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Additional Information
Market: AIM, PLUS
Sector: General Mining
EPIC: SRES
Latest Price: 0.75p  (2.74% Ascending)
52-week High: 3.38p
52-week Low: 0.73p
Market Cap: 2.73M
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Sunrise Resources
www.sunriseresourcesplc.com/index.html

 

Sunrise Resources plc (‘SRES’) is a British-led diversified mineral exploration and development specialist. 

 

 

Full Sunrise Resources profile here
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UPDATE: Sunrise Resources starts eight-hole drill programme at Irish barite project

6th Jul 2011, 2:19 pm by Jamie Ashcroft Sunrise said that eight holes are provisionally planned at the Derryginagh barite project in south-west Ireland

UPDATE: Adds comments from broker Northland Capital

Sunrise Resources (LON:SRES)  has started drilling at the Derryginagh barite project in south-west Ireland.

This morning’s announcement follows yesterday’s news that a ten-hole drill programme had begun at the company’s Canadian gold project, Long Lake.

Today Sunrise said that eight holes are provisionally planned at Derryginagh and the drill programme is designed to test the main vein system over a strike length of 500 metres and to a depth of up to 150 metres.  

Barite is an industrial mineral that has many uses, it is most commonly used as a weighting agent in drilling and as a filler in paint. Importantly Sunrise believes that the Derryginagh barite is of a sufficient quality to be used as a ‘premium’ paint filler, and as such its market value is estimated at around £200 per tonne.

"With drilling now underway at both Long Lake and Derryginagh it promises to be a highly active summer for the company and we look forward to the results,” said chairman Patrick Cheetham.

Sunrise completed a concept study for the barite project in May, with positive results. The study suggested that a profitable operation could be developed for an output of at least 50,000 tonnes per year of barite

This drill programme, aimed at the defining a JORC mineral resource, is the next step for the potential mine development. Drilling is expected to about 6 weeks and the results should be available 6 weeks after the programme ends.

Meanwhile metallurgical evaluation is continuing, using a large sample of barite collected from a surface trenching programme. Sunrise expects that this will generate more detailed process plant design data and generate samples for market appraisal.

In a note to clients Northland Capital’s Andrew McGeary said: “With the shares heavily correlated to the Long Lake gold project we perceive the Derryginagh as potentially free upside potential.”

“Drilling will follow up the concept study announced in May which suggested a profitable operation for at least 50,000 tonnes p.a. of barite could be established.” 

 

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