Company Announcements

19 May 2022

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

UPDATE ON MYRTLE GOLD-SILVER PROJECT

Sunrise Resources plc is pleased to advise high grade assay results from sampling and mapping at surface at its Myrtle Gold-Silver Project in Mineral County, Nevada, USA.

Key Points

·    Company holds 20 mining claims (the "Company Claims") surrounding two mining claims over the historic Myrtle Mine owned by another party (the "Adjoining Myrtle Mine Claims")

·    Reconnaissance field mapping and sampling has been carried out on both sets of claims by the Company

·    On the Adjoining Myrtle Mine Claims, Company samples returned values of up to 142g/t gold (4.1 ounces/ton) from narrow in-situ quartz veins and up to 9.7g/t from quartz vein samples on the Myrtle Mine dumps

·    Values of up to 3g/t gold from Sunnyside Mine workings on the Company Claims

·    Silver values of up to 13.2 ounces/ton (452g/t) and up to 4.9% zinc-lead-copper from more distal mineralisation on Company Claims

·    Intrusive related gold-silver-base metal system suspected

·    Located in prolific Walker Lane Mineral Belt of epithermal gold silver and porphyry copper deposits

Commenting today, Executive Chairman Patrick Cheetham said:

"The assay results from reconnaissance sampling of the Myrtle Project are very promising with different styles of mineralisation developed around what appears to be an intrusive related gold system.

Very high gold values of up to 142g/t have been returned from the Adjoining Myrtle Mine Claims whilst samples from the Company Claims include gold values of up to 3g/t from the Sunnyside Mine area and 13.2 ounces/ton silver from prospector workings in a more distal setting.  A number of separate exploration targets are suggested by this sampling and further exploration is justified

The development of our core pozzolan and perlite projects remains our priority and only limited funds are deployed on other projects where we think we can add value at little cost as demonstrated by these results."

Further information:

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which  forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Detailed Information

The Myrtle Gold-Silver Project (the "Project") is located 25km northwest of Hawthorne, the administrative centre for Mineral County, Nevada.

The Project is located in the Walker Lane Mineral Belt which contains a number of commercial porphyry copper deposits and epithermal gold and silver deposits. The nearest of these are the Rawhide Mine (1.8 million ounces gold and 15.6 million ounces of silver from past production) 31km to the northwest, and the currently producing Isabella Pearl Mine, 33 km to the southwest.

The Project was acquired by claim staking in 2021 and comprises 20 lode mining claims (400 acres) held by Sunrise's Westgold Inc. subsidiary. These Company Claims surround the two Adjoining Myrtle Mine Claims which are centred on the old Myrtle Gold Mine and excised from the Company Claims having been held since the 1940's by independent family interests. The Company Claims cover the adjacent Sunnyside Mine and a number of prospector scale workings spread throughout the area of the Company Claims.

Reconnaissance field mapping and sampling has been carried out on both sets of claims by a Nevada based geological contractor and assay results are now available. In addition, the Chairman visited the property on his recent visit to Nevada accompanied by the owner of the Myrtle Mine and carried out a brief examination of old underground workings.

Sampling and mapping results discussed here are for both the Company Claims and the excised Adjoining Myrtle Mine Claims in order to give a more coherent and complete description of the mineralisation in the area.

Historical mine workings are located in an intrusive quartz monzonite as well as a surrounding sequence of shallow dipping limestones and shales. On the Adjoining Myrtle Mine Claims two styles of mineralisation are apparent. Narrow, north striking quartz veins occur within the quartz monzonite and free gold is reported to be visible in some samples of these veins. A sample of one such vein taken by the Company, 5cm wide where sampled, assayed a very high 4.1 ounces/ton gold (141g/t gold) whilst 30m away a similar 10cm wide vein assayed 4.7g/t gold. In addition, there is a zone of limonite and quartz veining at the contact between the quartz monzonite and a dolomitic limestone which an old report describes as gold bearing and up to 10 feet wide. This zone was seen underground on the recent visit and is strongly mineralised with oxidising sulphides. This underground zone is likely the source of quartz vein samples on the main adit dump, two samples of which assayed 4.7g/t gold and 9.6g/t gold. There is insufficient development work underground to determine the extent of this mineralisation.

In the old Sunnyside Mine, on the Company Claims, old mine workings reportedly targeted a pipe-like body of gold mineralisation developed over an area 9m x 5.5m, but open ended, and also comprising massive limonite and quartz. This reportedly occurred at the intersection of a number of faults near the contact of the quartz monzonite and the limestone in an area intruded by mineralised fine grained porphyry dykes. Dump samples taken by the Company at the Sunnyside Mine assayed 1.87g/t gold and 2.96g/t gold. Gold bearing samples from both the Myrtle and Sunnyside Mine areas are highly anomalous in the elements bismuth and tellurium which are often associated with gold in intrusive related gold systems.

The larger part of the Company Claims is underlain by a shallow dipping limestone-shale sequence that contains old prospector scale workings developed on gossanous horizons and shear zones. The Company's samples from various dumps have returned values of up to 452g/t silver (13.2 ounces/ton) and, in another sample, 110g/t silver (3.2 ounces/ton) with 4.9% zinc-lead-copper in that same sample. These samples are suspected to represent more distal mineralisation developed around the quartz-porphyry intrusive.

In the late 1980s, the area around the Myrtle Mine was held by Atlas Precious Metals who, according to records at the Bureau of Land Management, completed up to 9 drill holes. Results are unknown. Seven of these holes are shown as located on the Company Claims and two on the Adjoining Myrtle Mine Claims.

A plan showing the location of the Myrtle Project can be found on the Company website here and plans showing the distribution of significant gold and silver values in the Company's sampling programme and a preliminary geological interpretation can be found on the Company website here and here.

Notes:

1. Units:

g/t = grammes/tonne

ounce/ton = troy ounces per US (short) ton

1 g/t = 1 g/tonne

1 (Troy) ounce =31.105g

1 US ton = 0.907185 tonne

1 troy ounce/US(short) ton = 34.2857g/t

2. Technical Glossary:

Dolomitic limestone. A limestone containing a significant replacement of calcium by magnesium.

Epithermal. A type of mineralisation resultant of hydrothermal alteration at relatively shallow depth and temperature.

Gossan. Surficial expressions of sulphide mineralisation where oxidisation results in an iron-rich capping to the mineralisation.

Porphyry. A granitic rock having a texture where relatively large/coarse-grained minerals are contained in a fine-grained groundmass. Sometimes associated with disseminated copper deposits (porphyry copper deposits).

Quartz monzonite. An intrusive granitic rock containing both plagioclase and orthoclase felspar and quartz. Sometimes porphyritic and associated with porphyry copper deposits or intrusive related gold deposits.

3. Qualified Person Information:

The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.

Shares in the Company trade on AIM. EPIC: "SRES". Website: www.sunriseresourcesplc.com