Shares in Sunrise Resources Plc (LON:SRES) headed higher on Monday morning in the wake of an update on the Junction project in Nevada.
As a result of selling the Junction project, Sunrise has a stake in VR Resources, the registered owner of the property.
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VR said that mapping, prospecting and soil sampling activities are now almost complete.
Copper sulphide mineralisation related to pegmatites and quartz veins is evident at surface in numerous showings along a strike length of nearly 1,600 metres.
VR expects to complete a high-resolution airborne magnetic/electromagnetic survey in 2018 that will test along-strike sub-surface continuity of the outcropping mineralisation.
After the survey has been completed, the company will start preparations for a first-pass diamond drill programme.
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"The Junction Project transaction was the first of what we hope to be a series of transactions to valorise our mineral project portfolio following our decision earlier this year to focus on the development of the CS project in Nevada,” said Patrick Cheetham, executive chairman of Sunrise.
“We are pleased that VR Resources has moved so quickly to initiate exploration of the Junction Property,” he added.
Shares in Sunrise were up 5% at 0.173p in early deals.