Sunrise Resources buys stake in industrial mineral project in Nevada

Diversified mineral explorer Sunrise Resources has bought a stake in an industrial mineral project in Nevada as part of its corporate strategy to build up a cash-generating portfolio in the western US.

After the AIM-listed company’s US subsidiary SR Minerals bought the ridge limestone project for an undisclosed fee, the company now has 18 mining claims staked on an area containing high purity limestone near a sealed highway, with no public record that limestone has previously been targeted for industrial evaluation.

The claims also cover prospector-scale mine workings with grab sampling results showing 15.8% of zinc.

Executive chairman Patrick Cheetham said: "We are continuing to build our industrial minerals portfolio in the western US at low cost and in line with our strategy to acquire projects with the potential to generate sustaining cash flow.

“The ridge limestone project now sits alongside our county line diatomite project, currently leased to EP Minerals and our Pozz project, also in Nevada, where further evaluation work is in progress.”

Shares in Sunrise Resources were down 2.8% to 0.170p at 1155 GMT.