Sunrise Resources PLC (LON:SRES) said it was pleased to see the company, which bought its Junction copper-silver-gold project in Nevada, USA expand its footprint there.
Sunrise holds an interest in VR Resources Ltd and says the latter's claim staking on the ground has increased nearly sevenfold since the project was sold.
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"Junction was our first project disposal following our commitment to focus Sunrise's strategy on our pozzolan and perlite business," said Sunrise executive chairman Patrick Cheetham.
"It is pleasing to see VR advance this highly prospective project and we continue to explore opportunities to unlock value for our shareholders through further disposals of our portfolio of non-core mineral assets."
Sunrise holds shares in VR and ongoing interests in Junction which will result in further VR shares being issued to Sunrise if drilling is carried out and again if a resource estimate is achieved.
Sunrise is also entitled to a 3% royalty on any future production.
VR has said that work to-date at the site demonstrated a "... robust mineral system which the company will explore aggressively in 2018, including expanded geochemistry, and grid-based ground and airborne geophysics, all towards prioritizing integrated exploration targets for first-pass diamond drilling."