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    SRES   GB00B075Z681

SUNRISE RESOURCES PLC

(SRES)
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Sunrise Resources plc to Advise That Drilling Is Now Scheduled to Start At Its Baker's Gold Project in Western Australia

04/29/2021 | 02:00am EST

Sunrise Resources plc advised that drilling is now scheduled to start at its Baker's Gold Project in Western Australia. The Baker's Gold Project is located 25km south east of Meekatharra in the Murchison Goldfield of Western Australia. It lies on the eastern limb of the Meekatharra Greenstone Belt which has yielded over 5.5 million ounces of gold and contains a number of present and past producing gold mines. The Baker's Project area licence has seen various rounds of historical exploration including separate programmes of wide-spaced percussion drilling. Sunrise carried out mapping and sampling and three rounds of soil sampling at Baker's between 2014 and 2018 generating a number of gold-in-soil anomalies which, together with historical exploration results, have defined the three targets now scheduled for drill testing. The Dicky Lee Target is an area of small-scale open pit mining with pit dimensions of approximately 60m by 40m and depths of up to 10m. The pit was excavated in the 1980s following the discovery of specimen quality gold-quartz nuggets, by metal detectorists both at surface and in-situ. The excavated material was not processed for gold extraction by any conventional method but was reportedly scanned for further gold nuggets using hand-held metal detectors. It is reported that 106 ounces of gold was recovered by this crude method from 4,050 tonnes of material excavated but the tonnage of material excavated is well in excess of this amount and thus the total amount of gold recovered is unknown. Based on sampling of excavated dump material the estimated grade of mined material is at least 1.3 grammes/tonne gold. The gold at Dicky Lee occurs in a quartz vein stockwork in dolerite. This style of mineralisation presents an attractive target for gold exploration. An example is the Boorara deposit now being defined by MacPhersons Resources. Sunrise has carried out mapping and sampling of the pit area. Thirty chip and grab samples taken from the pit contained detectable gold with values up to 32.1 grammes/tonne (g/t) gold and averaging 1.7 g/t gold. Individual veins are generally narrow (sub-metre and sub-decimetre widths) and so grades being reported cannot be considered representative of the deposit as a whole and no attempt was made to systematically evaluate the grade of the hydrothermally altered host dolerite although the few samples taken assayed up to 1.4 g/t gold. Only two historical drill holes have tested the pit area, and both intersected very wide intervals of low-grade gold mineralisation (69m grading 0.2g/t gold and 80m grading 0.2 g/t gold including 1m grading 5.7 g/t gold from 5m down hole). The 200m deep hole now proposed for drilling will test at deeper levels beneath the Dicky Lee pit. The DLR4 Target lies some 750m south west of the Dicky Lee pit and is named after the number of a shallow historic drill hole DLR4 which was completed by Australian Consolidated Minerals in 1987. This hole averaged 0.55 g/t gold over the 22m interval from 2m down hole depth to the end of hole at 24m and the final 2m sample assayed 1.17 g/t gold. No follow up drilling was carried out. Soil sampling carried out by Sunrise defined a 500m long gold-in-soil anomaly surrounding hole DLR4. Three 100m deep angled RC drill holes are now planned to test beneath the gold soil anomaly and the historical drill intersection in DRL4. The Third Target is a narrow zone of prospector scale working where sampling by the Company has returned high gold values. This line of workings will be tested by a single drill hole.


© S&P Capital IQ 2021
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Financials
Sales 2021 - - -
Net income 2021 -0,34 M -0,46 M -0,46 M
Net cash 2021 0,36 M 0,50 M 0,50 M
P/E ratio 2021 -25,6x
Yield 2021 -
Capitalization 7,05 M 9,57 M 9,58 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees 3
Free-Float 90,0%
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Judith Hayes Administration Manager
James Cole Independent Non-Executive Director
Roger Murphy Non-Executive Director
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