Garfield Royalty Interest
Sunrise Resources noted Guardian Metal Resources' update on the Garfield Project, where Sunrise holds a 2% Net Smelter Return Royalty. Recent surface sampling revealed high-grade gold, silver, and copper mineralization. Rock chip samples from the Power Line zone returned up to 18.3 g/t gold and 43.6 g/t silver in sample LCGF42, and 14% copper and 145 g/t silver in sample LCGF66. Outcropping epithermal quartz-barite veins and historical mine workings have been mapped along a structure extending for at least 1.2 km. GMR has an option to buy-in half of the royalty for US$1 million.
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Sunrise Resources plc notes the announcement made earlier today by Guardian Metal Resources plc ("GMR"), in connection with its Garfield Project in the Walker Lane Mineral Belt, Nevada, USA, where Sunrise holds a 2% Net Smelter Return ("NSR") Royalty.
Under the heading "Garfield Project - Precious Metal Exploration Update" GMR has announced that "Recent surface sampling of epithermal veins across the Power Line zone has revealed further zones of high-grade gold, silver and copper mineralisation".
GMR reports that "Rock chip samples of quartz-barite epithermal veins from the Power Line zone have returned high-grade gold-silver-copper. Highlight individual samples include LCGF42 which returned 18.3 g/t gold (Au) and 43.6 g/t silver (Ag); and LCGF66 which returned 14% copper (Cu) and 145g/t Ag" and that "Outcropping epithermal quartz-barite veins and numerous historical mine workings have now been mapped along a NE-SW trending structure extending for at least 1.2 km".
Commenting today, Executive Chairman Patrick Cheetham said:
"We are pleased to see GMR continuing to advance the Garfield Project. Our 2% Net Smelter Return Royalty area includes the Power Line Zone and half of the High Grade Zone within GMRs broader Garfield Project.
"GMR has an option to buy-in half of the royalty for US$1 million at any time. It is a valuable, cost-free, risk-free and free-carried interest and we look forward to seeing further results from this exciting project."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.