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Sunrise Resources goes off the radar

TIP UPDATE: Drilling by fledgling diamond explorer Sunrise Resources has turned up more microdiamonds, but no gems of any significant carat size
January 22, 2013

Diamond explorer Sunrise Resources (SRES) has released long-awaited initial drilling results from its Cue diamond project in Australia. Samples from the three drill holes turned up plenty of worthless microdiamonds, but no decent-sized stones were found.

IC TIP: Hold at 0.93p

Executive chairman Patrick Cheetham nevertheless made much of how 11 of the diamonds exceeded 0.4mm in length, insisting the results are "exciting" and "positive". Not really. The results do not point to the company having made anything resembling a significant discovery.