Sunridge Gold Corp

Published : November 05th, 2014

Field Work Underway on the Asmara Project, Eritrea

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Keywords :   Copper | Debt | Eritrea | Gold | Recovery | Silver | Water | Zinc |

Field Work Underway on the Asmara Project, Eritrea

VANCOUVER, British Columbia--(BUSINESS WIRE)--

Sunridge Gold Corp. (the “Company” or “Sunridge”) (SGC: TSX.V/SGCNF: OTCQX) is pleased to provide an update on current field work activities on the Asmara copper/zinc/gold/silver project in Eritrea. These activities are related to both exploration and preparation work for development of the mine site.

The Asmara Project is held by the Asmara Mining Share Corporation (“AMSC”) a joint-venture company of which Sunridge owns 60% and the Eritrean National Mining Company (“ENAMCO”) owns 40%. The project consists of six defined deposits, four of which were the subject of a feasibility study completed in May 2013 and are currently in the permitting process.

EXPLORATION WORK

Current exploration work is focused on the two “pipeline” deposits on the Asmara Project; the Kodadu volcanogenic-massive-sulphide (“VMS”) deposit and the Adi Rassi copper-gold deposit. Both deposits have Inferred mineral resources and are open for expansion. Details of the current resources can be seen at the end of this news release. The goal of the current field work is to define new areas of mineralization and to direct additional expansion drilling planned for next year.

Current exploration work on the Kodadu and Adi Rassi deposits is comprised of the following:

Kodadu

  • Channel and trench sampling of the VMS gold oxide and gold shear zones at surface
  • Detailed geological and structural mapping over the current VMS resource and the gold shear zone recently identified to the west
  • Geophysical work consisting of an AMT (audi-magneto-telluric) survey to define the massive sulfide at depth below the known VMS gossans exposed at surface, as well as other identified VMS style targets to the northeast which are coincident with both high gravity anomalies and strong electro-magnetic conductors. .

Adi Rassi

  • Detailed geological and structural mapping at 1:500 scale
  • Trenching and channel sampling of surface exposed mineralization to the south of the existing resource
  • AMT survey lines to define the VMS-style mineralization to the west of Adi Rassi

EARLY DEVELOPMENT WORK

The Asmara Project feasibility study mining operations plan includes an abstraction weir and reservoir built on the nearby Mai Bela River (Mai Bela Abstraction Weir or “MBAW”) which will provide water to the centralized processing facility near the large Emba Derho deposit.

Geotechnical field work is underway at the site of the MBAW. This work consists of detailed geotechnical and geological mapping, geotechnical sample collection for laboratory testing and surveying of an access road and staging area.

QUALIFIED PERSON

Michael Hopley, President and CEO of Sunridge Gold Corp. is the Company's Qualified Person responsible for the contents of this press release and has reviewed the information in the release and confirmed that it is consistent with that provided by the independent Qualified Person responsible for the each of the Kodadu and Adi Rassi resources.

ABOUT SUNRIDGE:

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. Sunridge currently has approximately 210 million shares outstanding and 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 number listed below.

SUNRIDGE GOLD CORP.

 
“Michael Hopley” For further information contact:
Michael Hopley, President and Chief Executive Officer Greg Davis, VP Business Development

Email: greg@sunridgegold.com

Tel: 604-688-1263 (direct)


Kodadu – Inferred Mineral Resource Estimate (David Thomas P. Geo., Fladgate Exploration Consulting Corp. - Effective Date 20 May, 2013)

                 
        Contained Metal
Cut-off Grade

(g/t gold)

Tonnes Gold Grade Silver Grade Gold   Silver
  ('000s) (g/t) (g/t) ('000 oz) ('000 oz)
0.45 990 1.24 1.61 39 51

Footnote: Inferred mineral resource estimates are not Mineral Reserves and as such do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be upgraded to Indicated or Measured mineral resources categories or that it will be converted into Mineral Reserve until the required studies have been completed. The quality and grade estimates of reported Inferred mineral resources are uncertain in nature and there has been insufficient exploration work to define the Inferred mineral resources as Indicated and Measured mineral resources and it is uncertain if further exploration work will result in upgrading them to Indicated or Measured mineral resource categories.

Adi Rassi– Inferred Mineral Resource Estimate (David Thomas P. Geo., Fladgate Exploration Consulting Corp. - Effective Date 1 December 2012)

                 
    Grades   Contained Metal
Tonnes Copper   Gold   Silver Copper   Gold   Silver
Inferred Mineral Resource ('000s) (%) (g/t) (g/t) ('000 lbs) ('000 oz) ('000 oz)
Open Pit (0.21% Cu Eq cut-off) 14,940 0.54 0.30 1.5 176,640 143 721
 
Underground (0.72% Cu Eq cut-off) 840 0.67 0.89 1.5 12,430 24 40
Total 15,770 0.54 0.33 1.5 189,060 167 761

*Cut-off calculation is based on prices and costs provided by Sunridge. The open pit Inferred mineral resource is reported at a copper equivalent cut-off of 0.21% within a Lerchs-Grossman resource pit shell optimized on copper, gold and silver grades with metal prices of $3.75/lb of copper, $1,700/oz gold and $32/oz silver. Assumed metallurgical recoveries are 95%, 70% and 70% for copper, gold and silver respectively. Mining costs are assumed to be $1.75 /t. Underground Inferred mineral resources are reported at a copper equivalent cut-off of 0.72% within a grade shell based upon an underground mining cost of $40/t. The contained metal figures shown are in situ. No assurance can be given that the estimated quantities will be produced. All figures have been rounded to reflect accuracy and to comply with securities regulatory requirements. Summations within the tables may not agree due to rounding. Fladgate undertook quality assurance and quality control studies on the mineral resource data for the Adi Rassi project. Fladgate concludes that the collar, survey, assay and lithology data are adequate to support mineral resource estimation. CIM Definition Standards describe that Mineral Resource Estimates are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be upgraded to Indicated or Measured mineral resources categories or that it will be converted into Mineral Reserve until the required studies have been completed. The quality and grade estimates of reported Inferred mineral resources are uncertain in nature and there has been insufficient exploration work to define the Inferred mineral resources as Indicated and Measured mineral resources and it is uncertain if further exploration work will result in upgrading them to Indicated or Measured mineral resource categories.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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. Forward looking statements may include the timing and success of any application for a mining license, permitting or of debt financing. Risk and uncertain 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, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, a mining license, or debt financing, uncertainties in negotiating commercial arrangements with government entities; 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.

Read the rest of the article at finance.yahoo.com
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Sunridge Gold Corp

PRODUCER
CODE : SGC.V
ISIN : CA86769Q1028
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Sunridge Gold is a gold producing company based in Canada.

Sunridge Gold produces gold, copper, silver and zinc in Eritrea, develops gold and silver in Eritrea.

Its main asset in production is ASMARA in Eritrea, its main asset in development is DEBARWA in Eritrea and its main exploration property is BESAKOA in Madagascar.

Sunridge Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 18.9 millions as of today (US$ 15.1 millions, € 13.2 millions).

Its stock quote reached its highest recent level on November 07, 2003 at CA$ 6.50, and its lowest recent point on March 20, 2020 at CA$ 0.03.

Sunridge Gold has 209 950 000 shares outstanding.

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