Sunrise Resources plc (ticker symbol ‘SRES’), the AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project, is pleased to provide the following exploration update from TSX-V listed VR Resources Ltd (“VR”) on the Junction Copper-Silver Gold Project in Nevada, USA, included in full at the end of this section.
Sunrise holds shares in VR and ongoing interests in the Junction Project which may result in additional VR shares being issued to Sunrise if certain exploration milestones are met and which includes a 3% royalty on any future production payable to Sunrise.
Full details of the original sale agreement with VR are given in Sunrise’s news release date 30th August 2017.
The ongoing interests held by Sunrise relate to the original 15 mining claims staked by Sunrise, which now comprise the core of VR’s extended Western Zone claim block, and also to a 2 mile area surrounding the original mining claims which now encompass all of VR’s expanded Western Zone claim block and a small part its Eastern Zone claim group.
Commenting today, Executive Chairman Patrick Cheetham said:
“To quote VR’s President, Michael Gunning, the results ”surpassed expectations’. Our ongoing interests in VR and the Junction Project result from the sale of the project and allow us to participate in the value creation that mineral discoveries can bring, at no further cost to Sunrise and this provides a great template for the valorisation of our portfolio of 100% owned projects now that we are focussed on the development of our CS Project.”
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