Proactive Investors - Run By Investors For Investors

Sunrise Resources to gain new shares in VR Resources as preparation begins for drilling at Junction project

The start of drilling will trigger the issue of 50,000 VR shares to Sunrise as per a sale agreement signed in August last year, taking the total under the agreement to 100,000
Mining drill
VR has received final approvals for drill permits and start-up is planned for later this month

Sunrise Resources Plc (LON:SRES) is expecting new shares in VR Resources Ltd, in which it already holds an interest, as the company began preparations for drilling at the Junction Copper-Silver-Gold Project area in Nevada, USA.

Patrick Cheetham, executive chairman of Sunrise, said that the commencement of drilling would trigger the issue of 50,000 VR shares to Sunrise as per a sale agreement signed in August last year, taking the total shares issued under the agreement so far to 100,000.

WATCH: Sunrise Resources chairman spells out steps towards production at CS Project

The company said VR had received final approvals for drill permits and start-up was planned for later this month.

VR’s target areas for drilling include the Denio Summit, which lies within Sunrise’s area of interest, defined as the original 15 mining claims staked by Sunrise on the Denio Summit target and to all claim areas staked by Sunrise or VR within a 2-mile area surrounding these.

Sunrise said VR would drill-test several anomalies in the Denio Summit area, including a series of mineralized quartz-feldspar granite dykes and gold-bearing quartz veins at surface along a 1.5 kilometre trend, a broad soil anomaly with copper, silver, gold and tungsten enriched in multiple stations on multiple lines, and chargeability and resistivity anomalies below the surface dykes.

In late-afternoon trading Wednesday, Sunrise shares were steady around 0.1p.

View full SRES profile View Profile

Sunrise Resources Plc Timeline

Related Articles

1542878130_copper-periodic-table-2.jpg
November 22 2018
Lucky Minerals holds a large swathe of land in highly prospective but largely unexplored area
Colluli on a map is about 75 kilometres from Eritrea’s eastern Red Sea coast
Thu
The company’s share price gained on the London exchange this week.
Lead-silver
Wed
The company has been granted a key approval by the State Government to build processing plant and tailings storage facilities.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use