Sunrise Resources plc said that 31 additional mining claims have been staked by potential purchaser Tolsa USA Inc at the Pioche sepiolite project in Nevada, USA.
DRILLING
Sunrise said that the new claims more than double the size of the project and cover projected extensions of the sepiolite deposits outlined in the 2022 mapping and trenching programmes.
The company added it had now received the $50,000 option fee from Tolsa, and that all new claims were subject to 3% revenue royalty to Sunrise.
The Spanish group’s subsidiary has an option to purchase Pioche for US$1.25 million no later than 28 December 2023.
Following positive trenching results, Tolsa has decided to begin a resource drilling programme in Spring 2023.
EVOLVING
“Tolsa’s trenching programme at Pioche has clearly identified potential for substantial
extensions to the sepiolite deposits which is great news for the project,” said Sunrise executive chairman Patrick Cheetham.
“Our agreement with Tolsa provides that any mining claims staked by either party within a two-mile radius of our original claim boundary are subject to the agreement and the payment of royalties.
“We are pleased to see Tolsa’s further commitment to this rapidly evolving project following their recent option payment to Sunrise.”