Consideration for the Garfield and Stonewall Properties is £82,000 comprising £20,000 cash plus new Power Metal shares with a value of just short of £62,000 and additional warrants.
Sunrise said the sale will generate a combined profit of £33,329 based on the carrying value while it will also retain a 2% Net Smelter Return Royalty over properties
Patrick Cheetham, Sunrise’s executive chairman, added: "This disposal of these two non-core assets is in line with strategy and our continuing focus on our CS Pozzolan Perlite Project in Nevada.
“Nevertheless, we consider these two projects to be highly prospective and I am delighted that this agreement gives us not only a profit on sale but also exposure to the upside potential of these projects through our retained royalty interests.
“We intend to be a holder of the Power Metal Resources shares for the foreseeable future as we see a number of value catalysts for this company over the next few months."