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UPDATE - Sunrise Resources shares advance on positive diamond results from recent discovery

Sunrise believe the findings suggest that commercial sized stones are likely to be found in bulk samples.
UPDATE - Sunrise Resources shares advance on positive diamond results from recent discovery


Sunrise Resources (LON:SRES) shares advanced as it revealed positive results from a sampling programme on a recently discovered kimberlite target at the Cue diamond project in Western Australia.

It said that a 204 kilogram sample returned a high diamond count: 1.08 per kilo.

A total of 221 diamonds were recovered, 99% of which were white, colourless or off white and 98% are transparent translucent.

According to Sunrise the findings suggest that commercial sized stones are likely to be found in bulk samples.

"This is a positive result and is, I believe, one of the best diamond sampling results reported from the Yilgarn Craton in Western Australia,” said chairman Patrick Cheetham.

“Results from this second larger sample substantiate our expectation that this larger sample would yield larger stones than were recovered from the initial 46kg sample.

“Diamond size distribution modelling for these new results indicates a higher economic potential for Target 5 compared to the previously tested Cue 1 kimberlite.

“The grade potential is higher and the extent of surface float suggests it could be larger."

On AIM, Sunrise Resources shares were up 12% trading at 0.7p each.

City broker Northland Capital said the results warrant further work to discover the source of the kimberlite float.

“The results indicate that the kimberlite float is a higher grade than the Cue 1 Kimberlite and the surface extent of the float suggests it could also be bigger. We are looking forward for further news on the company’s plans to explore for the source of the kimberlite float.”

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