Sunrise Resources PLC (LON:SRES) shares rose on Wednesday as the firm updated investors on developments at the CS Pozzolan-Perlite Project in Nevada, where it is progressing towards establishing production.
In a statement, the AIM-listed company noted that the permitting and regulatory process is on track, with baseline studies now complete.
Environmental consultants have advised that the baseline studies have not identified any obstacles to the proposed mine development, and the final assessment now rests with the regulatory authorities.
In the field, testing work remains ongoing, with analysis being conducted on samples from recent drilling.
Additionally, the company noted that talks have continued with potential customers, for the HQNP and perlite produced from the site.
Patrick Cheetham, Sunrise executive chairman, said: "I am pleased to be reporting further progress as we advance the CS Project towards production.
“The favourable results from our baseline environmental studies will facilitate a smooth permitting process and the regulatory process is on track.
“Testwork results continue to be outstanding and will feed into our mine and process plant designs which we expect to complete within the next two months.”
He added: “In addition to the previously reported interest in our future perlite production, we are pleased with the high level of interest being shown by potential customers in our future HQNP production and we continue to service these enquiries and provide samples for the customers' own testwork."
In late morning trading, Sunrise shares were 6.9% higher at 0.19p.
In a note to clients, analysts at ‘house’ broker Northland Capital said; “The additional test work results should be useful as the Company continues to advance its discussions with potential customers.”
-- Adds share price, analyst comment --