Further to its announcement of 28 June 2022, Sunrise Resources plc is pleased to advise that Tolsa USA Inc. (“Tolsa”) has submitted a notice to the US Bureau of Land Management (“BLM”) for approval of an extensive trenching programme at the Company’s Pioche Sepiolite Project in Nevada, USA (the “Pioche Project”) as part of their ongoing due diligence.
Key Points
· A surface mapping programme completed by Tolsa in July has identified multiple sepiolite horizons throughout the project area.
· Up to 2km of excavator trenching is now planned to better expose and sample the sepiolite deposits.
· Tolsa has scheduled trenching to start around the end of this month, subject to BLM approval, and work is expected to take up to 4 weeks to complete.
· Sunrise has granted Tolsa an option to purchase the Pioche Project for $1.25 million and an ongoing payment to Sunrise of a 3% royalty (see announcement of 28 June 2022 for detail). Tolsa is a US subsidiary of Tolsa S.A., the world’s largest producer of sepiolite.
· Sepiolite, an industrial mineral, has unique characteristics, is scarce, with very few commercial deposits in the world.
Commenting today, Executive Chairman Patrick Cheetham said:
“We are very encouraged by the rapid start Tolsa has made in its evaluation of the Pioche Project. Tolsa has hit the ground running and has already completed a thorough programme of surface mapping and evaluation, identifying multiple horizons of sepiolite below the original discovery level.
Up to 2km of excavator trenching is now proposed to excavate across these horizons which appear to extend throughout the project area. This trenching will provide further exposures of the mineralisation to enable a better evaluation of the thicknesses and quality of the Pioche sepiolite deposits.
We are pleased to see favourable results from Tolsa’s work to-date and to have assisted Tolsa in formulating its proposals to the BLM. We look forward to the results of further exploration work.”
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Further information:
Sunrise Resources plc
Patrick Cheetham, Executive Chairman
Tel: +44 (0)1625 838 884
