Sunrise Resources PLC (LON:SRES) hailed a “great result” as assay and analytical results were received from its maiden drill hole at its wholly owned Clayton silver-gold project in Nevada, USA.
Executive chairman Patrick Cheetham said the intersection warrants further intensive exploration and the company is now considering its next steps, including the possibility of finding a joint venture partner to continue the exploration.
Recovered core from the 20CLDD001 hole included a 7.92m mineralised interval graded 303 grammes of silver per tonne of earth and 0.2 g/t of gold, from a depth of 82.30m, the AIM-listed company said.
There was also a 4.27m interval grading at 408 g/t of silver and 0.23 g/t of gold from 83.82m depth.
Silver in the hole was 84% higher grade compared with one of the twinned holes drilled in the late 1980s, CL-15, which reported 7.62m grading 165 g/t silver and 0.4 g/t gold.
Sunrise said the mineralised interval contains sulphide bearing vein quartz and quartz breccia over the down hole drilled interval of 7.92m from 82.3m depth, with the true thickness as yet unknown.
“This is a great result,” said Cheetham. “The higher grades now being reported vindicate our belief that silver grades were under-reported in the 1980s reverse circulation drill holes due to the loss of fine-grained silver minerals in the drill circulation water.
“Whilst our own samples were affected by poor core recovery, the results now being reported, when taken together with the historical results, confirm the presence of significant silver mineralisation in an area with several active mines and extensive current and historic exploration.”