick Cheetham, Executive 
  Chairman                       Tel:    +44 (0)1625 838 884 
 
 Northland Capital Partners 
  Limited 
  Nominated Adviser & Broker 
  Edward Hutton/David Hignell 
  John Howes/Rob Rees            Tel:    +44 (0)20 3861 6625 
 Beaufort Securities Limited 
  Joint Broker 
  Jon Belliss                    Tel:    +44 (0)20 7382 8300

Notes:

1. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 of the European Parliament and of the Council.

2. 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUWUURNNAARAA

(END) Dow Jones Newswires

November 08, 2016 09:00 ET (14:00 GMT)

Sunrise Resources (LSE:SRES)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Sunrise Resources Charts.
Sunrise Resources (LSE:SRES)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Sunrise Resources Charts.