14th Dec 2016 10:31
LONDON (Alliance News) - Junior miner Sunrise Resources PLC on Wednesday said progress was made on its portfolio of projects in the US in its recently ended financial year and added there is potential it could start generating royalty revenue in 2017.
Sunrise said its operations in the financial year to the end of September focused on its mining projects in Nevada in the US.
The company said phase 2 drilling work on the Bay State silver project demonstrated continuity of the gold vein system at the site and further drilling work us due to take place in spring 2017.
Sunrise also noted good gold and copper grades from the Garfield project in the year and said its lease agreement on the County Line diatomite project with EP Minerals LLC has progressed. Sunrise said there is potential for a royalty-based revenue stream from the County Line project in June 2017.
Sunrise, which does not generate any revenue, said it made a pretax loss of GBP369,587 in the year to September 30, widened from GBP301,271 a year before due to higher pre-licence exploration costs, impairment charges and administrative expenses.
"I 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 Patrick Cheetham, executive chairman of Sunrise.
Sunrise shares were up 5.2% to 0.14 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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