Sunrise Announces Eldorado IP Survey Results and Drill Targets
2012-11-28 14:54:01 -
Armstrong, British Columbia CANADA, November 28, 2012 /FSC/ - Sunrise Resources Ltd. (SHI - TSX Venture), announces that Colorado Resources Ltd. (TSX-V: CXO) has completed a 24 line kilometre deep sensing Induced Polarization Survey on Sunrise's Eldorado copper-gold property, which is located approximately 7 km along strike to the northeast of Imperial Metals' Red Chris copper-gold deposit which is in
the mine construction phase in northern British Columbia.
As announced on October 4, 2012, Sunrise entered into an option agreement with Colorado pursuant to which Colorado may acquire up to a 75% interest in the Eldorado Property.
Previous work on the property outlined anomalous copper and gold in soils over a 500m x 1000m area and shallow induced polarization (IP) anomalies associated with an east west trending ridge and some of the only outcrop exposure noted on the property. Four short holes were drilled in 1980 (totalling 640.4m) to test the IP anomalies. These holes encountered distal porphyry style mineralization and alteration with 3 metre intersections grading up to 0.23% copper and 0.79 g/t gold. Subsequent geophysical and geological work in 2004 in an area up to 1.5 kilometres to the east of the 1980 drilling returned modest anomalies but no further work was completed. In 2007 approximately 20 line kilometres of line cutting were completed; however a proposed geophysical survey was not conducted.
In consultation with Sunrise, Colorado recognized that previous exploration had only tested the Eldorado property to shallow (<100m) depths. Given the experience at Red Chris in 2007 where a drill hole (Hole 07-335) targeting a deep IP anomaly returned 1.01% copper, 1.26 g/t gold and 3.92 g/t silver over 1024.1m down the core of the mineralized system, Colorado elected to conduct a deep survey on the lines previously cut in 2007.
The 24 line kilometres IP survey was completed by Peter E. Walcott and Associates and consisted of 200m dipole spacing with the ability to measure to 500m depths. This survey indicates a 1400m x 2000m moderate (>10 mv) chargeability anomaly with two discrete shallow zones in the north central portion that were the focus of the 1980's drilling, but more importantly, shows a 500m x 2000m strong (>15 mv) chargeability anomaly in the south that was not detected by previous surveys and has never been tested.
Sunrise and Colorado are encouraged by the fact that there is a sizeable (500m x 2000m) untested IP anomaly located in a broad valley under cover in a similar geological setting only 7 kilometres east of Imperial Metals' Red Chris deposit. The geophysical anomaly is similar in size, shape and strength to geophysical anomalies with associated mineralized bodies at both NGEx's GJ Property and Imperial Metals' Red Chris Property. Highly anomalous copper and gold in soils located by previous work near the only outcrop on the property on the periphery of this geophysical anomaly also indicate that this sulphide system has the potential to carry anomalous copper and gold values.
Colorado is well financed and has made application for exploration drill permits and plans to commence drilling as soon as permitting and weather allow. A map showing Colorado's IP survey results and proposed drill holes will be posted to Sunrise's website this week.
According to Adam Travis (CEO of Colorado): "I have been working in the Red Chris area now for over 25 years and am confident that this untested geophysical anomaly is one of the better alkalic copper gold porphyry drill targets I have seen given its location and geological setting next door to Red Chris."
According to Irvin Eisler (CEO of Sunrise): "We are delighted that Colorado's professional team has moved so quickly to conduct this IP survey and has obtained results which are highly encouraging. We are also delighted that they have already applied for drill permits and are keen to commence drilling as soon as possible. Colorado has excellent management and are well financed."
For further information, please contact:
Responsible Officer: Irvin Eisler, CEO
Telephone: (250) 546-6559
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Source: Sunrise Resources Ltd. (TSX.V-SHI)
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