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
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Channel and trench sampling of the VMS gold oxide and gold shear zones
at surface
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Detailed geological and structural mapping over the current VMS
resource and the gold shear zone recently identified to the west
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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
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Detailed geological and structural mapping at 1:500 scale
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Trenching and channel sampling of surface exposed mineralization to
the south of the existing resource
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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.
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“Michael Hopley”
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For further information contact:
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Michael Hopley, President and Chief Executive Officer
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Greg Davis, VP Business Development
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Email: greg@sunridgegold.com
Tel: 604-688-1263 (direct)
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Kodadu – Inferred Mineral Resource Estimate (David Thomas P. Geo.,
Fladgate Exploration Consulting Corp. - Effective Date 20 May, 2013)
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Contained Metal
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Cut-off Grade
(g/t gold)
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Tonnes
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Gold Grade
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Silver Grade
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Gold
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Silver
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('000s)
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(g/t)
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(g/t)
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('000 oz)
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('000 oz)
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0.45
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990
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1.24
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1.61
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39
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51
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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)
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Grades
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Contained Metal
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Tonnes
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Copper
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Gold
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Silver
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Copper
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Gold
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Silver
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Inferred Mineral Resource
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('000s)
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(%)
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(g/t)
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(g/t)
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('000 lbs)
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('000 oz)
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('000 oz)
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Open Pit (0.21% Cu Eq cut-off)
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14,940
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0.54
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0.30
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1.5
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176,640
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143
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721
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Underground (0.72% Cu Eq cut-off)
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840
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0.67
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0.89
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1.5
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12,430
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24
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40
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Total
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15,770
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0.54
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0.33
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1.5
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189,060
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167
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761
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*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.