Gold prices bounce off 3-week lows; demand likely longer term
LONDON - Sunrise Resources Plc (LON:SRES) today acknowledged the update from Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF) on the Garfield Copper Project in Nevada, USA. Sunrise holds a 2% Net Smelter Return (NSR) Royalty in the area where high-grade gold, silver, and copper samples have been discovered.
Guardian Metal Resources reported findings of up to 61g/t gold from the Freeze and Pamlico targets, which are located southeast and adjacent to Sunrise’s Garfield Royalty Area. The samples, taken from epithermal veins, follow a consistent west-northwest to east-southeast trend. In the High-Grade Zone, partially within the Garfield Royalty Area, gold values have been reported up to 27.2g/t.
GMR’s exploration suggests that epithermal precious metal mineralization may overlap with existing Cu-skarn mineralization, extending over a 6km trend from the High-Grade Zone to the Freeze Zone. This includes the Power Line Zone, which lies entirely within the Garfield Royalty Area.
Patrick Cheetham, Executive Chairman of Sunrise, commented on the company’s royalty interest, highlighting its risk-free nature as it is tied to future revenue rather than profitability and does not require Sunrise to contribute to exploration or mine development costs. He also noted that such royalty interests have a market among specialist royalty holding companies.
The press release statement also mentioned that Sunrise has retained a 2% NSR royalty over the original claim area and a 1-mile surrounding area after the discovery of gold-copper-silver at surface at Garfield, prior to selling the project mining claims.
Sunrise Resources holds several royalty interests, with the Garfield royalty being one among them, as part of their agreements with other parties. The company’s shares are traded on AIM under the ticker "SRES". The information is based on a press release statement and does not include any speculation or subjective analysis.
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