Gunsynd PLC to acquire 10% stake in Sunshine Minerals that is eyeing bauxite mining in Solomon Islands

Gunsynd PLC on Monday has recently announced its agreement on investing GBP40,000 to acquire 10% stake in Sunshine Minerals Ltd. The invested company is planning to acquire nickel and bauxite deposits in the Solomon Islands.

"Whilst this investment is not in line with our recent onshore oil and gas focus it does provide the potential for a very large reward at a small cost. We will be working closely with Sunshine in order to help them to both obtain the Jejevo licence and then if successful to obtain a maiden JORC resource and bring the company to market," said Executive Chairman Hamish Harris.


Gunsynd PLC, an investment house on natural resources, said Sunshine has applied for prospecting mining licences for the Jejevo nickel deposit and Tausere bauxite deposit. And the investment amount will be used to obtain the Jejevo licence and Tausere land user agreement.

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As updated by Gunsynd, Sunshine already has a land user agreement for Jejevo and it has been granted the prospecting licence for Tausere bauxite mine.

After the investment agreement, Gunsynd will hold 10% stake by acquiring 1.1 million shares in Sunshine.

Tausere bauxite deposit is an early stage exploration asset that has not declared any definite resource but indicated "three target areas".