Sunrise Resources (AIM:SRES), the AIM-listed gold and industrial minerals explorer, said the Government of Western Australia has granted Prospecting Licence 51/3378 over the high-grade gold target at its Bakers Gold Project.
The licence runs for an initial four years to 6 August 2030, renewable for a further four, and covers 150 hectares in the Murchison Goldfield, 25 kilometres south-east of Meekatharra.
The grant follows a heritage agreement signed on 27 July with Native Title holder Yugunga-Nya PBC, which withdrew its objection after Sunrise first applied for the licence in November 2023.
"After years of impasse, our exploration rights are now secure and the Company is free to resume exploration of this exciting project", said Patrick Cheetham, Executive Chairman.
The target centres on a 500-metre gold-in-soil anomaly, where a 2021 drill hole, 21SBRC002, intersected 2 metres grading 14.4 g/t gold from 64 metres downhole, including a 1-metre interval at 26.51 g/t.
Cheetham noted the project's past expenditure of just over £162,000 was written off the balance sheet in 2022 after the company's previous tenure lapsed.
He also pointed to new gold discoveries elsewhere on the eastern limb of the Murchison Greenstone Belt, including Great Boulder Resources' Side Well deposit and Star Minerals' Tumblegum mine, as adding to the area's prospectivity.
News Intelligence what this means for the company
Sunrise Resources has secured a four-year prospecting licence over its Bakers gold target in Western Australia after resolving a multi-year native title objection, clearing the path to resume drilling on a project that has seen no follow-up work since a 2021 hole intersected 2 metres at 14.4 g/t gold. The company wrote off £162,000 in prior expenditure when its previous tenure lapsed in 2022, so this licence grant removes a material exploration bottleneck and restores access to an undrilled high-grade anomaly.
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In London, SP Angel analyst John Meyer said the four-year prospecting licence clears the way for Sunrise Resources to resume follow-up drilling at Bakers, targeting its previous high-grade 2m intersection and the extensive gold-in-soil anomaly.
In a note, the analyst highlighted hole '21SBRC002' which cut 2 metres at 14.4 g/t gold, and he highlighted that the mineralisation remains open in all directions, underpinning the planned follow-up work.
Meyer added that the licence will run for four years and is extendable for a further four. The award withdrawal of Aboriginal community objections that had previously blocked access to the property.
