Further to the Company's announcement of 29 May 2024, Sunrise Resources plc is pleased to advise that the United States Bureau of Land Management has now given its approval to the Phase 2 drilling and trenching programme at the Company's Pioche Sepiolite Project in Nevada, USA.
A drill rig is being mobilised to site this weekend and will commence drilling immediately with the objective to extend the known deposits of sepiolite, which are already extensive, and collect additional samples for characterisation.
The drill programme is being managed and funded by Tolsa USA, Inc. ("Tolsa"), a subsidiary of Spanish sepiolite producer, Tolsa S.A., the world's largest sepiolite producer.
Tolsa holds an option to purchase the Pioche project for US$1.4 million exercisable by 28 December 2024 with future payments to Sunrise of a 3% revenue-based royalty on production.