Sunrise Resources PLC (AIM:SRES) shares moved up 11%, changing hands at 0.015p, after it announced a low-cost entry into a new Nevada copper-silver-gold project containing historic near-surface drill intersections, as it shifts its focus towards precious and base metals.
The AIM-listed explorer’s Lake project includes a core claim covered by a lease and purchase option, alongside ten newly staked claims. Historic drilling by Utah International, then a subsidiary of BHP, intersected 50 metres from surface grading 0.73% copper and 31 grams per tonne silver.
Recent due-diligence sampling by Sunrise returned up to 198g/t silver, 0.13% copper and 0.3g/t gold from sulphide-rich material. The company is targeting an intrusion-related copper and precious-metals deposit, with mineralisation occurring within a 450-metre arsenic and antimony anomaly.
Sunrise paid $100 on signing, with annual payments beginning at $5,000 and rising to a maximum of $20,000. The agreement carries a 2% net smelter return royalty, while Sunrise can purchase the core claim for $150,000 or buy back the royalty for $500,000.
Executive chairman Patrick Cheetham said the next steps would include geophysical surveying and follow-up drilling “as resources allow”.
