Sunrise Resources plc aims to focus future exploration on its base and precious metals projects located in Nevada, USA and Western Australia.
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The “decisive shift” follows a strategic review of its portfolio, which includes industrial minerals, namely perlite, pozzalan and sepiolite, also in Nevada.
Sunrise said it had previously focused time and money on its minerals projects which it could now maintain at “minimal cost” while searching for potential partners.
The company added that its precious and base metals assets offered “significant discovery potential”, subject to funding.
The projects comprise Clayton and Jackson’s Wash, both epithermal silver-gold; Reese Ridge zinc-lead; and Newark Carlin-style gold all located in Nevada, while Baker’s gold is in the Murchsion gold field of Western Australia.
Jackson’s Wash is at an advanced exploration stage and under option for sale to Kinross Gold, which controls the project, with Sunrise retaining a 2.5% net smelter royalty return.
Sunrise additionally has a 2% NSR on each of Garfield epithermal / porphyry copper-gold-silver and Stonewall epithermal gold-silver, also in Nevada, operated by Guardian Metal Resources plc.
The projects are awaiting the next stage of exploration which, overall, includes geophysics and / or data modelling and drilling.
The company is seeking further copper-silver-gold projects within Nevada and adjacent states as well as other “favourable jurisdictions”.
Sunrise will also propose a consolidation of its share capital and appoint an additional director with “significant” mining and/or finance experience.
Executive chairman Patrick Cheetham added: “We reviewed and adjusted the company’s strategy against a background of unpredictable world events, high commodity demand and supply shortages which we expect will support metal prices over the long term.
“We are also encouraged by the US Governments’ [sic] strong support for domestic minerals exploration and development projects in the form of fast track permitting and project funding.
“We believe that our strategy is now more closely aligned with the focus of investor interest within the mining sector.
“This approach is intended to maximise shareholder value while minimising future dilution from equity fundraising.”