Sunrise Resources Plc - Epic: SRES - Market: London Aim - Sector: Mining
UPDATE *
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.
Results include:
§ 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.
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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
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Sunrise Resources plc and its subsidiaries are engaged in the identification, acquisition, exploration and development of mineral projects. As of September 30, 2012, the Company is exploring in Ireland, Australia and Finland. The Derryginagh barite project is located near Bantry, County Cork, in the south-west of the Irish Republic. The Company owns 100% interest in Cue diamond project. The Cue diamond project is located in the Murchison Mining District of central Western Australia, 80 kilometer north-west of the gold mining town of Cue. The Company’s diamond projects are located in the centre of the Karelian Craton (a part of the Fenno- Scandian Shield), which extends from Sweden, through Finland and eastwards into Russia. It consists of generally north to north-east/north-west trending Archaean greenstone belts in granitoid basement. more »
Tertiary Minerals plc is a mineral exploration and development company engaged in identification, acquisition, exploration and development of mineral projects. Its projects include Finland Gold Project, Sivakkalehto Project, Rosendal Tantalum Project, Lassedalen Fluorspar Project, and Storuman Fluorspar Project. The main areas of activity are Sweden, Finland, Norway, the United States and Saudi Arabia. Its 100% owned Storuman project is located in north central Sweden and is linked by the E12 highway to the port city of Mo-i-Rana in Norway and by road and rail to the port of Umea on the Gulf of Bothnia. The Lassedalen Fluorspar Mine is located near Kongsberg, 80 kilometers to south-west of Oslo in Norway. Its gold projects in Finland include the Kaaresselka and Kiekeromaa gold prospects in the Lappland Greenstone Belt. This belt hosts advanced gold projects and two operating gold mines, including the six million ounce Kittila Gold mine operated by Canadian major, Agnico Eagle Mines. more »
Angel Mining plc (Angel) is engaged in the exploitation of minerals, particularly gold, zinc and lead in Greenland. The Company operates in two segments: the Black Angel zinc/lead mine (Greenland) and the Nalunaq Gold Mine (Greenland). During the fiscal year ended the Company operated mainly in the Nalunaq gold mine in southern Greenland. The Company’s main project is the Black Angel zinc/lead mine, which is located some 900 kilometers further north. The Company mines for precious and semi-precious metals, such as gold, silver, zinc and lead. The Black Angel mine is on the west coast of Greenland. The mine, which is approximately five kilometers long, is located inside Black Angel mountain. The Company’s subsidiaries include Black Angel Mining Ltd, Black Angel Mining A/S and Angel Mining (Gold) A/S. more »
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Links for official London Stock Exchange RNS statements relating to article ( derryginagh update )
12TH JAN 2012
http://m.londonstockexchange.com/exchange/mobile/news/detail.html?announcementId=11085087
6TH FEB 2012
http://m.londonstockexchange.com/exchange/mobile/news/detail.html?announcementId=11106203
be aware - big hyping happening on the london south east and iii chat rooms for this share. looking at a few iii boards and lse threads some names appear quite often following certain shares.