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Sunrise Resources surges as it reports positive results from latest discoveries at NewPerl

The firm said expansion testing of reconnaissance samples taken in October had indicated that the majority were suitable for the production of horticultural grade perlite

Perlite
Perlite is often used in horticulture to prevent soil compacting

Sunrise Resources Plc (LON:SRES) shares surged in early trading Thursday after it reported positive results from the testing of perlite samples from new discovery areas of its NewPerl project in Nevada.

The resources developer said expansion testing of reconnaissance samples taken in October had indicated that the majority were suitable for the production of horticultural grade perlite, and now the project could move “quickly” toward drilling, bulk sampling, and commercial scale testing.

READ: Sunrise Resources finds more perlite at NewPerl project in Nevada

Perlite is a form of volcanic glass that is often used in horticulture to prevent soil compaction and allow more air around the roots of plants.

Sunrise added that the project area was now split in a new northern area named as the Jackson Wash project, while the southern area would continue to be known as NewPerl.

The results follow news in October that the company had staked 40 additional claims at NewPerl, more than trebling its area after mapping discovered new, large areas of outcropping perlite.

Sunrise’s executive chairman, Patrick Cheetham, said the firm now had “sufficient confidence in the quality of the perlite on the NewPerl claims” to consider it as a future feed to its flagship CS project, located around 85km from NewPerl.

Shares were up 18.2% at 0.13p.

--Adds perlite description and updates share price--

Quick facts: Sunrise Resources PLC

Price: 0.12 GBX

AIM:SRES
Market: AIM
Market Cap: £3.3 m
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Sunrise Resources' Patrick Cheetham details permitting developments at CS...

Sunrise Resources PLC's (LON:SRES) Patrick Cheetham tells Proactive London's Andrew Scott he believes they're on track to be fully permitted later in the fourth quarter of this year for their CS Pozzolan-Perlite project in Nevada, USA. Sunrise has told investors that following a meeting...

on 1/8/19

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