www.sunridgegold.com
Sunridge Gold Corp.(SGC/TSX.V) is a base and precious metals junior development and exploration company focused on advancing four NI 43-101 deposits through development to production and increasing resources through exploration drilling at several high priority drill targets at its Asmara Project, Eritrea. Following a recent private placement and exploration agreement with Antofagasta Minerals S.A., Sunridge is well funded to explore and develop their 100% owned deposits at he same time that Antofagasta and Sunridge together conduct drilling at other targets with the potential for large discoveries. With significant assets and potential for more, Sunridge is a junior to watch.
Sunridge Gold's 1st results from 2009 drilling extend high grade copper zone of Debarwa deposit at Asmara, Eritrea
Sunridge Gold Corp (TSX-V: SGC) released the first assay results from the 2009 drill program at the Debarwa high-grade copper-gold-zinc deposit at the Asmara project in Eritrea. The African operating gold company said the initial results are very encouraging, as the first four assays extend the deposit’s high grade copper zone. The 2009 drilling program consists of thirty-five holes to date.
The Asmara project covers approximately 700km₂ in central Eritrea. The development area at the property comprises of four independent NI 43-101 deposits, the Emba Derho, Debarwa, Adi Nefas and the Gupo Gold deposits. Across the four deposits, Sunridge currently has combined indicated 43-101-resources of 1.28 billion pounds of copper, 2.5 billion pounds of zinc, 955,000 ounces of gold and 31.2 million ounces of silver.
At Debarwa the objective of 2009’s drilling was to expand the existing resource by testing nearby anomalies. Additionally Sunridge also aims to extend the high-grade copper-gold supergene zone to the south and to extend the copper-zinc primary zone to depth.
Holes DEBD-092 and 095 were drilled into the main copper supergene zone to further define the zone and to get fresh samples for further metallurgical testing.
From DEBD-092 the high grade copper supergene intercept is significantly wider than predicted. The assays returned 36.75 meters grading 4.82% copper and 1.12 grams per tonne gold, also including 15.67 meters grading 10.21% copper and 2.01 grams per tonne gold. While DEBD-095 extended the high grade supergene copper zone about 20 metres further down-dip.
Drill holes DEBD-093 and DEBD-094 were drilled to define and extend the high-grade copper mineralization down-dip in the Debarwa South and both successfully intercepted the high-grade zone.
The existing resource in the Debarwa copper supergene zone, has an average grade of 5.36% copper using and is estimated to contain 158 million pounds of copper in the Indicated category. The primary zone at Debarwa has not had significant delineation drilling in previous programs and is open for expansion at depth and along strike. The primary zone has an average grade of 2.53% copper with 3.23% zinc in the Indicated category.
In addition to the defined deposits being developed by Sunridge, the company also has an exploration agreement with Antofagasta PLC (LSE: ANTO). Through the partnership, Antofagasta has agreed to fund US$10 million of exploration work on the areas outside the development area. Antofagasta will earn up to 60% interest over a five year period in the exploration area , which has the potential for large new discoveries, according to the partners.
Antofagasta is the largest shareholder in Sunridge Gold with an 18% stake.
