CatalystWireBeta

Garfield Royalty Interest

In brief · summary, not quotable

No summary for this filing – the full text is below.

Full announcement

Select text to share a quote on X · sign in to keep highlights & notes in your SRES notes

Sunrise Resources plc notes the announcement made today by Golden Metal Resources plc, ("GMR") owner of the Garfield Copper Project in the Walker Lane Mineral Belt, Nevada USA where Sunrise holds a 2% Net Smelter Return Royalty.

Under the heading "Potential for Tier 1 Copper Deposit" GMR has announced "extensive high-grade copper, silver and gold mineralisation from laboratory assay testing undertaken following the recently completed ground exploration…" and that "…the mineralisation now confirmed through the rock sample laboratory assay results extends over a large footprint which indicates the potential for Garfield to host a material copper deposit including:

  • High-Grade Zone: >1% copper results returned over an area of approximately 1500 x 500m (open in multiple directions); and
  • across the entire Project: >1% copper results returned over an area of approximately 3000 x 1500m (open in multiple directions)."

Sunrise made the original surface discovery of copper-gold mineralisation at Garfield so we are pleased to see GMR continuing the exploration that we started at Garfield, prior to selling the project. We always look to retain a royalty when we sell projects as royalty interest are readily realisable at all stages of exploration and development. We will follow GMR's progress with great interest."

Sunrise holds a 2% royalty over the Powerline Zone and the majority of the High-Grade Zone. GMR may purchase one half of the royalty interest for US$1million. For further details see:https://www.sunriseresourcesplc.com/garfield-copper-gold-project-nevada

Sunrise also holds a royalty interest over the Stonewall Project held by GMR.

"Further information:

Sunrise Resources plc Patrick Cheetham, Executive ChairmanTel: +44 (0)1625 838 884
Beaumont Cornish Limited Nominated Adviser James Biddle/Roland CornishTel: +44 (0)207 628 3396
Peterhouse Capital Limited Broker Lucy Williams/Duncan VaseyTel: +44 (0)207 469 0930

Shares in the Company trade on AIM.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.

Share this quote

Quote card
Post on X WhatsApp Download image

The link opens this announcement with the quote highlighted. Quotes are checked against the original text.

Add a note