Sunrise Resources (AIM: SRES) shares rise 22% after the company has established a new copper-silver-gold project in Nevada, named the Lake Copper-Silver-Gold Project.
The project is located in the Lake Mining District in Churchill County, at the southwestern end of the prospective Humboldt Range.
The company has secured a low-cost lease and option-to-purchase agreement for a mining claim covering mineralisation first discovered in 1985 by Utah International, a subsidiary of BHP.
It has also staked a further ten adjacent mining claims.
Historic drilling by Utah International included hole MH-4, which intersected 50 metres from surface grading 0.73% copper, 31g/t silver and 0.2g/t gold in skarn-type mineralisation.
The company said copper-silver mineralisation occurs from surface.
Recent surface sampling during a due diligence field visit returned assays of up to 198g/t silver, 0.13% copper and 0.3g/t gold from a sulphide-rich sample.
Mineralisation is associated with a 450-metre-long arsenic and antimony anomaly, coincident with the mineralised area.
This sits within a broader low-level gold-in-rock anomaly extending around 1.5 kilometres through the claim block.
The company is targeting an intrusion-related copper and precious metals system, with skarn mineralisation potentially providing a vector towards porphyry copper mineralisation.
Executive chairman Patrick Cheetham said the acquisition follows the company’s decision to focus on precious and base metal projects.
He said the historic drill intersections demonstrate economically significant grades and that the target is well defined, with several drill holes intersecting thick zones of skarn mineralisation from surface.
The next steps for the Lake project are expected to include geophysical surveying and follow-up drilling as resources allow.
