What it owns
CS Project, Nevada: The Plan of Operations envisages a 27-year mine life where both perlite and natural pozzolan are mined from the Main Zone in years 1-15 with pozzolan continuing to be mined in the Tuff Zone in years 16-27.
NewPerl, Nevada: The NewPerl Prospect comprises a conical outcrop of glassy volcanic rock having a base diameter of approximately 400m and a height of up to 45m above the surrounding plain.
Two key targets have now been identified for follow up where samples have shown excellent expandability results for horticultural grades of perlite.
Jackson Wash, Nevada: 16km away from NewPerl, this was originally part of that project but for permitting reasons is now separate.
What it does
"Natural pozzolans are experiencing a resurgence in demand based on their strong “green” credentials.
"Today, pozzolans are used as a direct additive to concrete mixes and as a partial replacement for cement in amounts of up to 35% of the cementing material
"Perlite is a glassy raw material which, when heated in a furnace, pops like popcorn and expands by up to 20 times in volume into a white or pale coloured, low-density material.
"Expanded perlite is used in various industrial and household applications such as insulation, paint texturing, building materials, filter aids, insulating industrial cryogenic storage vessels and as a potting medium in gardening and horticulture to aid water retention and aeration of the soil."
How is it doing
In the results for its last full year, Sunrise hailed “significant progress” in the development of its CS Pozzolan-Perlite project.
For the year ended 30 September, the firm reported a loss of £301,738, lower than the £786,672 figure in the prior year, while it had also ended the year £27,069 in cash, although since then it has raised £200,000 in a share placing.
Over the year, Sunrise said it had submitted a 27-year mine plan of operations and reclamation permit application to regulators while its environmental assessment for the project was “at an advanced stage”.
The firm is also continuing customer testing programmes for perlite produced from its operations and has signed a due diligence agreement for a local mothballed grinding plant for its natural pozzolan product.
Sunrise added that recent market development had resulted in increased demand for both products.
- In mid-February, Sunrise raised £200,000 before expenses through a placing to be used towards the completion of mine permitting for the company's CS
- In mid-December, the company leased water rights to be used in the development of the CS project
- In early December, Sunrise told investors that there had been a delay to the permitting of CS caused by the Bureau of Land Management’s late introduction of additional information reporting requirements for the company’s supplemental environmental reports
What the boss says - executive chairman Patrick Cheetham
“Whilst our activities have been constrained by limited funds in 2019, we have ensured that the permitting of our CS Project has progressed as quickly as possible”.
“As we go forward in 2020, I think we can justifiably say that our flagship CS Project is still on track, if a little behind the original schedule, due to factors beyond our control, and we look forward to progressing the project further in 2020”.