Sunrise Resources plc expects phase II drilling and trenching to begin this weekend at its Pioche sepiolite project in Nevada, USA.
OBJECTIVE
Option holder and operator Tolsa USA Inc has received approval for the programme from the Bureau of Land Management.
Following mobilisation of a rig, drilling will immediately begin to extend the known “extensive” deposits of sepiolite and collect additional samples for characterisation.
Tolsa, which will manage and fund operations, has an option to purchase the Pioche project for US$1.4 million exercisable by 28 December 2024.
The agreement includes future payments to Sunrise of a 3% revenue-based royalty on
production.