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Sunrise Resources PLC

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Market:
AIM
Market Cap:
£3.58 m
Price
0.12 GBX
Change
0.00%
52 weeks high
0.16
52 weeks low
0.06

Our strategy is to develop the CS Pozzolan-Perlite Project through to profitable production in order that the Company’s activities become self-funding and to unlock the value inherent in its portfolio mineral projects through sale, joint venture or other arrangements.

The Company’s Business Model is to acquire 100% ownership of mineral assets at minimal expense. This usually involves staking claims as was the case for the CS and NewPerl Projects or applying for exploration licences from the relevant authority, as was the case in Australia. In other cases, rights are negotiated with existing project owners for initially low periodic payments that rise over time as confidence in the project value increases and this was the case for the Bay State Silver Project.

The Group currently operates with a low-cost base to maximise the funds that can be spent on value adding exploration and development activities. The Company’s administration costs are reduced via a cost sharing Management Services Agreement with Tertiary Minerals plc.

Key Projects

CS Project

The Company’s CS Pozzolan-Perlite Project is in Esmeralda County, Nevada, USA, and covers large deposits of pozzolan and perlite.

The staking of the Project claims was first announced in November 2016 work carried out to-date includes mapping, trenching, drilling of 34 reverse circulation drill holes in two phases and extensive laboratory testwork for both pozzolan and perlite production and commercial scale testing.

This has resulted in the definition of extensive deposits of volcanic tephra and tuff meeting the requirements for High Quality Natural Pozzolan (HQNP) in the Tuff Zone and in the eastern part of the Main Zone, along with deposits of perlite in the eastern and western areas of the Main Zone which also have pozzolanic properties.

An additional area of HQNP, the Northeast Zone, presents a large additional target currently only defined by one drill hole and surface samples.

In the Spring of 2018, after completion of the 2nd drill programme, a strategic decision was made to move into the mine permitting process and in 2019 the Project moved into a more advanced stage. Mine planning is complete. Testing and marketing Memoranda of Understanding have been signed with two separate buyers of perlite and discussions are in progress with cement companies interested to secure new sources of natural pozzolan.

A 100-ton bulk sample of HQNP has been mined and supplied to a potential large customer and has been successfully processed producing a HQNP meeting the requirements of the American standard for natural pozzolan, ASTMC618.

An 8‑ton sample of perlite has been crushed and sized at SGS in Canada and a 2-ton sample has been successfully expanded to a horticultural grade perlite pursuant to an offtake Memorandum of Understanding already in place.

The Plan of Operations, which has now been submitted, envisages a 27-year mine life where both perlite and natural pozzolan are mined from the Main Zone in years 1-15 with pozzolan continuing to be mined in the Tuff Zone in years 16-27.

The Company is now able to progress the project through the National Environmental Policy Act (NEPA) process in accordance with the streamlined NEPA process that was mandated by an Executive Order of President Trump and in compliance with the quicker and less intense Environmental Assessment process, rather than the longer Environmental Impact Statement process.

The Company expects to be fully permitted in the fourth quarter of 2019.

Images, videos and plans relating to the CS Project can be viewed on the Company website here.

 

NewPerl Project

The NewPerl Prospect comprises a conical outcrop of glassy volcanic rock having a base diameter of approximately 400m and a height of up to 45m above the surrounding plain, suggesting good tonnage potential. A group of Mining Claims have been staked to secure this prospect.

Samples from the deposit have been tested for their perlitic expansion properties with very good results showing potential for a range of perlite applications. Specifically, two key targets have now been identified for follow up where samples have shown excellent expandability results for horticultural grades of perlite.

The deposit's pozzolanic properties are also being tested.

 

Jackson Wash Project

The Jackson Wash Project is 16km away from the Company’s NewPerl Project in Nevada. These claim blocks were originally part of the NewPerl Project but for permitting reasons have now been split out into this separate project. Test results on reconnaissance samples have thus far indicated a significant perlite target for horticultural grade perlite.

The best samples come from a perlite flow that outcrops more or less continuously over a length of 1.6km with a width averaging 150m and a vertical projection of up to 10m from its immediate surroundings. Other perlite flows within this claim block have yet to be sampled.

 

About Pozzolan

Pozzolan is defined (ASTM C125) as a siliceous or siliceous and aluminous material, which in itself possesses little or no cementitious value but will, in finely divided form and in the presence of moisture, chemically react with calcium hydroxide (lime) at ordinary temperatures to form compounds possessing cementitious properties.

The production of cement is responsible for 5% of the global man-made carbon dioxide emissions with nearly one tonne of CO2 generated for each tonne of cement produced. Cement manufacturers are therefore under strong pressure to minimise their carbon footprint and the use of pozzolan as a partial replacement for Portland cement in cement and concrete mixes is one way in which this is being achieved.

The Romans perfected the use in natural pozzolan/lime mixtures over 2000 years ago and “Roman” cement was the main cement used until Portland cement became popular in the early 1900s and established as the main hydraulic cement used today. Some Roman concrete structures have survived for millennia whereas many modern concrete structures are susceptible to “concrete cancer”.

In addition to reducing greenhouse gasses, the use of pozzolan can provide benefits in terms of long-term strength and stability in cement and concrete and mitigate the effects of alkali-silica reactions which can cause cracking in modern concrete structures. Natural pozzolans can also replace the use of industrial by-product pozzolans in cement such as coal fly ash.

The availability and quality of fly ash is under threat as coal-fired power stations are phased out and quality becomes more variable due to increased emission control legislation. Since 2010, 248 power plants or just under 50% of all coal-fired power stations in the US have announced a scheduled retirement plan. Many of these 248 plants are deciding to close their doors early, primarily because they cannot compete or remain competitive with gas-fired power production. The supply of fly ash to the western US is already precarious and predicted to become critical in the coming years opening up an already expanding market for natural pozzolan.

Natural pozzolans are therefore experiencing a resurgence in demand based on their strong “green” credentials. Today, pozzolans are used as a direct additive to concrete mixes and as a partial replacement for cement in amounts of up to 35% of the cementing material.

 

About Perlite

Perlite is a glassy raw material which, when heated in a furnace, pops like popcorn and expands by up to 20 times in volume into a white or pale coloured, low density material. Expanded perlite is used in various industrial and household applications such as insulation, paint texturing, building materials, filter aids, insulating industrial cryogenic storage vessels and as a potting medium in gardening and horticulture to aid water retention and aeration of the soil. Some perlites can also be used as a natural pozzolan.

 

Other Projects

These projects are available for sale (cash or equity) or joint venture.

Clicking the links below will take you to the relevant project page on the Sunrise Resources plc website.

Precious/Base Metal Projects

Bay State Silver Project, Nevada
Clayton Silver Project, Nevada
Stonewall Gold Project, Nevada
Newark Gold Project, Nevada
Garfield Copper-Gold Project, Nevada
Baker’s Gold Project, Australia
Junction Gold (-Copper) Project, Nevada - SOLD to VR Resources Ltd. Royalty Interest Retained.

Industrial Minerals

County Line Diatomite Project, Nevada
Ridge Limestone Project, Nevada

Executive Chairman - Patrick Cheetham
Mr Cheetham is the founder of the Company. He is a mining geologist with 37 years experience in mineral exploration and 32 years in public company management. Mr Cheetham started his career as an exploration geologist in Australia with Western Mining Corporation and prior to that worked for Imperial Metals Corporation in British Columbia, Canada. From 1986 to 1993 he was joint managing director of Dragon Mining NL, during which time he was responsible for the formation of that company, the identification of and acquisition of its exploration projects, its listing on the Australian Stock Exchange and the subsequent development of its exploration projects. Patrick co-founded Archaean Gold N.L. in 1993 - the subject of a successful $50 million takeover bid by Lachlan Resources NL. He is currently also Chairman of Tertiary Minerals plc.

 

Senior Non-Executive Director - David Swan
Mr Swan is a Chartered Accountant with a career focus in the natural resource industries. He joined Arthur Andersen after graduating in 1977, and from 1991-1996 acted as Chief Financial Officer or Finance Director for a number of ASX listed mining companies. He returned to the accounting profession in 1996 as Group Leader of the Mining and Resource Group at Ernst & Young in Sydney. After relocating to the UK in 2001 he continued his involvement in the natural resources industry including the position as Chief Financial Officer of Oriel Resources plc undertaking the IPO, TSX listing and reverse take-over of a major smelting business, until its eventual sale to Mechel Group for $1.4bn.

 

Non-Executive Director - Roger Murphy
Mr. Murphy joined as non-executive director in May 2016. Former MD, Investment Banking, of Dundee Securities Europe Ltd. which he joined in 2012 to establish the London office with an emphasis on capital raising for mining and oil & gas companies. Previous positions include former CEO of African Battery Metals Plc, MD Renaissance Capital, successfully raising capital for a variety of companies, and Head of Sales for Canaccord Adams where he was also a member of its UK Executive Committee. Earlier in his career in the finance industry he worked in mining sales for Deutsche Bank, as a mining analyst for both Deutsche Bank and SG Warburg and as a researcher for the World Gold Council. Mr. Murphy holds a B.Sc. Hons in Geology, a M.Sc. in Hydrogeology and an MBA. Prior to joining the mining finance industry he worked as a geologist for a number of years for various companies, including Anglovaal Mining and British Petroleum.

Company Secretary - Rod Venables
Rod Venables is a qualified solicitor who worked for 6 years in private practice, specialising in company and commercial law, before moving to the financial services sector. He worked in corporate finance and corporate broking with a number of stockbroking and advisory firms, including Greig Middleton & Co Limited, Old Mutual Securities Limited, Allenby Capital Limited and Northland Capital Partners Limited, focusing on equity capital markets and, in particular, the AIM market. Over the last 30 years, he has advised the boards of both private and public companies, based in the UK and overseas. He has experience across a wide range of sectors but, in recent years, he has been mostly involved with the resources, technology and support services sectors. He is a Director and Head of Company Secretarial Services at City Group PLC and is Company Secretary for Tertiary Minerals plc.

OTHER EMPLOYEES

The following personnel, who are employed by Tertiary Minerals plc, provide services to Sunrise Resources plc through a Management Services Agreement. Such services are provided at cost:

Richard Clemmey - Project Manager
Richard is Managing Director of Tertiary Minerals plc. Chartered Engineer with more than 20 years of mine/quarry development and management experience. A graduate of the Royal School of Mines in London.

Judith Hayes - Administration Manager
Judith has been with the company since inception. She has over 35 years management and supervisory experience and is responsible for regulatory and compliance issues, routine company secretarial activity and the day-to-day running of the head office IT and administrative functions.

Sondra Pyrch - Management Accountant
An ACCA qualified accountant with extensive experience gained across a variety of organisations, Sondra is responsible for all aspects of financial administration, including treasury, ledger control, management accounts, annual audited accounts, taxes and statutory financial reporting.

Joel Cheetham - GIS Data Analyst
Joel is responsible for all aspects of 3D modelling, mapping, technical reporting and digital data management.

Jae Talboom - Business Assistant
Jae assists with many day-to-day business administration activities, including updating the Company’s website, social media and data analysis.

Sunrise Resources plc (Registered in England & Wales Company No. 05363956)

Head Office:

Silk Point

Queens Avenue

Macclesfield

Cheshire

SK10 2BB, United Kingdom

Tel : +44 (0)1625 838 884

Fax : +44 (0)1625 838 559

Administration email : [email protected]

 

Registered Office:

Sunrise House

Hulley Road

Macclesfield

Cheshire

SK10 2LP, United Kingdom

 

Investor Relations

[email protected]

Sunrise Resources plc Securities

Sunrise Resources plc Securities

Nominated Adviser

Beaumont Cornish Limited
10th Floor
30 Crown Place
London
EC2A 4EB

 

Broker

Beaumont Cornish Limited
10th Floor
30 Crown Place
London
EC2A 4EB

 

Auditors

Crowe UK LLP
3rd floor
The Lexicon
Mount Street
Manchester
M2 5NT

 

Solicitors

Gowlings (UK) LLP
15th Floor - 125 Old Broad Street
London
EC2N 1AR

 

Registrars

Link Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU

Tel: 0871 664 0300
Oversees Helpline: + 44 208 639 3399

 

Bankers

National Westminster Bank plc
2 Spring Gardens
Buxton
Derbyshire
SK17 6DG