13th Feb 2014 10:19
LONDON (Alliance News) - Sunrise Resources PLC Thursday said it is moving ahead with drill testing at the Cue Diamond Project in Australia.
The diamond and gold exploration company focused in Ireland, Australia and Finland said a preparatory ground geophysical programme was completed in December 2013, and drill testing at the site is now provisionally scheduled for March.
The company said it has received work programme approval from the Department of Mines & Petroleum of Western Australia and has signed a contract for an Aboriginal Heritage Survey, which is expected to start around February 26, in order to access various drill targets in the licence area.
Sunrise added that it has targeted four separate areas including a zone where 280 diamonds were recovered from 251 kilograms of surface float in 2013.
In December, the company announced its pretax losses widened in the full year ended September 30, 2013, compared to the previous year.
The company said at the time, that it is not expected to report profits until it disposes of, or is able to profitably develop or otherwise turn to account, its exploration and development projects.
Sunrise Resources shares were up 14% to 0.539 pence, putting it in the top five AIM movers in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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