Join our daily newsletter At The Bell to receive exclusive market insights
- Sunrise Energy Metals (SRL) further progresses two prospects, Sunrise East and Phoenix Platinum, located within its Sunrise Battery Materials Complex in NSW
- At Sunrise East, the first two diamond drill holes intersected a cobalt-bearing laterite zone in ultramafic rocks and porphyry-style alteration
- Currently, at the prospect, Sunrise is undertaking a third diamond drill hole and has sent in an application for a follow up 53-hole reverse circulation drilling program
- While over at Phoenix Platinum, the phase two diamond drilling program showed lower than previous bonanza grades intersected
- Sunrise is down 2.27 per cent and is trading at $2.15 per share
Sunrise Energy Metals (SRL) has further progressed two prospects, Sunrise East and Phoenix Platinum, located within its Sunrise Battery Materials Complex in NSW.
At Sunrise East, the first two diamond drill holes intersected a cobalt-bearing laterite zone in ultramafic rocks and porphyry-style alteration associated with more evolved mafic to felsic intrusions.
Hole SDD028 returned 5.8 metres at 1120 parts per million cobalt near the surface with encouraging grades of nickel, scandium and platinum in the oxide zone.
Meanwhile, hole SDD030 intersected multiple mafic to felsic intrusive phases with encouraging minor copper mineralisation and wide intervals of porphyry-style red rock alteration.
Currently, at the prospect, Sunrise is undertaking a third diamond drill hole and has sent in an application for a follow up 53-hole reverse circulation drilling program to test the extent of further cobalt and nickel mineralisation at Sunrise East.
Over at Phoenix Platinum, the company undertook the phase two diamond drilling program.
The holes intersected multiple intervals of platinum mineralisation. However, the platinum grades are lower than previous bonanza grades intersected in the phase one drill program.
Sunrise is continuing to understand the mineralisation at Phoenix.
CEO Sam Riggall said the company’s growing exploration portfolio continues to offer “exciting opportunties.”
“Our exploration activities remain focussed on expanding our understanding of the geological potential of our broader tenement package, ensuring that we can maximise the potential from our core activity which remains progressing the Sunrise Battery Materials Project into production,” he said.
Last month, Sunrise was awarded major project status, as the project is Australia’s largest and most advanced battery materials project with contained nickel and cobalt.
Major project status helps companies access extra support, coordination and information services.
On the market this morning, Sunrise was down 2.27 per cent and is trading at $2.15 per share at 11:26 am AEDT.
