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Sunrise Resources starts to trim portfolio as attention switches to pozzolan

Patrick Cheetham, executive chairman, said this was the first of what it hopes will be a number of project disposals following the decision to focus on CS

picture of cement
Pozzolan can be used as a cement alternative

Sunrise Resources PLC (LON:SRES) has disposed off its Junction Gold project in Humboldt County, Nevada as it focused solely on the CS Pozzolan-Perlite project, also in Nevada. 

Patrick Cheetham, executive chairman, said this was the first of what it hopes will be a number of project disposals following the decision to focus on CS.

READ: Sunrise Resources hopes to set new foundations in Nevada

Canadian Venture exchange listed VR Resources is acquiring the project for a small cash and share sum, though there is the potential for further share earn-outs and royalty payments on production equal to 3% of the Net Smelter Return.

 “VR is a recently listed and well-funded company run by seasoned industry professionals with a track record of delivering value for shareholders,” Cheetham added in a statement.

“We believe this agreement offers the company a "ground-floor" and well timed opportunity to participate in VR's future successes, not just with the Junction Project, but also with its other exciting exploration projects, most notably the large-scale porphyry copper-gold system at its Bonita Property, which VR is drilling this summer following some 2½ years of district-scale exploration targeting. Bonita is also located in Humboldt County.” 

READ: Sunrise Resources sees thick Pozzolan-Perlite at Nevada project

Quick facts: Sunrise Resources PLC

Price: 0.25 GBX

AIM:SRES
Market: AIM
Market Cap: £9.19 m
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Sunrise Resources signs MOU for first sales of perlite from CS project

Patrick Cheetham, executive chairman of Sunrise Resources Plc (LON:SRES), tells Proactive's Andrew Scott they've signed a non-binding memorandum of understanding (MOU) that will pave the way for the first sales of perlite from its CS Pozzolan-Perlite project in Nevada, USA. Cheetham says...

on 27/4/18

2 min read