Acquisition of Hylea Project https://bit.ly/3akZjfGMELBOURNE,...

Acquisition of Hylea Project https://bit.ly/3akZjfG
MELBOURNE, Australia – Sunrise Energy Metals Limited (‘Sunrise Energy Metals’ or ‘Company’) (ASX: SRL)
CEO, Mr Sam Riggall, is pleased to announce that Sunrise Energy Metals has reached agreement to acquire
the Hylea Project, located in New South Wales, from Lotus Resources Limited (‘Lotus’) (ASX:LOT) to expand
the Company’s footprint in the highly prospective Lachlan Fold Belt.
The Hylea Project is located approximately 50 kilometres north of the Sunrise Project on the western side
of the Lachlan Orogen. Its geology exhibits late-stage post-orogenic zoned Alaskan-Ural style intrusives
covering an area of some 25 square kilometres and exhibits similar structural geology to the Sunrise
Project, where the weathered surface expression of the intrusive hosts nickel, cobalt and scandium
mineralisation.
In 2018 Lotus completed a 54 hole drill program for 3,624 metres that intersected a well-developed at or
near-surface laterite and in-situ clay profile developed over ultramafic rock types including dunites,
pyroxenites and peridotites. While the drilling covered approximately 600 metres of lateral extent, the
aeromagnetic signature of the Hylea prospect extends, like Sunrise, over 5 kilometres.
Sunrise Energy Metals will acquire a 100% interest in Exploration Licences EL8520, EL8641 and EL8801 for
$2.5 million, with $1.0 million payable in cash and $1.5 million payable in cash and/or SRL shares, at the
Company’s election, at completion. If settled in shares, the number of SRL shares issued will be determined
based on the volume-weighted average price for the five trading days preceding completion. Completion
is subject to receipt of Ministerial Approval for the transfer of the above Exploration Licences.
Sunrise Energy Metals CEO, Sam Riggall, stated: “Acquisition of the Hylea Project is consistent with our
strategy to expand our footprint in the highly prospective Lachlan Fold Belt by adding to our already
sizeable inventory of nickel and cobalt.