Sunrise Resources announces promising Reese Ridge sampling results

26th Sep 2024 13:11

(Sharecast News) - Sunrise Resources announced promising high-grade results from recent sampling at its Reese Ridge zinc-lead-silver project in Nevada on Thursday.

The AIM-traded firm said the short summer field programme aimed to identify additional surface areas of base-metal and silver mineralisation, and had yielded significant findings.

Using a field portable x-ray fluorescence (pXRF) analyser, the company said it discovered a new zone of high-grade mineralisation 260 metres west of previously reported samples.

Laboratory analysis confirmed the results, with the highest silver and lead values recorded to date.

Sample 24RR-AL19 returned a 24.5% combined lead-zinc and 383 grams of silver per tonne, while sample 24RR-AL18 yielded 18.6% combined zinc-lead and 51 grams of silver per tonne.

Additional samples from iron-rich gossans in the area reported zinc concentrations ranging from 0.1% to 3.2%, further supporting the potential of the project.

The presence of widespread barite mineralisation, characteristic of carbonate replacement deposit (CRD) style mineralisation, was also noted, indicating the broader geological potential of the site.

Sunrise said the high-grade results bolstered the company's confidence in the Reese Ridge Project, highlighting its potential for significant base and precious metal resources.

It said it planned to continue exploring and assessing the project's prospects for further development.

"These latest results are very encouraging - this new area is some distance from the previously reported high-grade samples, but all of these samples lie above the large low resistivity zone that has been defined as a primary drill target for CRD mineralisation by the company's interpretation of historical airborne geophysical surveys," said executive chairman Patrick Cheetham.

"CRD style mineralisation is an attractive target as economic deposits tend to be large and high-grade.

"New discoveries of CRD style mineralisation include the Ruby Hill deposits near Eureka in Nevada and the now producing Taylor deposit in the adjacent state of Arizona."

Cheetham said that given the scale of the opportunity presented at Reese Ridge, it made sense for the Board to consider Reese Ridge as a priority asset for exploration alongside the commercialisation of the company's industrial mineral assets.

"Further work could include ground geophysics and drilling as resources allow."

At 1201 BST, shares in Sunrise Resources were down 1.05% at 0.05p.

Reporting by Josh White for Sharecast.com.