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Sun is rising on Sunrise Resources ! (SRES)
skyhigh - 19 Nov 2010 12:25
Bought in a few days ago.. could be worth a small spec punt.... (imho, dyor)
anyone else in ?
Clifftopp - 27 Dec 2010 10:33 - 2 of 86
Yes - have been here since Sunrise were spun off from Tertiary and bought more at 1.1 and 1.5 p. Speculative - let's see how the various projects unfold over the next few months. Results from the Long Lake gold prospect due in January. Also, liklihood of a diamond mining license for a Western Australian prospect previously explored by De Beers. And of course the old barite mine in West Cork where it appears that significant new reserves have been proven. Quite a few projects to maintain interest.
gibby - 12 Jan 2011 14:10 - 3 of 86
the BOD think there is 500k-1million oz of gold down there which if 1million oz found would attract values of between $15-$30 million.......at 5.2p currently we have a Market Cap of only 16 million (308.9 million shares issued).
Company is well funded after placement in November 2010 which raised 1.2 million.
Also from the Northland broker note 08/12/2010....... "the existing mine only scratched the surface of the potential with a significant amount of intersections establishing gold beneath the 55m zone exploited, prior to the closure of the original open pit"
Also results due from the Barite project concept study.....encouraging results from high grade white barite samples found which sells for 200 a tonne and 30,000 tonnes mined from the site historically......survey indicated 750metre strike length with potential for a parallel vein also indicated.
Plus we have diamond drilling licences in Australia and Finland so a diverse Compnay which appears to be well managed......
Company is well funded after placement in November 2010 which raised 1.2 million.
Also from the Northland broker note 08/12/2010....... "the existing mine only scratched the surface of the potential with a significant amount of intersections establishing gold beneath the 55m zone exploited, prior to the closure of the original open pit"
Also results due from the Barite project concept study.....encouraging results from high grade white barite samples found which sells for 200 a tonne and 30,000 tonnes mined from the site historically......survey indicated 750metre strike length with potential for a parallel vein also indicated.
Plus we have diamond drilling licences in Australia and Finland so a diverse Compnay which appears to be well managed......
gibby - 12 Jan 2011 21:29 - 4 of 86
IMO Beware REM...
Markets
Rare Earth Minerals' 333pc rise after name change puts Aim under fresh scrutiny
What's in a name? About 10m, according to investors in Aim-listed Rare Earth Minerals Plc, whose share price rose 66pc yesterday.
Rare Earth Minerals' new website can still be found at www.zestmusic.com By Rowena Mason, Energy Correspondent 6:00AM GMT 31 Dec 2010
18 Comments
The company, which does not yet own any rare earth minerals or licences to mine them, was a loss-making music business called Zest until eight days ago.
It has not revealed how it plans to acquire any of the minerals on which China has a near monopoly. Nor has it disclosed the countries where it is targeting acquisitions with just 630,000 of cash in the bank.
However, since it proposed the name change on November 12, its share price has more than quadrupled from 0.35p, valuing it at 3.1m, to 1.52p, valuing it at 13.5m.
The rise is likely to raise further questions about the London Stock Exchange's governance of the AIM market - three years on since Roel Campos, an SEC commissioner, described the junior market as a "like a casino".
It has been under renewed scrutiny since Desire Petroleum's wild share spikes earlier this month. A spokesman for AIM declined to comment on whether the regulatory team is looking into Rare Earth Minerals
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One broker said: "It is penny stock madness, a herd mentality, though I'm not sure what they're trying to cash in on. It is just like a type of dotcom boom situation."
At the height of the dotcom boom, a string of cash shells - companies with a stock market quote but no actual business - listed on AIM. The value collapsed when the bubble burst, prompting the LSE to change its rules.
TD Waterhouse, the retail broker, said Rare Earth Minerals was its most traded stock yesterday, with the most buy orders and fourth most sell orders. "It's the first time I've ever seen it appear in the top ten," a spokesman said.
More than 143m shares changed hands, despite no new publicly available information.
The only announcement the company has made recently has been the award of 98m share options to "directors, staff , consultants and advisors" at 0.5p, redeemable in ten years.
The company's shares also rose sharply in January, when it appointed David Lenigas, a veteran of the world of penny stocks, as a non-executive. He is one of only two board members at Rare Earth Minerals and disclosed he was a director of 94 other companies including Solo Oil, Vatulouka Gold Mines and LonZim.
Last year, a study by Manchester Business School found AIM companies were no more likely to fail than those on other markets. However, they had more chance of survival if older, bigger, had a greater free float and a reputable nominated advisor.
Rare Earth Minerals was unavailable for comment.
Markets
Rare Earth Minerals' 333pc rise after name change puts Aim under fresh scrutiny
What's in a name? About 10m, according to investors in Aim-listed Rare Earth Minerals Plc, whose share price rose 66pc yesterday.
Rare Earth Minerals' new website can still be found at www.zestmusic.com By Rowena Mason, Energy Correspondent 6:00AM GMT 31 Dec 2010
18 Comments
The company, which does not yet own any rare earth minerals or licences to mine them, was a loss-making music business called Zest until eight days ago.
It has not revealed how it plans to acquire any of the minerals on which China has a near monopoly. Nor has it disclosed the countries where it is targeting acquisitions with just 630,000 of cash in the bank.
However, since it proposed the name change on November 12, its share price has more than quadrupled from 0.35p, valuing it at 3.1m, to 1.52p, valuing it at 13.5m.
The rise is likely to raise further questions about the London Stock Exchange's governance of the AIM market - three years on since Roel Campos, an SEC commissioner, described the junior market as a "like a casino".
It has been under renewed scrutiny since Desire Petroleum's wild share spikes earlier this month. A spokesman for AIM declined to comment on whether the regulatory team is looking into Rare Earth Minerals
Related Articles
Madagascar Oil shares suspended 17 Dec 2010
Internet talk of Falkland oil discovery ramps Desire 28 Oct 2010
Revealed: how Desire's advisers have cashed in 29 Oct 2010
Miners finish with flourish as FTSE 100 limps towards 201131 Dec 2010
Lenigas aims to mine rich seam in rare earths31 Dec 2010
Beware dreams of gushing Falklands oil after Desire's flop31 Dec 2010
One broker said: "It is penny stock madness, a herd mentality, though I'm not sure what they're trying to cash in on. It is just like a type of dotcom boom situation."
At the height of the dotcom boom, a string of cash shells - companies with a stock market quote but no actual business - listed on AIM. The value collapsed when the bubble burst, prompting the LSE to change its rules.
TD Waterhouse, the retail broker, said Rare Earth Minerals was its most traded stock yesterday, with the most buy orders and fourth most sell orders. "It's the first time I've ever seen it appear in the top ten," a spokesman said.
More than 143m shares changed hands, despite no new publicly available information.
The only announcement the company has made recently has been the award of 98m share options to "directors, staff , consultants and advisors" at 0.5p, redeemable in ten years.
The company's shares also rose sharply in January, when it appointed David Lenigas, a veteran of the world of penny stocks, as a non-executive. He is one of only two board members at Rare Earth Minerals and disclosed he was a director of 94 other companies including Solo Oil, Vatulouka Gold Mines and LonZim.
Last year, a study by Manchester Business School found AIM companies were no more likely to fail than those on other markets. However, they had more chance of survival if older, bigger, had a greater free float and a reputable nominated advisor.
Rare Earth Minerals was unavailable for comment.
gibby - 12 Jan 2011 21:29 - 5 of 86
apologies - wrong board!!
hangon - 13 Jan 2011 15:49 - 6 of 86
gibby, you can move it.
Not sure about Sunrise, suspect recent share jump is punter madness.
-Other views?
Not sure about Sunrise, suspect recent share jump is punter madness.
-Other views?
gibby - 14 Jan 2011 18:16 - 7 of 86
well yes - from what i have heard i am surprised we are not in the 7p+ range already - but something for you to get your teeth into that is factual not heresay need to refer back to june rns last year for starters which is getting nearer to fruition - it is extremely good news to those in the know - brief summary followed bt the rns itself:
sres has used this warrant as part of the 3 year option to aquire 100% of the property...from rns 23/06/10..imo they would not exercise this if the results were not in sres favour!
Sudbury is elephant country for nickel-copper-PGM deposits and the nickel targets on the claim block are a real bonus. Its rare to find two such prospective but geologically distinct projects in the one claim block.
OPTION AGREEMENT
The Company may acquire a 100% interest in the Property by making staged payments totalling Can $575,000 over a three year period, by meeting exploration expenditures of Can $500,000 in that period and by issuing up to 5,000,000 five year share warrants exercisable at 0.675p per share. The vendor retains a 3% NSR on the property of which 2% may be purchased by the Company at any time for the sum of Can$3 million.
& rns
RNS Number : 0687O Sunrise Resources Plc 23 June 2010
www.sunriseresourcesplc.com
23 June 2010
PROJECT UPDATE
LONG LAKE GOLD PROJECT, SUDBURY, CANADA
___________________________________________________________________________
Sunrise Resources plc ("Sunrise" or "the Company") is pleased to announce that it has acquired additional exploration data for its recently acquired Long Lake gold project in Canada and completed an initial field evaluation of selected targets for Copper-Nickel-Platinum Group Metal (Ni-Cu-PGM) mineralisation.
The privately held data relates to gold exploration carried out by Dupont Exploration in 1981-82 and Pronto Exploration during 1987-88 before the land became open to staking. It includes the detailed results of mapping, sampling and drilling around the site of the abandoned Long Lake gold mine and in an unworked area 350m south of the mine drilling results where highlights of the drilling include gold mineralised intersections of 5.7m grading 30g/t gold in 1973 with follow up results of 4.1m grading 12g/t gold in 1987. The newly acquired data will be incorporated into the drill planning programme currently underway.
The consideration for the acquisition was a cash payment of Canadian $2,000 and the issue of 600,000 three year share warrants each exercisable at a price of 0.75p per share.
Separately, the Company has commenced field evaluation of a number of high priority targets for Copper-Nickel-PGM within the claim block - including Anomaly 19, an untested high-priority electromagnetic anomaly identified during a 2008 airborne survey. Electromagnetic anomalies are targeted for conductive metal sulphide mineralisation.
The field evaluation of Anomaly 19 was carried out by Andy Bite a published expert in Sudbury geology who was formerly a senior geologist for Inco in Sudbury. The anomaly is reported by Mr Bite to be located in a classical Sudbury Breccia - quartz diorite metamorphic complex similar to that containing the Frood-Stobie and Vermillion Mines, as well as Quadra-FNX's recently discovered Segway footwall occurrence. The Frood-Stobie deposit is considered one of the largest in Sudbury, containing over 500 million tons of copper-nickel-PGM mineralization. Follow up exploration is planned.
Commenting today, the Chairman of Sunrise, Patrick Cheetham said "The new data will certainly help focus our summer drill programmes at the Long Lake gold mine and we are pleased to see an early and independent validation of the Ni-Cu potential of the claims particularly Anomaly 19 where further exploration is planned."
For further information see below, or contact:
Patrick Cheetham, Sunrise Resources plc. Tel: +44 (0)1625-505947. Mobile: +44(0)7767 458751
Gavin Burnell or Antony Legge, Astaire Securities plc. Tel: +44(0)20 7492 4773
The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies dated June 2009. Mr Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
Background Information:
Since 1883 the Sudbury mining field has accounted for over 25% of the world's total nickel production and new discoveries continue to be made. It is the most productive nickel-mining field in the world with over 1.7 billion tonnes of past production, reserves and resources. Nickel-copper-and platinum group metals ("PGM") bearing sulphide minerals occur in and around a 60 km by 27 km elliptical igneous body called the Sudbury Igneous Complex ("SIC").
The Company holds a three year option, effective 5 May 2010 to acquire a group of mineral claims located to the south-west of Sudbury in the mineralised southern footwall of the SIC. In its claim area the SIC footwall rocks are host to a gold deposit formerly worked as the Long Lake Gold Mine. This produced 57,000 ounces of gold from over 200,000 tonnes of ore mined in the periods 1910-1916 and 1932-1939 from a 50m diameter open glory-hole developed on a plunging pipe-like zone of disseminated gold and strongly sulphide mineralised sedimentary rock down to a depth of just 55m from surface.
The claims also include potential 10km extension to producing Copper Cliff offset dyke system prospective for nickel-copper-platinum group metals, where, north of the Company's Property, the producing Copper Cliffs South mine and the Copper Cliff North mine have yielded over 200 million tonnes of ore and Vale Inco Limited's Clarabelle Mill, Copper Cliff Smelter and Copper Cliff Nickel Refinery are located in close proximity.
Offset Dykes have become the target of progressively more intense exploration interest in recent years following a number of new discoveries. The latest such discovery on the Copper Cliff Offset dyke was made in 2004 at Kelly Lake, to the south of the existing mines (in the direction of the Company's Long Lake property), where a resource of over 20 Mt at a grade of 3.5% combined nickel and copper and 5 g/t PGM has been reported.
The Company may acquire a 100% interest in the Property by making staged payments totalling Can $575,000 over a three year period, by meeting exploration expenditures of Can $500,000 in that period and by issuing up to 5,000,000 five year share warrants exercisable at 0.675p per share. The vendor retains a 3% NSR on the property of which 2% may be purchased by the Company at any time for the sum of Can$3 million.
This information is provided by RNS The company news service from the London Stock Exchange
keep sres on your radar - looking fwd to the year ahead & beyond - loads happening - gl
sres has used this warrant as part of the 3 year option to aquire 100% of the property...from rns 23/06/10..imo they would not exercise this if the results were not in sres favour!
Sudbury is elephant country for nickel-copper-PGM deposits and the nickel targets on the claim block are a real bonus. Its rare to find two such prospective but geologically distinct projects in the one claim block.
OPTION AGREEMENT
The Company may acquire a 100% interest in the Property by making staged payments totalling Can $575,000 over a three year period, by meeting exploration expenditures of Can $500,000 in that period and by issuing up to 5,000,000 five year share warrants exercisable at 0.675p per share. The vendor retains a 3% NSR on the property of which 2% may be purchased by the Company at any time for the sum of Can$3 million.
& rns
RNS Number : 0687O Sunrise Resources Plc 23 June 2010
www.sunriseresourcesplc.com
23 June 2010
PROJECT UPDATE
LONG LAKE GOLD PROJECT, SUDBURY, CANADA
___________________________________________________________________________
Sunrise Resources plc ("Sunrise" or "the Company") is pleased to announce that it has acquired additional exploration data for its recently acquired Long Lake gold project in Canada and completed an initial field evaluation of selected targets for Copper-Nickel-Platinum Group Metal (Ni-Cu-PGM) mineralisation.
The privately held data relates to gold exploration carried out by Dupont Exploration in 1981-82 and Pronto Exploration during 1987-88 before the land became open to staking. It includes the detailed results of mapping, sampling and drilling around the site of the abandoned Long Lake gold mine and in an unworked area 350m south of the mine drilling results where highlights of the drilling include gold mineralised intersections of 5.7m grading 30g/t gold in 1973 with follow up results of 4.1m grading 12g/t gold in 1987. The newly acquired data will be incorporated into the drill planning programme currently underway.
The consideration for the acquisition was a cash payment of Canadian $2,000 and the issue of 600,000 three year share warrants each exercisable at a price of 0.75p per share.
Separately, the Company has commenced field evaluation of a number of high priority targets for Copper-Nickel-PGM within the claim block - including Anomaly 19, an untested high-priority electromagnetic anomaly identified during a 2008 airborne survey. Electromagnetic anomalies are targeted for conductive metal sulphide mineralisation.
The field evaluation of Anomaly 19 was carried out by Andy Bite a published expert in Sudbury geology who was formerly a senior geologist for Inco in Sudbury. The anomaly is reported by Mr Bite to be located in a classical Sudbury Breccia - quartz diorite metamorphic complex similar to that containing the Frood-Stobie and Vermillion Mines, as well as Quadra-FNX's recently discovered Segway footwall occurrence. The Frood-Stobie deposit is considered one of the largest in Sudbury, containing over 500 million tons of copper-nickel-PGM mineralization. Follow up exploration is planned.
Commenting today, the Chairman of Sunrise, Patrick Cheetham said "The new data will certainly help focus our summer drill programmes at the Long Lake gold mine and we are pleased to see an early and independent validation of the Ni-Cu potential of the claims particularly Anomaly 19 where further exploration is planned."
For further information see below, or contact:
Patrick Cheetham, Sunrise Resources plc. Tel: +44 (0)1625-505947. Mobile: +44(0)7767 458751
Gavin Burnell or Antony Legge, Astaire Securities plc. Tel: +44(0)20 7492 4773
The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies dated June 2009. Mr Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
Background Information:
Since 1883 the Sudbury mining field has accounted for over 25% of the world's total nickel production and new discoveries continue to be made. It is the most productive nickel-mining field in the world with over 1.7 billion tonnes of past production, reserves and resources. Nickel-copper-and platinum group metals ("PGM") bearing sulphide minerals occur in and around a 60 km by 27 km elliptical igneous body called the Sudbury Igneous Complex ("SIC").
The Company holds a three year option, effective 5 May 2010 to acquire a group of mineral claims located to the south-west of Sudbury in the mineralised southern footwall of the SIC. In its claim area the SIC footwall rocks are host to a gold deposit formerly worked as the Long Lake Gold Mine. This produced 57,000 ounces of gold from over 200,000 tonnes of ore mined in the periods 1910-1916 and 1932-1939 from a 50m diameter open glory-hole developed on a plunging pipe-like zone of disseminated gold and strongly sulphide mineralised sedimentary rock down to a depth of just 55m from surface.
The claims also include potential 10km extension to producing Copper Cliff offset dyke system prospective for nickel-copper-platinum group metals, where, north of the Company's Property, the producing Copper Cliffs South mine and the Copper Cliff North mine have yielded over 200 million tonnes of ore and Vale Inco Limited's Clarabelle Mill, Copper Cliff Smelter and Copper Cliff Nickel Refinery are located in close proximity.
Offset Dykes have become the target of progressively more intense exploration interest in recent years following a number of new discoveries. The latest such discovery on the Copper Cliff Offset dyke was made in 2004 at Kelly Lake, to the south of the existing mines (in the direction of the Company's Long Lake property), where a resource of over 20 Mt at a grade of 3.5% combined nickel and copper and 5 g/t PGM has been reported.
The Company may acquire a 100% interest in the Property by making staged payments totalling Can $575,000 over a three year period, by meeting exploration expenditures of Can $500,000 in that period and by issuing up to 5,000,000 five year share warrants exercisable at 0.675p per share. The vendor retains a 3% NSR on the property of which 2% may be purchased by the Company at any time for the sum of Can$3 million.
This information is provided by RNS The company news service from the London Stock Exchange
keep sres on your radar - looking fwd to the year ahead & beyond - loads happening - gl
gibby - 14 Jan 2011 18:20 - 8 of 86
rns due anytime - if as expectec good should be a palatable % rise here easily 25%+ imo - as always watch out for the spike
cielo - 17 Jan 2011 13:01 - 9 of 86
some profit taking this morning after 2 days of rising and no news, but the Level 2 is strong again, at 5.50 / 5.90p and ready to move higher from here
the sells have stop and buys have moved in and the MMs at offer have move higher and now only 1 left
large spread but one has to pay full price
Level 2
6 v 1
the sells have stop and buys have moved in and the MMs at offer have move higher and now only 1 left
large spread but one has to pay full price
Level 2
6 v 1
gibby - 17 Jan 2011 14:34 - 10 of 86
agreed - personally topped up on low
cielo - 17 Jan 2011 15:43 - 11 of 86
Now in second stage of the rise, at this rate maybe will finish par for the day
At the moment MMs are rising the bid in order to encourage sellers
4MMs move up prices at 15.36 and 15.37pm, only one trade 20K buy at 15:55:35pm
At the moment MMs are rising the bid in order to encourage sellers
4MMs move up prices at 15.36 and 15.37pm, only one trade 20K buy at 15:55:35pm
gibby - 18 Jan 2011 17:42 - 12 of 86
nice and steady northerly again today
gibby - 25 Jan 2011 07:34 - 13 of 86
kerrrchinnnnnggggg!
Sunrise Resources
Encouraging Drill Results
RNS Number : 0013A
Sunrise Resources Plc
25 January 2011
25 January 2011
ENCOURAGING DRILL RESULTS
LONG LAKE GOLD PROJECT, SUDBURY, CANADA
Sunrise Resources plc ("Sunrise" or "the Company"), the AIM-quoted diversified mineral exploration and development specialist, is pleased to announce that it has now received assay results from the majority of samples submitted for analysis from the first phase of drilling at its Long Lake Gold Project near Sudbury in Ontario, Canada. Results demonstrate that gold mineralisation extends near surface beyond the pit limits and confirms that mineralisation continues at depth below the mine workings, as predicted.
Highlights:
Mineralisation intersected at shallow depth outside of existing pit limits.
Best result of 17.0m grading 2.9g/t gold including 2.3m grading 16.1 g/t gold within a 35m thick interval grading 2.0 g/t gold.
Grades to 55 g/t gold (1.8 ounces gold per tonne) over narrow intervals.
Deepest hole intersects mineralised mine sequence in predicted position below the mine workings confirming continuation of the mineralisation at depth.
Details of the drilling programme were set out in news releases dated 11 November 2010 and 22 December 2010. The Company is awaiting the results of surface and down-hole geophysical surveys, also detailed in the previous news releases, which are expected to help the interpretation of the new drill results. The Board expects the geophysical results to be available in early February and has started planning for a second phase of drilling at Long Lake.
Overview of Drill Results
The Long Lake Gold Mine historically produced 57,000 ounces of gold from over 200,000 tonnes of ore mined from a 60m diameter open glory-hole. This open pit was developed on a plunging pipe-like zone of disseminated gold and strongly sulphide mineralised quartzite (metamorphosed sandstone) down to a depth of just 55m from surface.
The mine series quartzite is bounded on three sides by intrusive gabbro and open to the south-east along the strike direction of the sequence. The pipe sits to the south of, and in the hanging wall of, the north-east striking Wallingford fault.
Four drill holes, 10LD001 to 10LD004, were completed to test for extensions to mineralisation in the immediate environs of the open mine workings.
The best result was obtained from Hole 3, a vertical hole drilled some 15m to the south-west of the boundary of the open pit. This returned a drill intersection of 35.4m grading 2.0 grammes/tonne (g/t) gold, including 17.0m grading 2.9g/t gold and 2.3m grading 16.1g/t gold, all from 27.04m down hole. Samples in this hole assayed up to 55g/t (1.8 ounces per tonne) over 0.33m.
Hole 10LD001 was located approximately 8m from the north-east boundary of the open pit (on the opposite side of the pit from hole 10LD003) and was drilled at an angle of 45 degrees towards the north-west. This hole intersected 4.6m grading 2.0g/t from 7.9m down hole at which point the hole hit barren gabbro which is probably intrusive into the mine sequence. Holes10LD003 and 001LD004 demonstrate that mineralisation extends well beyond the pit boundaries near surface.
Hole 10LD002 was drilled perpendicular to Hole 10LD001 and parallel to the north-west side of the pit to test the possibility that gold might also be associated with structures that cross cut the stratigraphy and also the Wallingford fault. This hole intersected a weakly gold-anomalous sequence of gabbro and quartzite and may have been drilled largely in the footwall of the fault.
A prime drill target for the recently completed programme was to test for the continuation of gold mineralisation below the deepest exploratory mine workings (the 4th level at 100m vertical depth from surface) where the Company's 3D modelling of historical mine workings and old drill data suggested that mineralisation continued at depth in a number of 1930s drill holes.
The Company is therefore very pleased to report that its drill hole 10LD004 (inclined 80 degrees towards the north-west) intersected mineralised mine series quartzite at a down-hole depth of 121.9m. This compares remarkably well with the expected target depth of 120m vertical depth reported in the Company's news release dated 11 November 2010. The grade of mineralisation in Hole10LD004 (1.4m grading 1.9g/t gold from 121.9m down hole) is considered less significant in this first stage of drilling than the actual relocation of the mineralised zone which was identified only after extensive historical research and painstaking 3D reconstruction of archive data and 1930s news releases. Plotting of the new hole 10LD004 on the 3D model suggests that it passed through a part of this mineralised zone where a 1930s drill hole found similar grades and thicknesses of mineralisation (4.2m grading 1.1 g/t gold) but where adjacent and nearby 1930s holes reported much higher grades (e.g. reported intersections of 6m grading 13.8g/t gold and 1.5m grading 30.2g/t gold). Follow up drilling in this area is now a high priority.
Drill Holes 10LD005 and 10LD006 were designed to test geophysical anomalies A22 and A23 respectively which are located 500m and 900m north-east of the mine. Both holes intersected minor pyrite and chalcopyrite (iron and copper-sulphide) in a mafic rock sequence, but found no significant gold mineralisation. The concentration of sulphide mineralisation in hole 10LD006 was judged insufficient to explain the magnitude of the geophysical anomaly and it is considered that the hole may have missed the target zone. A decision was therefore taken to carry out a down-hole and surface IP survey over Anomaly 23 to see if additional testing is warranted. Results from this geophysical survey are awaited.
Drill Holes 10LD07-09 were drilled to test prospecting targets identified during the summer and were located at wide spacing over a 900m section of a second quartzite sequence that runs parallel to the mine sequence some 350m to the south. This second quartzite sedimentary sequence hosts the E1 gold prospect where drilling in the 1970s and 1980s intersected high-grade gold mineralisation (e.g. 5.7m grading 30g/t gold in 1973 with follow up results of 4.1m grading 12g/t gold in 1987) but where the controls on gold mineralisation remain poorly understood.
The E1 zone was not drilled in the current programme but it was included in the recently completed surface and down-hole geophysical surveys.
Hole 10LD007, a particularly speculative drill hole, intersected gabbro and granite with no significant gold results. Assay results are still awaited for holes 10LD008 and hole 100LD009.
Table of Significant Drilling Results:
Hole Number
Start Depth
Down Hole (m)
Drill Intersection (m)
Gold Grade
g/t
10LD001
7.94m
4.65m
2.0 g/t
10LD003
27.04m
35.43m
2.0 g/t
inc.
27.04m
17.05m
2.9 g/t
inc.
27.04m
2.27m
16.1 g/t
10LD004
121.88m
1.40m
1.9 g/t
Sampling Quality Analysis and Quality Control
The drill programme, including logging, drill core sampling and QA/QC is being supervised by Elisabeth Ronacher of Caracle Creek International Consulting (CCIC).
Diamond drill core was first split in half using a diamond core saw and then logged, and photographed prior to sampling. Half-core samples were bagged, sealed and transported to AGAT Laboratories in Sudbury for analysis. The QA/QC procedures that were followed include adding blind standard samples and duplicate quarter core samples to the sample sequence prior to submission to AGAT Laboratories' Mining Division.
Gold was assayed by fire assay with an ICP finish with samples assaying over 10g/t automatically re-submitted for check analysis by a fire assay method using a gravimetric finish. AGAT Laboratories' Mining Division is accredited to ISO/IEC 17025 and CAN-P-1579 by the Standard's Council of Canada (SCC). AGAT'S internal quality control procedures include the regular analysis of replicate samples, reference materials and reference blanks.
Sunrise Resources
Encouraging Drill Results
RNS Number : 0013A
Sunrise Resources Plc
25 January 2011
25 January 2011
ENCOURAGING DRILL RESULTS
LONG LAKE GOLD PROJECT, SUDBURY, CANADA
Sunrise Resources plc ("Sunrise" or "the Company"), the AIM-quoted diversified mineral exploration and development specialist, is pleased to announce that it has now received assay results from the majority of samples submitted for analysis from the first phase of drilling at its Long Lake Gold Project near Sudbury in Ontario, Canada. Results demonstrate that gold mineralisation extends near surface beyond the pit limits and confirms that mineralisation continues at depth below the mine workings, as predicted.
Highlights:
Mineralisation intersected at shallow depth outside of existing pit limits.
Best result of 17.0m grading 2.9g/t gold including 2.3m grading 16.1 g/t gold within a 35m thick interval grading 2.0 g/t gold.
Grades to 55 g/t gold (1.8 ounces gold per tonne) over narrow intervals.
Deepest hole intersects mineralised mine sequence in predicted position below the mine workings confirming continuation of the mineralisation at depth.
Details of the drilling programme were set out in news releases dated 11 November 2010 and 22 December 2010. The Company is awaiting the results of surface and down-hole geophysical surveys, also detailed in the previous news releases, which are expected to help the interpretation of the new drill results. The Board expects the geophysical results to be available in early February and has started planning for a second phase of drilling at Long Lake.
Overview of Drill Results
The Long Lake Gold Mine historically produced 57,000 ounces of gold from over 200,000 tonnes of ore mined from a 60m diameter open glory-hole. This open pit was developed on a plunging pipe-like zone of disseminated gold and strongly sulphide mineralised quartzite (metamorphosed sandstone) down to a depth of just 55m from surface.
The mine series quartzite is bounded on three sides by intrusive gabbro and open to the south-east along the strike direction of the sequence. The pipe sits to the south of, and in the hanging wall of, the north-east striking Wallingford fault.
Four drill holes, 10LD001 to 10LD004, were completed to test for extensions to mineralisation in the immediate environs of the open mine workings.
The best result was obtained from Hole 3, a vertical hole drilled some 15m to the south-west of the boundary of the open pit. This returned a drill intersection of 35.4m grading 2.0 grammes/tonne (g/t) gold, including 17.0m grading 2.9g/t gold and 2.3m grading 16.1g/t gold, all from 27.04m down hole. Samples in this hole assayed up to 55g/t (1.8 ounces per tonne) over 0.33m.
Hole 10LD001 was located approximately 8m from the north-east boundary of the open pit (on the opposite side of the pit from hole 10LD003) and was drilled at an angle of 45 degrees towards the north-west. This hole intersected 4.6m grading 2.0g/t from 7.9m down hole at which point the hole hit barren gabbro which is probably intrusive into the mine sequence. Holes10LD003 and 001LD004 demonstrate that mineralisation extends well beyond the pit boundaries near surface.
Hole 10LD002 was drilled perpendicular to Hole 10LD001 and parallel to the north-west side of the pit to test the possibility that gold might also be associated with structures that cross cut the stratigraphy and also the Wallingford fault. This hole intersected a weakly gold-anomalous sequence of gabbro and quartzite and may have been drilled largely in the footwall of the fault.
A prime drill target for the recently completed programme was to test for the continuation of gold mineralisation below the deepest exploratory mine workings (the 4th level at 100m vertical depth from surface) where the Company's 3D modelling of historical mine workings and old drill data suggested that mineralisation continued at depth in a number of 1930s drill holes.
The Company is therefore very pleased to report that its drill hole 10LD004 (inclined 80 degrees towards the north-west) intersected mineralised mine series quartzite at a down-hole depth of 121.9m. This compares remarkably well with the expected target depth of 120m vertical depth reported in the Company's news release dated 11 November 2010. The grade of mineralisation in Hole10LD004 (1.4m grading 1.9g/t gold from 121.9m down hole) is considered less significant in this first stage of drilling than the actual relocation of the mineralised zone which was identified only after extensive historical research and painstaking 3D reconstruction of archive data and 1930s news releases. Plotting of the new hole 10LD004 on the 3D model suggests that it passed through a part of this mineralised zone where a 1930s drill hole found similar grades and thicknesses of mineralisation (4.2m grading 1.1 g/t gold) but where adjacent and nearby 1930s holes reported much higher grades (e.g. reported intersections of 6m grading 13.8g/t gold and 1.5m grading 30.2g/t gold). Follow up drilling in this area is now a high priority.
Drill Holes 10LD005 and 10LD006 were designed to test geophysical anomalies A22 and A23 respectively which are located 500m and 900m north-east of the mine. Both holes intersected minor pyrite and chalcopyrite (iron and copper-sulphide) in a mafic rock sequence, but found no significant gold mineralisation. The concentration of sulphide mineralisation in hole 10LD006 was judged insufficient to explain the magnitude of the geophysical anomaly and it is considered that the hole may have missed the target zone. A decision was therefore taken to carry out a down-hole and surface IP survey over Anomaly 23 to see if additional testing is warranted. Results from this geophysical survey are awaited.
Drill Holes 10LD07-09 were drilled to test prospecting targets identified during the summer and were located at wide spacing over a 900m section of a second quartzite sequence that runs parallel to the mine sequence some 350m to the south. This second quartzite sedimentary sequence hosts the E1 gold prospect where drilling in the 1970s and 1980s intersected high-grade gold mineralisation (e.g. 5.7m grading 30g/t gold in 1973 with follow up results of 4.1m grading 12g/t gold in 1987) but where the controls on gold mineralisation remain poorly understood.
The E1 zone was not drilled in the current programme but it was included in the recently completed surface and down-hole geophysical surveys.
Hole 10LD007, a particularly speculative drill hole, intersected gabbro and granite with no significant gold results. Assay results are still awaited for holes 10LD008 and hole 100LD009.
Table of Significant Drilling Results:
Hole Number
Start Depth
Down Hole (m)
Drill Intersection (m)
Gold Grade
g/t
10LD001
7.94m
4.65m
2.0 g/t
10LD003
27.04m
35.43m
2.0 g/t
inc.
27.04m
17.05m
2.9 g/t
inc.
27.04m
2.27m
16.1 g/t
10LD004
121.88m
1.40m
1.9 g/t
Sampling Quality Analysis and Quality Control
The drill programme, including logging, drill core sampling and QA/QC is being supervised by Elisabeth Ronacher of Caracle Creek International Consulting (CCIC).
Diamond drill core was first split in half using a diamond core saw and then logged, and photographed prior to sampling. Half-core samples were bagged, sealed and transported to AGAT Laboratories in Sudbury for analysis. The QA/QC procedures that were followed include adding blind standard samples and duplicate quarter core samples to the sample sequence prior to submission to AGAT Laboratories' Mining Division.
Gold was assayed by fire assay with an ICP finish with samples assaying over 10g/t automatically re-submitted for check analysis by a fire assay method using a gravimetric finish. AGAT Laboratories' Mining Division is accredited to ISO/IEC 17025 and CAN-P-1579 by the Standard's Council of Canada (SCC). AGAT'S internal quality control procedures include the regular analysis of replicate samples, reference materials and reference blanks.
gibby - 25 Jan 2011 17:36 - 14 of 86
http://www.proactiveinvestors.co.uk/companies/news/24912/sunrise-resources-reveal-encouraging-results-from-long-lake-gold-project-24912.html
cielo - 01 Feb 2011 15:56 - 15 of 86
4.35p ( 4.30 / 4.40p )
positive news last week and also at the AGM yesterday, is doing higher highs and higher lows since yesterday so moving uptrend.
Slow Stochastic at well oversold and share price at lower Bolinger Band ( buy signal )
positive news last week and also at the AGM yesterday, is doing higher highs and higher lows since yesterday so moving uptrend.
Slow Stochastic at well oversold and share price at lower Bolinger Band ( buy signal )
cielo - 01 Feb 2011 16:21 - 16 of 86
Today's closing price is at this point - Bullish Doji Star Candlestick Pattern -
and with yesterday's candlestick comes to a - Bullish Harami Cross Pattern -.
It seems a very bullish uptrend is on the way after the retracement
Bullish Doji Star Candlestick Pattern
The last two candlesticks formed a Bullish Harami Cross Pattern .
This is a bullish reversal pattern that marks a potential change in trend.
Bullish Doji Star Candlestick Pattern
The bullish doji star candlestick pattern is a rare formation that investors watch for because of its strong indication of a reversal. This star occurs during a strong downtrend. On the first day of the pattern, the bearish market continues with a long black candlestick. On the second day, however, there is a doji, a day that opens and closes at or near the same point. This day generally looks a lot like an addition sign due to the relatively equal length of the two wicks. This doji usually begins after a gap down, but obviously it has failed to fall any further. The dojis wicks tend to be short.
This is significant because it indicates that the downward market is losing strength. The bears were unable to sustain their trend, as evidenced by the lack of further downward movement. The lack of wicks suggests that the sellers and buyers are currently evenly matched. There will likely be a reversal in the near future. This day of indecision usually serves as an indicator that the market has reached its threshold and simply cannot move any further downward.
Your Next Move
The bullish doji star formation is both extremely rare and extremely reliable. In fact, many candlestick pattern experts consider it the strongest reversal signal seen in a two day pattern. However, many traders nonetheless wait to see what the third day holds. Any moves made on the second day of this pattern should be preparing for a bullish reversal, because it is highly likely. A lot of profit can be made at this point.
Confirmation
Confirmation of the bullish doji star would consist of any upward movement, whether it be a gap up, an even higher close, or any type of white candlestick. If there is a gap up the next day followed by a tall white candlestick that reaches above the opening of this formations first black day, the formation is a bullish morning doji star, which is a very strong confirmation. If the gap up the next day is so high that the wicks of the second and third day dont overlap, this is the bullish abandoned baby formation, which is even stronger.
cielo - 01 Feb 2011 22:20 - 17 of 86
bouncing from 50 DMA, higher volume today
;VOLMA(60);&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
cielo - 01 Feb 2011 23:32 - 18 of 86
Many strong points to bounce from and bullish candlestick pattern formations
cielo - 02 Feb 2011 08:38 - 19 of 86
Moving higher as there was buyers from the start
now 4.5 / 4.80p +0.25p
now 4.5 / 4.80p +0.25p
gibby - 04 Feb 2011 07:41 - 20 of 86
Below is a post from mulledwine which might explain why mine and many aim stocks are performing like they are.:
For those who are not aware - not all sells in AIM just now are becuase PI's have no faith in a Company!
On 21 Jan 11, CMC Markets, one of the worlds leading online CFD providers and financial spread betting companies, has de-listed ALL AIM stocks and all AIM share bets that remain open will be closed out at the closing price on 11th February 2011.
This has been causing some excessive selling in many AIM listed stocks and is worth noting if any of your AIM stocks are being hit by an unexplained sell-off as it could last until 11 Feb 11.
For those who are not aware - not all sells in AIM just now are becuase PI's have no faith in a Company!
On 21 Jan 11, CMC Markets, one of the worlds leading online CFD providers and financial spread betting companies, has de-listed ALL AIM stocks and all AIM share bets that remain open will be closed out at the closing price on 11th February 2011.
This has been causing some excessive selling in many AIM listed stocks and is worth noting if any of your AIM stocks are being hit by an unexplained sell-off as it could last until 11 Feb 11.
gibby - 08 Feb 2011 21:15 - 21 of 86
sres is a bargain right now - details of just one project below:
Long Lake Gold (& Ni-Cu-PGM) Project, Sudbury, Canada
Historic production of 57,000 ounces gold from 200,000 tonnes ore at a recovered grade of 9 g/t gold
Unexploited potential below and adjacent to shallow gold mine workings and in outlying prospects e.g. 6m @ 13.8g/t gold and 5.7m @ 30g/t gold in past drilling.
Claims also include potential 10km extension to producing Copper Cliff offset dyke system prospective for nickel-copper-platinum group metals
On 4 May 2010 the Company acquired a three year option acquire a 100% interest in the previously producing Long Lake Gold Mine located 20km south-west of the City of Sudbury, Ontario (Canada). The claims also cover potential extensions to the currently producing Copper Cliff dyke system which lies at the heart of the Worlds most productive nickel-copper mining complex.
Long Lake Gold Mine
The Long Lake Gold Mine produced 57,000 ounces of gold from over 200,000 tonnes of ore mined in the periods 1910-1916 and 1932-1939.
The average recovered mill grade was 9 grammes per tonne (g/t) gold and the mine tailings dumps (200,000 tonnes) which remain on site have a reported grade of 2-3 g/t gold indicating an average mine head grade of over 11g/t gold.
Most of the ore mined was extracted from a 50m diameter open glory-hole developed on a plunging pipe-like zone of disseminated gold and strongly sulphide mineralised sedimentary rock down to a depth of just 55m from surface.
Unexploited Potential
Old mine reports highlight that gold ore and waste rock were often visually difficult to distinguish and, today, native gold can be found in material on the mine waste dumps (see photos) A mineralised grab sample collected by the Company from the waste pile assayed 8.8g/t gold.
The horizontal limits of mining were reportedly defined by the economic cut-off grades of the day rather than any identifiable geological boundaries. Consequently the Company believes it likely that further gold mineralisation can be defined outside of the existing pit.
For example - a 1937 angled drill hole located just east of the pit returned 15.7m at 3.4g/t gold from surface. In addition a recent helicopter geophysical programme, which covered the mine and surrounding area, has identified a string of electrical conductors, possibly indicative of gold-bearing metal sulphides, extending from the mine in a north-easterly direction.
During the two periods of historic gold production exploratory mine development extended beneath the glory-hole down to the fourth mine level at 105m vertical depth where, at that time, it was thought the ore-body was displaced by faulting. However, drilling in 1936 encountered high grade ore in several holes in unexploited areas beneath the fault and approximately 25m below the deepest mine workings. The results, which included intersections of 6m @ 13.8g/t gold and 1.5m @ 30.2g/t gold, indicate considerable potential to define further high-grade gold mineralisation below the existing shallow workings, as well as beyond the current pit limits.
Since closure in 1939 the mine has been held privately and the past owners have been under no obligation to file details of past exploration work. However field reconnaissance by the Company and an extensive record search has shown that some exploration has taken place in an area 350m south of the mine where old newspaper reports highlight drilling results of 5.7m grading 30g/t gold in 1973 with follow up results of 4.1m grading 12g/t gold in 1987. Reporting of work in this outlying area on the Property is incomplete and the significance of these high grade drill intersections remains to be evaluated.
Copper Cliffs Offset Nickel-Copper-PGM Potential
Since 1883 the Sudbury mining field has accounted for over 25% of the world's total nickel production and new discoveries continue to be made. It is the most productive nickel-mining field in the world with over 1.7 billion tonnes of past production, reserves and resources.
Nickel-copper-and platinum group metals (PGM) bearing sulphide minerals occur in a 60 km by 27 km elliptical igneous body called the Sudbury Igneous Complex (SIC). Mineralisation occurs within the SIC as well as in the neighbouring country rocks in close association with breccias and so-called Offset Dykes. These are typically quartz-diorite in composition and extend both radially away from and concentric to the SIC . Nearly half of the nickel ore at Sudbury occurs in breccias and Offset Dykes in the footwall rocks of the SIC.
On the south trending Copper Cliff Offset Dyke, north of the Companys Property, the producing Copper Cliffs South mine and the Copper Cliff North mine have yielded over 200 million tonnes of ore and Vale Inco Limited's Clarabelle Mill, Copper Cliff Smelter and Copper Cliff Nickel Refinery are located in close proximity.
Offset Dykes have become the target of progressively more intense exploration interest in recent years following a number of new discoveries. The latest such discovery on the Copper Cliff Offset dyke was made in 2004 at Kelly Lake, to the south of the existing mines (in the direction of the Companys Long Lake property), where a resource of over 20 Mt at a grade of 3.5% combined nickel and copper and 5 g/t PGM has been reported.
Prospecting operations by the claim holder within the Property have included sampling, petrological studies and limited mapping. This has identified numerous areas with outcropping offset-type dykes. The Property was optioned during 2008 to Australian company Pegasus Metals Limited. At that time the Long Lake mine was privately held and excluded from the Pegasus option.
In 2008 Pegasus Metals carried out a helicopter-borne airborne electromagnetic survey which, identified potential gold targets near to the Long Lake mine as well as a number of conductive targets for nickel-copper-PGM. Ground examination confirmed that at least one such anomaly is associated with an outcrop of an Offset-type dyke. Whilst some follow up ground geophysics was carried out, Pegasus Metals dropped the option during the recent global financial crisis before drill testing any of the anomalies.
Sudbury is elephant country for nickel-copper-PGM deposits and the nickel targets on the claim block are a real bonus. Its rare to find two such prospective but geologically distinct projects in the one claim block.
OPTION AGREEMENT
The Company may acquire a 100% interest in the Property by making staged payments totalling Can$575,000 over a three year period, by meeting exploration expenditures of Can$500,000 in that period and by issuing up to 5,000,000 five year share warrants The vendor retains a 3% NSR on the property of which 2% may be purchased by the Company at any time for the sum of Can$3 million.
The claim block comprises 23 contiguous claims covering 40.3 square km (the Property). It has been assembled over a number of years and was recently expanded to include the Long Lake Gold Mine which was previously not open to staking.
Drill hole locations and IP survey lines;
work is quietly continuing there!!
Long Lake Gold (& Ni-Cu-PGM) Project, Sudbury, Canada
Historic production of 57,000 ounces gold from 200,000 tonnes ore at a recovered grade of 9 g/t gold
Unexploited potential below and adjacent to shallow gold mine workings and in outlying prospects e.g. 6m @ 13.8g/t gold and 5.7m @ 30g/t gold in past drilling.
Claims also include potential 10km extension to producing Copper Cliff offset dyke system prospective for nickel-copper-platinum group metals
On 4 May 2010 the Company acquired a three year option acquire a 100% interest in the previously producing Long Lake Gold Mine located 20km south-west of the City of Sudbury, Ontario (Canada). The claims also cover potential extensions to the currently producing Copper Cliff dyke system which lies at the heart of the Worlds most productive nickel-copper mining complex.
Long Lake Gold Mine
The Long Lake Gold Mine produced 57,000 ounces of gold from over 200,000 tonnes of ore mined in the periods 1910-1916 and 1932-1939.
The average recovered mill grade was 9 grammes per tonne (g/t) gold and the mine tailings dumps (200,000 tonnes) which remain on site have a reported grade of 2-3 g/t gold indicating an average mine head grade of over 11g/t gold.
Most of the ore mined was extracted from a 50m diameter open glory-hole developed on a plunging pipe-like zone of disseminated gold and strongly sulphide mineralised sedimentary rock down to a depth of just 55m from surface.
Unexploited Potential
Old mine reports highlight that gold ore and waste rock were often visually difficult to distinguish and, today, native gold can be found in material on the mine waste dumps (see photos) A mineralised grab sample collected by the Company from the waste pile assayed 8.8g/t gold.
The horizontal limits of mining were reportedly defined by the economic cut-off grades of the day rather than any identifiable geological boundaries. Consequently the Company believes it likely that further gold mineralisation can be defined outside of the existing pit.
For example - a 1937 angled drill hole located just east of the pit returned 15.7m at 3.4g/t gold from surface. In addition a recent helicopter geophysical programme, which covered the mine and surrounding area, has identified a string of electrical conductors, possibly indicative of gold-bearing metal sulphides, extending from the mine in a north-easterly direction.
During the two periods of historic gold production exploratory mine development extended beneath the glory-hole down to the fourth mine level at 105m vertical depth where, at that time, it was thought the ore-body was displaced by faulting. However, drilling in 1936 encountered high grade ore in several holes in unexploited areas beneath the fault and approximately 25m below the deepest mine workings. The results, which included intersections of 6m @ 13.8g/t gold and 1.5m @ 30.2g/t gold, indicate considerable potential to define further high-grade gold mineralisation below the existing shallow workings, as well as beyond the current pit limits.
Since closure in 1939 the mine has been held privately and the past owners have been under no obligation to file details of past exploration work. However field reconnaissance by the Company and an extensive record search has shown that some exploration has taken place in an area 350m south of the mine where old newspaper reports highlight drilling results of 5.7m grading 30g/t gold in 1973 with follow up results of 4.1m grading 12g/t gold in 1987. Reporting of work in this outlying area on the Property is incomplete and the significance of these high grade drill intersections remains to be evaluated.
Copper Cliffs Offset Nickel-Copper-PGM Potential
Since 1883 the Sudbury mining field has accounted for over 25% of the world's total nickel production and new discoveries continue to be made. It is the most productive nickel-mining field in the world with over 1.7 billion tonnes of past production, reserves and resources.
Nickel-copper-and platinum group metals (PGM) bearing sulphide minerals occur in a 60 km by 27 km elliptical igneous body called the Sudbury Igneous Complex (SIC). Mineralisation occurs within the SIC as well as in the neighbouring country rocks in close association with breccias and so-called Offset Dykes. These are typically quartz-diorite in composition and extend both radially away from and concentric to the SIC . Nearly half of the nickel ore at Sudbury occurs in breccias and Offset Dykes in the footwall rocks of the SIC.
On the south trending Copper Cliff Offset Dyke, north of the Companys Property, the producing Copper Cliffs South mine and the Copper Cliff North mine have yielded over 200 million tonnes of ore and Vale Inco Limited's Clarabelle Mill, Copper Cliff Smelter and Copper Cliff Nickel Refinery are located in close proximity.
Offset Dykes have become the target of progressively more intense exploration interest in recent years following a number of new discoveries. The latest such discovery on the Copper Cliff Offset dyke was made in 2004 at Kelly Lake, to the south of the existing mines (in the direction of the Companys Long Lake property), where a resource of over 20 Mt at a grade of 3.5% combined nickel and copper and 5 g/t PGM has been reported.
Prospecting operations by the claim holder within the Property have included sampling, petrological studies and limited mapping. This has identified numerous areas with outcropping offset-type dykes. The Property was optioned during 2008 to Australian company Pegasus Metals Limited. At that time the Long Lake mine was privately held and excluded from the Pegasus option.
In 2008 Pegasus Metals carried out a helicopter-borne airborne electromagnetic survey which, identified potential gold targets near to the Long Lake mine as well as a number of conductive targets for nickel-copper-PGM. Ground examination confirmed that at least one such anomaly is associated with an outcrop of an Offset-type dyke. Whilst some follow up ground geophysics was carried out, Pegasus Metals dropped the option during the recent global financial crisis before drill testing any of the anomalies.
Sudbury is elephant country for nickel-copper-PGM deposits and the nickel targets on the claim block are a real bonus. Its rare to find two such prospective but geologically distinct projects in the one claim block.
OPTION AGREEMENT
The Company may acquire a 100% interest in the Property by making staged payments totalling Can$575,000 over a three year period, by meeting exploration expenditures of Can$500,000 in that period and by issuing up to 5,000,000 five year share warrants The vendor retains a 3% NSR on the property of which 2% may be purchased by the Company at any time for the sum of Can$3 million.
The claim block comprises 23 contiguous claims covering 40.3 square km (the Property). It has been assembled over a number of years and was recently expanded to include the Long Lake Gold Mine which was previously not open to staking.
Drill hole locations and IP survey lines;
work is quietly continuing there!!
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