Sunrise Resources Plc - Epic: SRES - Market: London Aim - Sector: Mining
Further to my recent article on sunrise resources the company have had some key developments on its Barite operation in Derryginagh ( southern ireland ) . On the 6th of february 2012 the company announced its drilling results from the project which have returned some highly promising figures and extensions to the barite resource indicating a high chance of mine commerciality.
Shortly after these results were announced the company moved swiftly to announce a placing of 50m shares at 1.2p with institutional investors via its broker Northland capital which was Oversubscribed.
In a recent statement the company also said
“Further financial evaluation is therefore planned to start immediately,together with a preliminary evaluation of the regulatory process and timelines for mine development”.
Results announced on 6th February are as follows #
Analytical results confirm high-grade vein intersections below historical workings.
§ 3.6m down-hole intersection of 89% barite from 200m in hole 11SDG004, and
§ 3.2m down-hole intersection of 61% barite from 220m in hole 11SDG005.
Mineralisation remains open at depth and along strike.
Patrick Cheetham, Executive Chairman, said "These results confirm that high-grade extensions to the Derryginagh barite vein system exist well below the old mine workings, and below the level of previous drilling carried out in the 1980s."
This announcement came following the RNS statement of the 12 January 2012 where the company announced the results of six holes completed across 5 seperate traverses: As follows #
The programme comprised 6 complete holes on 5 separate traverses for a total of 892m of drilling. It has been successful in extending the known barite vein system to approximately 180m vertically below surface, a significant depth below the old workings where the drill intercepts based on visual inspection, have thicknesses in line with shallower historical drill intersections and are visually estimated to be high-grade.
Drill holes on traverses east and west from the old workings showed the main vein to be thin, or absent where tested in this initial programme but, as the vein is known to pinch and swell and be offset by faults, the potential remains for strike extensions in areas not yet tested.
# Information Sourced via official RNS statements and company statements