SUNRIDGE GOLD REPORTS HIGH GRADE ASSAY VALUES FROM ADI NEFAS, ASMARA PROJECT, ERITREA
Sep 01, 2011
OTC Disclosure News Service
Vancouver, BC, Canada –
Sunridge Gold Corp. (SGC/TSX.V) reports assay results from the recent drill program at the Adi Nefas zinc-gold-copper deposit located 6 kilometres east of the large Emba Derho Deposit on the Company’s Asmara Project, Eritrea. The drill program was designed to test for expansion of the deposit to the north and at depth as well as to collect geotechnical and metallurgical samples for the current prefeasibility study on the Asmara North Deposits which include Emba Derho, Adi Nefas and Gupo Gold.
· NG 101-D intersected 4.60 metres of 9.13% zinc, 4.93 g/t gold and 1.20% copper
· AN GT 02 intersected 5.04 metres of 11.21% zinc, 4.07 g/t gold and 5.85% copper
· AN GT 04 intersected 15.99 metres of 10.36% zinc, 3.96 g/t gold and 1.97% copper
· AN GT 07 intersected 26.13 metres of 13.52% zinc, 1.88 g/t gold and 1.23% copper
The mineralized zone was successfully expanded by diamond drill holes AN-100 and AN-101 which extended the deposit 20 metres to the north and AN-GT-04, which extended the deposit to depth by 40 metres in the south.
Michael Hopley, Sunridge’s President and CEO states “These drill results further confirm the very high value of the mineralized material found at Adi Nefas when all metal values are taken into account. We believe that the current prefeasibility study being conducted on the Asmara North Deposits, which includes Adi Nefas, will show that this deposit will add significant value to the project economics by providing a higher grade “sweetener” feed to a process plant located at Emba Derho.”
A summary of the assay results from the recent drill program at Adi Nefas are as follows:
NOTE: A plan map has been posted on the Company’s website – www.sunridgegold.com. There were no significant assays from drill hole AN-GT-01 and AN-GT-05. Drill Hole AN-GT-01 was drilled at the location of proposed underground portal to collect geotechnical data and AN-GT-05 was drilled in footwall to support underground mine design.
The Asmara North Deposits Prefeasibility Study
The Prefeasibility Study on the Asmara North Deposits is being conducted by Snowden Mining Industry Consultants Inc and GBM Minerals Engineering Consultants Ltd. The Asmara North deposits are made up of three distinct deposits:
- Emba Derho VMS deposit is a large surface minable 62 million tonne copper-zinc-gold volcanogenic massive sulphide (VMS) deposit that was the subject of a positive scoping study by Wardrop Engineering (UK) in 2009.
- The Adi Nefas deposit located approximately 6 kilometres away from Emba Derho is a much smaller but higher grade zinc-gold-copper VMS deposit.
- The Gupo gold deposit is approximately 8 kilometres from Emba Derho and is a near-surface structurally controlled gold deposit that was mined during the Italian colonial period.
The prefeasibility study will consider a centralized process plant using flotation for the recovery of the base metals and will study various mining options over a forecast life of mine of between 10 and 14 years. The study will further investigate process options for the development of a gold recovery plant to process gold mineralized material from the “gold cap” at the Emba Derho deposit, the nearby Gupo gold deposit and other possible nearby surface zones of gold mineralization to enhance economics of the deposits. The completion of this report is expected in the first quarter of 2012.
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 117 million shares outstanding and approximately $16 million in cash. Sunridge trades on the TSX Venture Exchange under the symbol SGC. For additional information on the Company and its projects please view the slide show on our website at www.sunridgegold.com or call Greg Davis at the numbers listed below.
- A Quality Assurance/Quality Control program was part of the sampling program on the Adi Nefas deposit. This program includes chain of custody protocols as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the sampling.
- Samples were prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth, Western Australia.
- The results of the Adi Nefas drill program have been reviewed by Michael J. Hopley the Qualified Person for Sunridge. Mr. Hopley is also the person responsible for preparation of the technical information contained in this news release and is President and CEO of Sunridge.
- The following table shows location and orientation details for the reported drill holes:
This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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