Sunrise Resources plc has agreed a lease and purchase option for its 25 Jackson’s Wash perlite mining claims in Nevada, USA.
STRATEGY
The company’s subsidiary SR Minerals Inc. signed the agreement with Kinross Gold USA Inc.
Sunrise retains the right to mine perlite on the claims during the lease/option period subject to no conflict with Kinross’s exploration activities.
Kinross has been granted a nine-year mining lease, an option to purchase Jackson’s Wash claims during the term for $500,000.
Sunrise, which staked the claims for perlite in 2018, has a 2.5% net smelter royalty.
Hosting large surface occurrences of perlite, the claims lie 18km north of the company’s NewPerl project and adjacent to the historic Montezuma silver-gold-mercury mining centre.
Executive chairman Patrick Cheetham said that the deal continued the company’s strategy to divest or farm-out non-core projects while retaining exposure through retained royalties.
“It follows the recent sale of the Garfield and Stonewall projects in Nevada to Power Metal Resources.
“Importantly, we retain the rights to mine perlite at Jackson’s Wash in the meantime, as we continue our focus on our CS natural pozzolan and perlite project.”