Bought in a few days ago.. could be worth a small spec punt.... (imho, dyor)

anyone else in ?

SRES - Proactive - 7:39 am by Jamie Ashcroft

Sunrise Resources prepare drill programme at Cue diamond project in Western Australia

The first drill programme will aim to sample known kimberlites, so that Sunrise can evaluate the diamond content and characteristics

Sunrise Resources (LON:SRES)

is following up its exploration success at its Canadian gold project with a drilling programme at the Cue diamond project in Western Australia.

This morning the company revealed that it has now been granted an initial 5 year exploration licence over the 70 square kilometre area on the Yilgarn Craton, Western Australia.

The Cue area was explored by De Beers between 1994 and 2001.

"De Beers found diamondiferous kimberlites in two separate areas on the licence and considered that the area had excellent potential for further discoveries, chairman Patrick Cheetham said.

A number of targets were defined by De Beers before their strategic decision to cease exploration in Australia and these need to be drill tested."

The licence covers a number of diamond bearing kimberlite dykes at the Cue 1 and Soapy Well prospects.

Sunrise is now preparing the first drill program which will get underway in the second quarter of 2011, subject to the completion of the heritage surveys and drill rig availability.

The first drill programme will aim to sample known kimberlites, so that Sunrise can evaluate the diamond content and characteristics.
It will also drill un-tested kimberlite targets at Fennels Well and Soapy Well.

At the Soapy Well prospect there are three parallel kimberlite dykes and at Fennels Well - which is 2.5 kilometres along strike from Soapy Well - there are multiple kimberlite targets.

Sunrise shares have come quite a long way in a fairly short period of time - rising from around 0.5 pence in September to peak above 6 pence a share in January - largely driven by it progress at the Long Lake gold project in Ontario, Canada.

The shares are currently priced at about 3.5 pence a share.

Long Lake is situated in Ontario, near the famous Sudbury mining region. The site hosts a historic gold mine which produced 56,000 ounces of gold up until it was closed in 1939.

A drilling programme, which was completed in December 2010, showed that gold mineralisation extends near surface beyond the historic pit limits and confirms that mineralisation continues at depth below the mine workings - just as Sunrise predicted.

The company drilled in and around Long Lakes historic mine workings. The programme tested near-surface gold mineralisation beyond the historic pit.

It also tested the gold mineralisation adjacent to and below the historic mine workings, which reached a vertical depth of 55 metres.

The best results include 17 metres grading 2.9 grams per tonne gold, as well as 2.3 metres grading 16.1 grams per tonne gold within a 35 metre thick interval grading 2 grams per tonne gold.

The highest grades reached 55 grams per tonne gold, albeit over narrow intervals.

Importantly the deepest hole in the programme has confirmed the continuation of the gold mineralisation at depth, also as predicted.
These results were further boosted by positive geophysical results earlier this month.

Crucially these results backed up the findings of the drill programme and it also revealed several other anomalies that warrant further exploration.

http://www.proactiveinvestors.co.uk/companies/news/25835/sunrise-resources-prepare-drill-programme-at-cue-diamond-project-in-western-australia-25835.html

more from other sources - GROWTH COMPANY ........

Sunrise wins Australian gem licence
24/02/2011 Robert Tyerman

Mineral explorer Sunrise Resources (SRES) has obtained a licence to explore the Cue diamond prospect in Western Australia. The company, a 2005 spin-off from chairman Patrick Cheetham's Tertiary Minerals, says it plans to start drilling in the 70 sq km licence area in Western Australia's Yilgarn Craton in the second quarter of the year, having set in train the requisite surveys for Aboriginal heritage sites.

Cheetham points out that gem giant De Beers found diamond-bearing kimberlite in two separate areas on the Cue licence between 1994 and 2001 and defined several targets before deciding to pull out of Australian exploration altogether. He says these targets need to be drill tested, adding De Beers considered the area had 'excellent potential'.

Since its spin-off from Tertiary, a tantalum-to-fluorspar hopeful whose own fortunes have been decidedly mixed, Sunrise has found kimberlite diamond deposits in Finland. The company is also seeking to revive production of barite (used for paint) at Derryginagh in Ireland and has an option on the Long Lake gold, nickel, copper and platinum group metals project in Ontario.

Floated at 2p six years ago, Sunrise shares collapsed to a 0.45p low during the past year. They have rebounded to 4.33p, up 0.78p this morning, where they value the company at 13.4 million and offer speculative prospects for the strong-nerved.

Today Sells appear to outnumber Buys, so I suspect this is linked to the Warrant take-up, with those shares appearing on AIM later this month.


Cielo, can you say why the sp collapsed during 2010 - wasn't a particularly bad time for miners, was it?

That De Beers drilled there in 1994 to 2001 rather tells you they didn't think it worth continuing. Sunrise could be "lucky" but I'd be surprised if it's a big find and diamonds are part of the "feel-good" industry - and - frankly I doubt many will feel good too soon.

On a +ve note; they aren't in Egypt.

hangon

I can not see the collapse of the share price during 2010, well money am only give 1 year though I put 2 years, so I added anothe one, but still can not see

---------------------------------1 YEAR chart ------------------------------------- 2 YEARS -----------------------

hangon - since de beers were there the technology has vastly improved making is even more commercial and the prices of rems have soared - bet de beers wish they could buy back now lol - they can have my shares for 50p each lol lol! :-;

& kerrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnngggggggggggggggggggaroooooooooooooooooooooooo!!

cielo - good charts - cheers

Northland Capitals head of research David Johnson commented on Sunrise Resources

(LON:SRES) after it was granted an exploration permit for the Cue diamond project in Australia which was last explored by De Beers more than 10 years ago.

Johnson said: the historic De Beers programme makes this more brownfield than greenfield exploration.

(Cue) now comes into the reckoning as an area of diversification to add to the encouraging start to Long Lake Gold attributable for the majority of the companys market valuation and the emerging Derryginagh barite project.

In many ways the Cue project is coming to the fore at an opportune time. Indeed Johnson is forecasting a re-emergence of the diamond sector. He highlights the market is currently buoyed by positive noises on diamond prices - that are typically determined by private auctions or valuations - among companies operating in the sector.

Sunrise shares advanced more than 20 percent in response to the news.

Sunrise Resources soars on licence grant
Thu, 24/02/2011 - 12:34 | Esther Armstrong

AIM-listed Sunrise Resources (SRES) saw its shares soar 25% on Thursday on news that its had been granted an exploration licence for the Cue Diamond Project in Western Australia.

The mineral exploration and development specialist said the licence had been granted for an initial five-year period and covered diamondiferous kimberlite dykes at Cue 1 and Soapy Well Prospects.

It covers an area of approximately 70 square kilometres and is located 70km north-west of the town of Cue in Western Australia.

The firm said it will now initiate the usual Aboriginal heritage surveys and plans further drilling for the second quarter of 2011.

In the first drill programme, the objective will be to obtain samples from the known kimberlites and evaluate their diamond content and characteristics.

Patrick Cheetham, executive chairman of the company, said: "De Beers (the luxury jeweller) found diamondiferous kimberlites in two separate areas on the licence and considered that the area had excellent potential for further discoveries.

"A number of targets were defined by the De Beers before their strategic decision to cease exploration in Australia and these need to be drill tested."

No wonder the share price is weak again today ..................


3 March 2011 -- SUNRISE RESOURCES PLC
DIRECTOR SHAREHOLDING

Sunrise Resources plc ("Sunrise" or "the Company" - AIM: SRES) announces that on 2 March 2011, non-executive director Francis Johnstone disposed of 1,000,000 ordinary shares in the Company at a price of 3.625p per share.

Following the disposal Francis Johnstone is interested in 2,468,058 ordinary shares, being 0.79 per cent. of the issued share capital of the Company.

cielo - yes my friend my thoughts also - but i am still very confident here - do you happen to know what he paid for those shares or were they 'free' or something else eg shares instead of salary et cetera

still not worried just going to have to sit this one out - we all know the great potential here

good to see some sense returning to the sp here now

Has been going higher from the start of the day.

Wonder if the bottom has been reached this time

yep i noticed that - still it was a good top up opportunity - not sure - will be watching carefully here - amazingly cheap for the upside potential - incredible

Isn't it a worry that one director sold 1m shares at the start of this month? That's hardly a vote of confidence - and has reduced his holding by a third. DYOR.

I suspect the recent sp rise on "so-so news" meant they would fall back soon enough....so he might as well take a small profit. But unless he was "given" these, there isn't much profit in (today)=36k-worth..

Its never a confidence builder when directors dump a load of shares,we could be charitable and take the view that he may have teenage children!!?? But in my view to ditch 1000,000 shares of a company that you are trying to promote is down right careless, me thinks I may get careless as well!!??

lol hold sres huge potential here
i colud have bought lower
now the wait - lol!

at last! about time some northerly movement

2.775p ( 2.60 / 2.95p ) +0.05p

A lot of large trades since yesterday, someone paid 3.056p premium earlier for 200K, on a very good round bottom chart, but has not yet move up properly

Why moneyam CHARTS are not working properly is a waste of time asking

2.65 / 2.95p +0.075

improving on the bid sides as small trades are nibling and paying full offer price