Two principal horizons of “medium-high grade” have been confirmed at Sunrise Resources plc’s sepiolite project near the town of Pioche in Lincoln County, Nevada.
COMMERCIAL QUALITY
Owner Sunrise Resources plc said that the summer’s exploration programme saw option holder and Spanish subsidiary Tolsa SA complete 20 drill holes over 2km by 1.1km.
The holes, drilled to an average depth of 47ft using a truck-mounted auger drill, confirmed the two horizons.
A total 166 drill samples have been submitted to Tolsa’s laboratory in Madrid with 40 samples expected to undergo initial laboratory tests to determine commercial quality.
Tolsa has an option to purchase the Pioche project for US$1.25 million no later than 28
December 2023.
Sunrise, which will retain a 3% revenue royalty on production from the entire project area, said that both companies had agreed to move from the existing binding option to draft a definitive option agreement.
“We are pleased to see that Tolsa’s drilling campaign was successful in demonstrating continuity of the sepiolite beds over a wide area and in providing additional samples for commercial evaluation, work which is ongoing in Spain,” added executive chairman Patrick Cheetham.
“We are also encouraged by the decision to proceed to a definitive agreement and look forward to Tolsa’s decision on exercise of the option in due course.”