Sunrise Resources’ (LON:SRES) newly acquired projects are generating news flow and attracting a broader investor interest, according to chairman Patrick Cheetam.
The Sunrise boss emphasised that this has translated into increased share trading liquidity and a higher market capitalisation.
In this afternoon’s full-year results statement, for the 12 months ending 30 September 2010, the company said it has been re-invigorated and re-invested.
“There is still much value to be unlocked from our project portfolio and your board looks forward to 2011 with renewed optimism," Cheetam said in his statement to shareholders.
The company has made big strides in recent months.
It had positive sampling and testing results from the Derryginagh barite project in Ireland. Last month it closed a £1.2 million fundraising and it arranged a drilling programme at the Long Lake gold project in Canada.
Sunrise has contracted a 10-hole programme to test multiple gold targets at Long Lake.
The hands-on exploration work could prove to be significant for the AIM-listed minnow, which has a market capitalisation of around 6.5 million and a portfolio of early stage, multi-commodity assets.
The maiden drilling programme is expected to take around 3-4 weeks to complete, with assay results due within 6-8 weeks. Sunrise has also contracted a 3D geophysical survey for the project.
In terms of its financials the diversified mineral explorer reported a loss of £214,830 (FY09:£227,563 loss).