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Sunrise Resources PLC

Sunrise Resources PLC is a UK-based company operating primarily in Nevada, USA. It is focused on development of its CS Pozzolan-Perlite Project in Nevada and the valorisation of its diversified portfolio of industrial and precious metal projects.

Shares in the company trade on AIM on the London Stock Exchange under the symbol "SRES".

Sunrise Resources is also traded on the NEX...

EPIC:	SRES
Market:	AIM:SRES
52-week High/Low:	0.20p / 0.08p
Sector:	Mining
Market Cap:	£2.22 m
Website:	www.sunriseresourcesplc.com

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Big Picture – A Deep Dive Examination of Sunrise Resources PLC

SVS has ‘speculative buy’ on Sunrise Resources, sees 0.41p target rising...

January 21 2019

Analysts at SVS said they think Sunrise offers “a clearly defined strategy focused on generating near-term cash flow together with value-enhancing minerals discoveries”

Sunrise Resources PLC Snapshot

Current statement

Strategy

The Company is focused on its CS Pozzolan-Perlite Project in Nevada and other natural pozzolan opportunities following the positive results from a Concept Study for development of the CS Project.

The Company is seeking to progressively valorise the Company’s diverse portfolio of precious metal and other industrial minerals projects through joint venture, sale or other arrangements.

We only operate in stable, democratic and mining friendly jurisdictions having low levels of corruption and political risk.

The Company's objective is to develop profitable mining operations at the CS Pozzolan-Perlite Project in Nevada and unlock the value inherent in our diverse portfolio of industrial minerals, precious metals and base metal projects.

Current operations

Key Projects

CS Project

The Company’s CS Pozzolan-Perlite Project is in Esmeralda County, Nevada, USA, and covers large deposits of pozzolan and perlite.

The staking of the Project claims was first announced in November 2016 and since then the Company has moved quickly to complete a concept study, a substantial programme of exploration and extensive laboratory testing.

Work carried out to-date includes mapping, trenching, drilling of 34 reverse circulation drill holes in two phases and extensive laboratory testwork for both pozzolan and perlite production.

This has resulted in the definition of extensive deposits of volcanic tephra and tuff meeting the requirements for High Quality Natural Pozzolan (HQNP) in the Tuff Zone and in the eastern part of the Main Zone, along with deposits of perlite in the eastern and western areas of the Main Zone which also have pozzolanic properties.

An additional area of HQNP, the Northeast Zone, presents a large additional target currently only defined by one drill hole and surface samples.

The CS Project offers the opportunity to develop production of two separate industrial commodities in the same project area.

In the Spring of 2018, after completion of the 2nd drill programme, a strategic decision was made to move into the mine permitting process with baseline studies now completed. A preliminary permitting study indicates that the project can be permitted with an Environmental Assessment (EA) rather than a lengthier Environmental Impact Statement (EIS).

The Project has now moved into a more advanced stage. Mine planning is underway. Testing and marketing Memoranda of Understanding have been signed with two separate buyers of perlite and discussions are underway with cement companies interested to secure new sources of natural pozzolan.

Bulk sampling has been completed to supply both perlite and HQNP for commercial-scale testing.

A 100-ton bulk sample of HQNP has been mined and supplied to a potential large customer and an 8‑ton sample of perlite is being prepared for expansion testing pursuant to an offtake Memorandum of Understanding already in place.

The Company expects to be mine ready in second quarter of 2019.

A summary of the Concept Study can be viewed on the CS Project page on the Company Website here along with an extract of the Concept Study and videos and photographs from recent bulk sampling.

NewPerl Project

The NewPerl Prospect comprises a conical outcrop of glassy volcanic rock having a base diameter of approximately 400m and a height of up to 45m above the surrounding plain, suggesting good tonnage potential. A group of Mining Claims have been staked to secure this prospect.

Samples from the deposit have been tested for their perlitic expansion properties with very good results showing potential for a range of perlite applications. Specifically, two key targets have now been identified for follow up where samples have shown excellent expandability results for horticultural grades of perlite.

The deposit's pozzolanic properties are also being tested.

Jackson Wash Project

The Jackson Wash Project is 16km away from the Company’s NewPerl Project in Nevada. These claim blocks were originally part of the NewPerl Project but for permitting reasons have now been split out into this separate project. Test results on reconnaissance samples have thus far indicated a significant perlite target for horticultural grade perlite.

The best samples come from a perlite flow that outcrops more or less continuously over a length of 1.6km with a width averaging 150m and a vertical projection of up to 10m from its immediate surroundings. Other perlite flows within this claim block have yet to be sampled.

About Pozzolan

Pozzolan is defined (ASTM C125) as a siliceous or siliceous and aluminous material, which in itself possesses little or no cementitious value but will, in finely divided form and in the presence of moisture, chemically react with calcium hydroxide (lime) at ordinary temperatures to form compounds possessing cementitious properties.

The production of cement is responsible for 5% of the global man-made carbon dioxide emissions with nearly one tonne of CO2 generated for each tonne of cement produced. Cement manufacturers are therefore under strong pressure to minimise their carbon footprint and the use of pozzolan as a partial replacement for Portland cement in cement and concrete mixes is one way in which this is being achieved.

The Romans perfected the use in natural pozzolan/lime mixtures over 2000 years ago and “Roman” cement was the main cement used until Portland cement became popular in the early 1900s and established as the main hydraulic cement used today. Some Roman concrete structures have survived for millennia whereas many modern concrete structures are susceptible to “concrete cancer”.

In addition to reducing greenhouse gasses, the use of pozzolan can provide benefits in terms of long-term strength and stability in cement and concrete and mitigate the effects of alkali-silica reactions which can cause cracking in modern concrete structures. Natural pozzolans can also replace the use of industrial by-product pozzolans in cement such as coal fly ash.

The availability and quality of fly ash is under threat as coal-fired power stations are phased out and quality becomes more variable due to increased emission control legislation. Since 2010, 248 power plants or just under 50% of all coal-fired power stations in the US have announced a scheduled retirement plan. Many of these 248 plants are deciding to close their doors early, primarily because they cannot compete or remain competitive with gas-fired power production. The supply of fly ash to the western US is already precarious and predicted to become critical in the coming years opening up an already expanding market for natural pozzolan.

Natural pozzolans are therefore experiencing a resurgence in demand based on their strong “green” credentials. Today, pozzolans are used as a direct additive to concrete mixes and as a partial replacement for cement in amounts of up to 35% of the cementing material.

About Perlite

Perlite is a glassy raw material which, when heated in a furnace, pops like popcorn and expands by up to 20 times in volume into a white or pale coloured, low density material. Expanded perlite is used in various industrial and household applications such as insulation, paint texturing, building materials, filter aids, insulating industrial cryogenic storage vessels and as a potting medium in gardening and horticulture to aid water retention and aeration of the soil. Some perlites can also be used as a natural pozzolan.

Other Projects

These projects are available for sale (cash or equity) or joint venture.

Clicking the links below will take you to the relevant project page on the Sunrise Resources plc website.

Precious/Base Metal Projects

Bay State Silver Project, Nevada
Clayton Silver Project, Nevada
Stonewall Gold Project, Nevada
Newark Gold Project, Nevada
Garfield Copper-Gold Project, Nevada
Baker’s Gold Project, Australia
Junction Gold (-Copper) Project, Nevada - SOLD to VR Resources Ltd. Royalty Interest Retained.

Industrial Minerals

County Line Diatomite Project, Nevada
Ridge Limestone Project, Nevada

Management

Directors & Senior Management

Executive Chairman – Patrick Cheetham

Mr Cheetham is the founder of the Company. He is a mining geologist with 35 years experience in mineral exploration and 30 years in public company management. Mr Cheetham started his career as an exploration geologist in Australia with Western Mining Corporation and prior to that worked for Imperial Metals Corporation in British Columbia, Canada. From 1986 to 1993 he was joint managing director of Dragon Mining NL, during which time he was responsible for the formation of that company, the identification of and acquisition of its exploration projects, its listing on the Australian Stock Exchange and the subsequent development of its exploration projects. Patrick co-founded Archaean Gold N.L. in 1993 - the subject of a successful $50 million takeover bid by Lachlan Resources NL. He is currently also Chairman of Tertiary Minerals plc.

Non-Executive Director - Roger Murphy

Mr. Murphy joined as non-executive director in May 2016. Former MD Investment Banking of Dundee Securities Europe Ltd which he joined in 2012 to establish the London office with an emphasis on capital raising for mining and oil & gas companies. He is currently CEO of Sula Iron & Gold Plc. Previous positions include MD Renaissance Capital, successfully raising capital for a variety of companies, and Head of Sales for Canaccord Adams where he was also a member of its UK Executive Committee. Earlier in his career in the finance industry he worked in mining sales for Deutsche Bank, as a mining analyst for both Deutsche Bank and SG Warburg and as a researcher for the World Gold Council. Mr. Murphy holds a B.Sc. Hons in Geology, a M.Sc. in Hydrogeology and an MBA. Prior to joining the mining finance industry he worked as a geologist for a number of years for various companies, including Anglovaal Mining and British Petroleum.

Non-Executive Director - David Swan

Mr. Swan is a Chartered Accountant with a career focus in the retail and natural resource industries. He joined Arthur Andersen after graduating in 1977, and from 1991-1996 acted as Chief Financial Officer (CFO) or Finance Director for a number of ASX listed mining companies. He returned to the accounting profession in 1996 as Group Leader of the Mining and Resource Group at Ernst & Young in Sydney. After relocating to the UK in 2001 he continued his involvement in the natural resources industry including a position as CFO of Oriel Resources plc undertaking the IPO, TSX listing and reverse take-over of a major smelting business. He has also held various other non-executive directorships, the most recent of which being Everfor Resources plc (formerly Everfor Diamonds plc and Lubel Coal Company Ltd.

Company Secretary - Colin Fitch MA, LLM, FCIS, Barrister-at- Law

Colin Fitch is a Barrister-at-Law, and was previously Corporate Finance Director of

Kleinwort Benson, Partner and Head of Corporate Finance at Rowe & Pitman (SG Warburg Securities) and Assistant Secretary at the London Stock Exchange. He has also held a number of non-executive directorships of public and private companies, including Merrydown Plc. Since retiring from full time work he is currently non-executive director of African Lakes and was until recently Company Secretary of both Ridge Mining plc and Cluff Gold.