(FSCwire) - Sunrise Resources Ltd. (TSX-V: SHI) (the “Company”) is pleased to announce that it is currently considering a summer drill program and requisite financing. The drill program will follow up the successful 2013 drill program on the Company’s Man Prime property in southern BC. As announced on August 26 and 28, 2013, the results included 123.6 metres of 0.25 per cent copper and 0.085 gram per tonne gold (0.3 per cent copper equivalent) at the bottom of hole PR13-01, with the very bottom 24.6 metres averaging 0.34 per cent copper and 0.066 gram per tonne gold (0.38 per cent copper equivalent). The bottom 153 metres of PR13-02 assayed 0.21 per cent copper and 0.045 gram per tonne gold (0.24 per cent copper equivalent), which included 12 metres near the bottom of the hole, which averaged 0.33 per cent copper and 0.073 gram per tonne gold (0.38 per cent copper equivalent). In both cases, the existing drill rig was unable to drill deeper. Accordingly, the Company plans to contract a larger drill rig and to drill underneath these first two holes.
The private placement will likely allow existing shareholders to participate pursuant to the recently enacted “existing shareholder” exemption which allows any existing Canadian shareholder at the time of the announcement of a private placement to participate in the private placement to the extent of a maximum of $15,000 per shareholder. The Company will issue a news release once management determines the details of the proposed financing.
As announced by Colorado Resources Ltd. on April 29, 2014, the Company amended the terms of the option agreement with Colorado respecting the Company's Eldorado Property. The current year's exploration requirement was reduced and Colorado paid $75,000 and issued 200,000 common shares to the Company. The amendment also added a requirement for an additional 200,000 common shares to be issued by September 26, 2014 in order for Colorado to maintain its option.
As announced by Colorado Resources Ltd. on June 30, 2014, highlights of their recent results from the Company's Eldorado Property included drill hole EL14-008, which intersected 196.5 metres of 0.19 gram per tonne gold and 0.06 per cent copper over the entire length of the drill hole from bedrock onward. This hole was located 300 metres west of drill hole EL13-004, reported last year with an intercept of 71.3 m of 0.34 g/t Au and 0.13 per cent Cu. CEO Adam Travis commented, "We continue to efficiently and systematically explore and advance Eldorado on the eastern doorstep of Red Chris, and have continued to identify the presence of significantly mineralized intrusives with highly anomalous gold and copper values along trend of Red Chris in a similar geological setting."
The Company’s shares recently returned to trade following the late filing of its audited financial statements and corresponding MD&A on SEDAR.
The Company will provide further updates when appropriate.
Responsible Officer: Irvin Eisler, CEO and President
Telephone: (250) 546-6559
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Source: Sunrise Resources Ltd. (TSX Venture:SHI) http://www.sunriseresourcesltd.ca/s/Home.asp