Sunrise Resources plc reported progress at its sepiolite project near the town of Pioche in Lincoln County, Nevada, USA.
PROJECT
The company has granted Spanish company Tolsa S.A., the world’s largest producer of sepiolite, an exclusive option to purchase the project claims for US$1.25 million cash by 28 December 2023.
Sunrise retains a 3% net revenue royalty for a 25-year period from the start of commercial production should Tolsa exercise its option.
PROGRAMME
The company said that testwork on several one-ton bulk samples collected from a trenching programme was progressing “satisfactorily” in Tolsa’s laboratories in Spain.
Next month, a high definition site topographic survey is due to begin to allow the shallow sepiolite beds identified to be projected more accurately for drill planning.
Tolsa plans to mobilise a drill rig from its Wyoming bentonite operations for a resource definition drilling programme scheduled for June.
Executive chairman Patrick Cheetham added that Tolsa’s exploration programme was gathering pace before deciding whether or not to exercise its purchase option.
“We understand that the results of all work programmes to date are positive, and we look forward to seeing the results of Tolsa’s drilling programme in due course.”