Sunrise Resources plc reported that, following positive trenching results, Tolsa USA Inc will continue the option agreement to acquire the Pioche sepiolite project in Nevada, USA.
EVALUATION WORK
In June 2022, Sunrise granted the Spanish group’s subsidiary an exclusive option to buy the asset for $1.25 million in cash.
Tolsa began trenching work in October and now plans a resource definition drilling programme, further industrial testing and feasibility studies.
Sunrise said that the trenching programme demonstrated continuity of the sepiolite beds mapped at surface.
Tolsa will pay Sunrise the required interim payment of $50,000 to continue its purchase option for 12 months.
Executive chairman Patrick Cheetham added that Tolsa had said that the project had the highest priority within the Tolsa Group.