27th Mar 2014 11:51
LONDON (Alliance News) - Sunrise Resources PLC saw its shares rise Thursday after it said drilling will start shortly at its Cue diamond project in Western Australia and it had received positive sampling results from its Strike copper project in Nevada.
In a statement, the company said it had signed a drill contract for the Cue project and drilling is expected to start or around April 1. It said the programme will aim to evaluate the diamond content of the Soapy Bore kimberlite, and test other targets including a source for diamondiferous kimberlite float at Target 5.
It said preliminary chip samples from workings and trenches at the Strike project returned values up to 3.14% copper over 1.8 metres and 0.70% over 6.0 metres. Grab samples returned values up to 2.64% copper, it said, adding that soil sampling is now planned for drill targeting.
"Following our recent fundraising we are progressing quickly with our planned exploration programmes and I am pleased to be announcing the start of drilling at the Cue diamond project in Australia and the positive sampling results from the Strike copper project in Nevada where follow up work is now being planned," Chairman Patrick Cheetham said in a statement.
Sunrise Resources raised GBP525,000 before expenses earlier this month through a share placing and subscription.
Sunrise Resources shares were up 6.5% at 0.559 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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