Sunrise Resources widens loss as development continues

Diversified mineral exploration and development company Sunrise Resources posted its audited results for the year to 30 September on Wednesday, with nil revenue and a total loss for the year of £0.37m, widening from £0.3m last year.

The AIM-traded firm said that made for a basic and diluted loss per share of 0.04p, compared to 0.05p in 2015.

It did highlight its operations for the year, however, saying they were focused on its projects in Nevada during the year.

Sunrise said the phase 2 drilling at the Bay State Silver Project demonstrated continuity in the Chihuahua Vein system at 300m below surface, with further drilling scheduled for spring 2017.

The trenching of the discovery outcrop at Garfield Copper-Gold Project included 22m grading 0.33% copper, which itself included two metres grading 2.18% copper and 0.48 g/t gold from 16m-18m, and 2 metres grading 1.2 g/t gold and 0.07% copper from 8m-10m.

During the year the company incorporated a new subsidiary, Westgold, as a wholly owned project generator for gold and silver projects in the the western US.

Three new projects have been staked to date through Westgold.

A lease agreement with EP Minerals was continuing at County line Diatomite Project, with the EP Minerals-permitted programme of drilling and trenching work in progress.

Potential for revenue based royalty stream was starting in June 2017, the board said.

The expansion of the Pozz Project was also ongoing, with the staking of a CS pumiceous rhyolite deposit in Nevada.

Testwork remained in progress with demand for natural pozzolan growing as a ‘green’ cement replacement.

“ am pleased to report on the progress being made under our strategic plan to seek cash flow from industrial minerals projects whilst continuing our more speculative exploration for precious metal deposits,” said executive chairman Patrick Cheetham.

“In 2016 we we have continued the development of our business in anticipation of a continuing recovery in the commodities sector and I look forward to reporting further progress in 2017 and to meeting shareholders at our upcoming AGM.”