Sunrise stakes 27 claims to create new project

15th Mar 2023 14:17

(Sharecast News) - Nevada-focussed industrial minerals developer Sunrise Resources has staked 27 new mining claims adjacent to its Ridge Limestone Project, it announced on Wednesday.

The AIM-traded firm said the new project, named Reese Ridge, is located on the south side of the Humboldt Structural Zone, covering targets for gold and base metals.

It said Reese Ridge had numerous alteration zones and gossans at the surface, with grab samples indicating high levels of zinc, copper, gold, and silver.

In addition, satellite imagery revealed large alteration areas associated with the mineralisation.

Sunrise said it had identified a significant low resistivity target below the surface mineralisation, which was considered a prime drill target.

The target was prospective for several different styles of mineralisation commonly found in Nevada, including Carlin-type gold deposits, carbonate replacement lead-zinc-silver deposits, and epithermal gold-silver deposits.

Sunrise said Reese Ridge is located adjacent to the Reese River geothermal system, which had previously been explored for geothermal energy.

The exploration included the use of geophysical techniques common to the mineral exploration industry, including 'VTEM' and 'MT' electromagnetic methods.

Both surveys independently identified a zone of low-resistivity at a depth of around 250 metres below the surface mineralisation, in prospective lower-plate sediments.

"The staking of the Reese Ridge claims is consistent with our policy to generate 100% owned attractive exploration projects at very low cost to be sold or joint ventured to other companies, and to mitigate risk from overexposure to one project or resource," said executive chairman Patrick Cheetham.

"We have already done this successfully with our Garfield, Stonewall, Jackson's Wash and Pioche Projects.

"The mineralisation we are seeing at surface at Reese Ridge is associated with a significant heat cell boundary fault for the adjacent geothermal system and, we believe, may represent upper-level leakage from a larger mineralised source at depth expressed as a resistivity anomaly."

Cheetham described it as a "stand-out target" for drill testing, with "exciting" potential.

"Whilst our resources are focused on the continued development of our key projects, we believe the staking of such geologically interesting opportunities can prove very accretive to shareholder value as demonstrated by our Pioche Project."

At 1329 GMT, shares in Sunrise Resources were down 5.26% at 0.09p.

Reporting by Josh White for Sharecast.com.