Sunridge Gold Corp

Published : January 06th, 2011

Intercepts Strong VMS Mineralization at the Asmara Project, Eritrea

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Keywords :   Copper | Eritrea | Madagascar | Precious Metals |

 

Sunridge Gold intercepts strong vms mineralization at the asmara project eritrea

 

 

 

 

 

 

 

 

 

Sunridge Gold Corp. (TSX-V:SGC - News) is pleased to provide an update on the current drilling program being conducted at the Asmara Project, Eritrea. Two diamond drills have recently completed the first 35 diamond drill holes as part of definition drilling at the high-grade copper-gold-zinc Debarwa VMS (volcanogenic massive sulphide) deposit. Most holes drilled so far have intersected strong VMS-style mineralization from the copper-enriched supergene zone as well as the primary copper and zinc zones. It is expected that assays from this drilling will be received by Sunridge in early February.

 

These first 35 holes were drilled at the northern and middle sections of the deposit for a total of 4,640 metres as part of the recently commenced feasibility study at Debarwa. The drill program focused on further defining the potential "Direct Shipping Ore" zone (a zone of +15% copper within the copper-enriched supergene zone and referred to as the "DSO" zone) as well as seeking extensions to the south and to the east, to extend the primary zone in depth in the Main Zone, to capture structural data from the oriented core and to gather more samples for ongoing metallurgical test work. The program has about 1,400 metres remaining to drill, mainly in the Debarwa South zone.

 

A third drill will join the two existing drills at Debarwa in January to initially drill wells for the ongoing hydrological studies, part of the feasibility study, and then to move onto Sunridge's near-surface gold targets at the Emba Derho and Gupo deposits as well as the Medrizien gold target located in the northern part of the Asmara Project.

 

The Debarwa Feasibility Study

 

The Debarwa feasibility study will consider a standalone process plant using flotation for the recovery of the base and precious metals and will study various mining options over a forecast life of mine of approximately 9 years. The study will further investigate a direct shipping option of the DSO zone to generate early cash flow and enhance economics of the deposit. The completion of the feasibility study is expected in the third quarter of 2011.

 

Michael J. Hopley, the President and Chief Executive Officer of Sunridge, is the Qualified Person for Sunridge and he is the person responsible for preparation of the technical information contained in this news release.

 

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 and exploration properties in Madagascar. Sunridge currently has approximately 117 million shares outstanding and approximately $25 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 Don Halliday or Greg Davis at the numbers listed below.

 

SUNRIDGE GOLD CORP.

 

Michael Hopley, President and Chief Executive Officer

 

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, labour 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.

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Data and Statistics for these countries : Eritrea | Madagascar | All
Gold and Silver Prices for these countries : Eritrea | Madagascar | All

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$ 15.7 millions as of today (US$ 12.6 millions, € 11.0 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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