Sunrise Energy Metals (ASX:SRL) popped as much as +15.1% at open on Friday after spotting “high-grade” scandium mineralisation from its 125-hole drilling campaign at its Syerston Project in New South Wales.
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The NSW explorer hit intercepts ranging from 13 metres at 743ppm to seven metres from 884ppm from one metre, including three metres at 1123ppm from four metres.
“Recent drill results have identified further zones of continuous, high-grade scandium mineralisation within our ML1770 mining lease,” Sunrise’s managing director, Sam Riggall, confirmed in a release today.
Half of Sunrise’s assays from a 3,574 total across 49 holes have yet to come back from lab testing, too, suggesting there may yet be more to discover.
These scandium hits remain open “in multiple directions,” the Sunrise boss added.
These results will all now feed directly into an updated Mineral Resource Update for the Syerston Project, as well as a refreshed Feasibility Study.
“These zones will form the basis of an initial multi-decade mine plan for our Syerston Scandium Project Feasibility Study, targeting rapid, low-cost development and production options, supported by one of the largest and highest-grade scandium resources in the world,” Mr Riggall explained.
Sunrise also expects to lean on some of the bigger finds in ongoing customer bartering.
On that front, Sunrise Energy Metals is already lining up several “potential customers” interested in both the advanced alloy and semiconductor industries. “Discussions continue,” Mr Riggall confirmed today.
The company will use the tightened scadium market – a restriction heightened by China’s export blocks this year – alongside their top hits in negotiations.
Heading into Friday, SRL shares were hair above 90cps. It’s now at $1.03 each.
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