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LONDON - Sunrise Resources plc announced Monday that its wholly owned US subsidiary, SR Minerals Inc., has signed an agreement with a large US-based company granting a 90-day option to purchase the Hazen Project in Nevada for $800,000 in cash.
The option period will commence once the US Bureau of Land Management approves SR Minerals’ Notice of Intent to conduct exploration, which was submitted in June. The unnamed optioner has paid a $20,000 option fee upon signing and can extend the option for up to three additional 30-day periods by paying $7,500 for each extension.
The Hazen Project, located in Churchill County, Nevada, consists of mining claims staked in June 2021 covering a deposit of glassy pumice. The book value of the project was £23,940 ($31,122) as of March 30, 2025, with £2,135 spent on the project in the six months prior.
During the option period, the optioner will be permitted to conduct exploration activities on the property. Should the optioner elect to purchase the project, the transaction would be classified as a "Substantial Transaction (JO:NTUJ)" under AIM Rules for Companies.
Patrick Cheetham, Executive Chairman of Sunrise Resources, described Hazen as "an early stage project and so non-core for Sunrise Resources." The company indicated that any proceeds from a potential sale would be used for additional working capital and advancement of other projects in its portfolio.
The Hazen deposit was previously mined for lightweight aggregate from a shallow open pit. According to the company’s statement, laboratory testing has shown the material is of similar quality to the company’s CS Project, with additional potential as lightweight aggregate for concrete blocks and facing stones.
Shares in Sunrise Resources trade on AIM under the ticker "SRES."
This article is based on a press release issued by Sunrise Resources plc.
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