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 expects assay results from drilling at Asmara copper-gold project in Eritrea this month
Sunridge Gold Corp (TSX-V: SGC) said it has completed ten diamond drill holes at the Debarwa copper-gold-zinc volcanogenic massive sulphide (VMS) prospect at the Asmara Project, Eritrea, and expects to receive the first assay results near the end of November.
Debarwa is one of four defined deposits within the Asmara project: Emba Derho, Debarwa, Adi Nefas and Gupo Gold. Drilling continues at Debarwa with the objective of expanding the existing resources by testing nearby geophysical anomalies as well as attempting to extend the high-grade copper-gold supergene zone to the south and the depth of the copper-zinc primary zone.
In the existing resource at Debarwa the high-grade copper supergene zone has an average grade of 5.36 percent copper using a 1 percent copper cut-off, containing 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 percent copper with 3.23 percent zinc in the indicated category using a 1 percent copper cut-off and contains an additional 39 million pounds of copper and 49.8 million pounds of zinc.
In early October 2009, Sunridge signed a definitive exploration and funding agreement with Antofagasta PLC’s (LSE: ANTO) unit Antofagasta Minerals SA to form a strategic partnership whereby Antofagasta will fund US$10 million of exploration work over a five year period on the exploration areas of Asmara to earn up to a 60 percent interest in these areas and also invested US$5 million in a non-brokered private placement.
The agreement with Antofagasta excludes the current existing development areas and the four defined deposits outlined to date and will therefore focus on other areas of Asmara, known as the exploration areas, which are considered to have the potential for large new discoveries.
Upon completion of drilling at Debarwa, the programme will focus on possible extensions to the large Emba Derho copper-zinc-gold VMS deposit. A positive Preliminary Economic Assessment Study on the Emba Derho deposit was completed in June 2009. The drill programme will continue on to the Gupo Gold deposit to better define that resource.
