Business
Tolsa maintain option to acquire Sepiolite Project
Tolsa maintain option to acquire Sepiolite Project.
About this update from Sunrise Resources Plc
[{"type":"text","content":"\n \n \n 21 December 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n SUNRISE RESOURCES PLC\n \n \n \n (\"Sunrise\" or the \"Company\")\n \n \n \n \n \n \n \n \n Tolsa commits to Pioche Sepiolite Project in 2023\n \n \n \n \n and to pay $50,000 to maintain option to acquire the Project\n \n \n \n \n \n \n \n \n \n \n \n \n \n Sunrise Resources plc is pleased to advise that Tolsa USA Inc. (\"Tolsa\") has notified the Company of positive results from its October trenching programme, its strategy for further evaluation work and its decision to continue the option period to acquire the Company's Pioche Sepiolite Project in Nevada, USA (the \"Pioche Project\").\n \n \n \n \n \n \n Key Points\n \n \n \n \n \n \n \n \n ·\n Tolsa will make the required interim payment of $50,000 to the Company to continue its option to purchase the project for 12 months.\n \n \n \n \n \n ·\n Trenching programme was successful in demonstrating continuity of the sepiolite beds mapped at surface.\n \n \n \n \n \n ·\n Tolsa now planning a resource definition drilling programme, further industrial testing and feasibility studies.\n \n \n \n \n \n ·\n Tolsa can purchase the Pioche Project for $1.25 million by 28 December 2023 and an ongoing payment to Sunrise of a 3% royalty (see announcement of 28 June 2022 for detail). \n \n \n \n \n \n ·\n Tolsa is a US subsidiary of Tolsa S.A., the world's largest producer of sepiolite.\n \n \n \n \n \n ·\n Sepiolite, an industrial mineral, has unique characteristics, is scarce, with very few commercial deposits in the world.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Commenting today, Executive Chairman Patrick Cheetham said:\n \n \n \n \n \n \n \n \n \n \"This is excellent news and an early Christmas present for shareholders. We are delighted with the progress being made by Tolsa since our agreement was signed in the summer and to see the commitment to resource definition drilling in the Spring when the snow melts.\n \n \n \n \n \n \n \n \n \n As we know, Sepiolite is a rare mineral with few commercial deposits in the world and Tolsa is the world's largest producer, so it is significant, I believe, when Tolsa tells us this project has the highest priority within the Tolsa Group.\n \n...