Sunrise Resources shares (LON:SRES) rose on Thursday after the company updated the market on its results from tests at its Newperl project.
According to the statement, Sunrise said that the results from expandability testing revealed that ‘the majority of October’s reconnaissance samples are suitable for the production of horticultural grade perlite.’
As a result, the project is set to now progress ‘quickly’ to drilling, bulk sampling and commercial scale testing.
Sunrise also said that to allow for future permitting, the NewPerl Project area will be split into a northern area now named the Jackson Wash Project.
Meanwhile, the original southern area which will continue on as the NewPerl Project. Said project is located in Nevada, USA.
Sunrise Resources Executive Chairman Patrick Cheetham commented on the results: “This is further good news from the NewPerl exploration areas. Our work and project expenditure will remain firmly focused on developing the CS Project in 2019 but we now have sufficient confidence in the quality of the perlite on the NewPerl claims to consider this as future feed to the CS Project and to plan for drilling, bulk sampling and commercial-scale testing, the next steps in the evaluation of these large areas of high-quality perlite.”
Sunrise Resources is a precious metal and base metal mining company that is publicly traded on the AIM market of the London Stock Exchange.
Shares in the company are currently +17.09% as of 11:55AM (GMT).