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Thursday, February 25, 2010
Gold and Copper in Africa: Sunridge Gold Expands Mineralization at the Debarwa Deposit, Asmara Project, Eritrea SGC.v, NGQ.to, NSU.to, GG, ABX, FCX,
Posted by andre at 9:34 AM
Stock now is building the base still under fear over UN sanctions.
"Nevsun Resources Ltd. ("Nevsun") is pleased to advise that it has arranged a non-brokered private placement financing of 52,000,000 common shares at Cdn $2.25 per share for Cdn$117 million (US$110 million).
It is a very encouraging news for Eritrea - after UN sanctions all Juniors involved in the counter were under pressure. In a long perspective it will be very positive development for Sunridge Gold SGC.v and new parent company of former Sanu Resources SNU.v - Lukas Lunding global exploration play NGeX Resources NGQ.to which is now trading below recent financing, when Lukas Lundin has increased his holding in the company."
"Sunridge Gold Corp. (SGC-TSX-V) is a junior company that has successfully defined four independently estimated 43-101 mineral deposits on the Asmara Project, Eritrea in East Africa. A positive scoping study on the large Emba Derho copper-zinc-gold deposit was completed in June 2009.The four deposits have total indicated 43-101-resources containing:
1.28 billion pounds. of copper,
2.5 billion pounds of zinc,
1.05 million ounces of gold, and
31.2 million ounces of silver Sunridge recently entered into a strategic partnership with Antofagasta Minerals S.A. whereby Antofagasta has agreed to fund US $10,000,000.in exploration work on areas of the Asmara Project and has become the Company's largest shareholder through a US $5.0 million private placement.
Management: Sunridge is managed by an experienced team with a successful track record of discovery and development of precious and base metals projects with companies such as Bema Gold and Nevsun Resources."
1.28 billion pounds. of copper,
2.5 billion pounds of zinc,
1.05 million ounces of gold, and
31.2 million ounces of silver Sunridge recently entered into a strategic partnership with Antofagasta Minerals S.A. whereby Antofagasta has agreed to fund US $10,000,000.in exploration work on areas of the Asmara Project and has become the Company's largest shareholder through a US $5.0 million private placement.
Management: Sunridge is managed by an experienced team with a successful track record of discovery and development of precious and base metals projects with companies such as Bema Gold and Nevsun Resources."
We have not seen these kind of Copper grades for a while from our time with Tenke Mining in Congo. Results are very encouraging and stock is trading still on fears about UN sanctions. Nevsun Resources proceeds with its project and now is fully financed - it will be the catalyst to Sunridge Gold reavaluation. Here we have an another example of political risk vs technical one.
Thu Feb 25, 2010
Sunridge Gold Corp. (SGC/TSX.V) is pleased to report that results from the recently completed thirty-five drill holes at the 100% Sunridge owned Debarwa copper-gold-zinc volcanogenic massive sulphide (VMS) project has expanded the envelope of mineralization both down dip and along strike to the south. Additionally, a new eastern limb to the Debarwa deposit has been discovered and the drilling has demonstrated that the Debarwa deposit remains open in several areas. Debarwa Highlights:
Results from drill holes DEBD-092, DEBD-095 and DEBD-113 show the high-grade copper supergene intercept to be significantly wider than predicted and drill hole DEBD-095 extended this zone about 20 metres further down-dip.
Drill holes DEBD-093, DEBD-094 and DEBD-121 successfully intercepted high-grade copper supergene mineralization in the Debarwa South zone located approximately 400 metres south of the main Debarwa zone.
Drill holes DEBD-098 and DEBD-103 intercepted a previously unknown limb located 100 to 200 metres to the east of the main Debarwa deposit.
Drill holes DEBD-100, 108, 110, 111, 112, 118, and 119 expanded the primary mineralization to depth which remains open to depth.
Drill holes DEBD-122 and DEBD-123 extended the strike length of the Debarwa deposit by approximately 200 metres beyond any previous drilling to the south and the zone remains open to the south. See map at the end of this document. Debarwa Assay Highlights:
Results from drill holes DEBD-092, DEBD-095 and DEBD-113 show the high-grade copper supergene intercept to be significantly wider than predicted and drill hole DEBD-095 extended this zone about 20 metres further down-dip.
Drill holes DEBD-093, DEBD-094 and DEBD-121 successfully intercepted high-grade copper supergene mineralization in the Debarwa South zone located approximately 400 metres south of the main Debarwa zone.
Drill holes DEBD-098 and DEBD-103 intercepted a previously unknown limb located 100 to 200 metres to the east of the main Debarwa deposit.
Drill holes DEBD-100, 108, 110, 111, 112, 118, and 119 expanded the primary mineralization to depth which remains open to depth.
Drill holes DEBD-122 and DEBD-123 extended the strike length of the Debarwa deposit by approximately 200 metres beyond any previous drilling to the south and the zone remains open to the south. See map at the end of this document. Debarwa Assay Highlights:
DEBD-092: 36.75 metres grading 4.82% copper and 1.12 g/t gold, including 15.67 metres grading 10.21% copper and 2.01 g/t gold
DEBD-093: 24.00 metres grading 1.13% copper
DEBD-094: 26.15 metres grading 3.77% copper including 14.15 metres grading 6.26% copper
DEBD-095: 7.62 metres grading 4.62% copper
DEBD-111: 4 metres grading 1.09% copper, 9.33% zinc and 2.72 g/t gold
DEBD-112: 11.16 metres grading 1.15% copper, 2.82% zinc and 2.48 g/t gold.
DEBD-113: 6.7 metres grading 13.42% copper, 2.63 g/t gold, and 49.21 g/t silver.
DEBD-114: 9.40 metres grading 2.11% copper, 1.91 g/t gold, and 142.77 g/t silver.
DEBD-121: 7.50 metres grading 3.33% copper.
Michael Hopley, President and CEO of Sunridge comments that "The drilling results from Debarwa are very encouraging and they will undoubtedly increase the existing resources which should have a very positive influence on the scoping study that we plan to start next month".
In the existing resource at Debarwa the copper supergene zone has an average grade of 5.36% copper using a 1% copper cut-off, 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 using a 1% copper cut-off. (see the resource statement below).
DAERO PAULUS UPDATE:The drill program at Daero Paulus copper target funded by Antofagasta Minerals S.A. is continuing and the current phase is expected to be completed in a few weeks. To date, approximately 2,000 metres in 6 drill holes have been completed and results are expected in 6 weeks.
NOTES:
A Quality Assurance/Quality Control program was part of the drilling program on the Debarwa deposit. This program includes chain of custody protocols as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the drilling.
Samples from the drilling were prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth, Western Australia and also at ALS Chemex Laboratories in Romania.
True thickness is estimated at approximately 90% of the drill intervals reported in the table above.
The assay results from the Debarwa drilling have been reviewed by Michael J. Hopley the Qualified Person for Sunridge. Mr. Hopley is also the person responsible for preparation of the technical information contained in this news release and is President and Chief Executive Officer of Sunridge.
A Quality Assurance/Quality Control program was part of the drilling program on the Debarwa deposit. This program includes chain of custody protocols as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the drilling.
Samples from the drilling were prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth, Western Australia and also at ALS Chemex Laboratories in Romania.
True thickness is estimated at approximately 90% of the drill intervals reported in the table above.
The assay results from the Debarwa drilling have been reviewed by Michael J. Hopley the Qualified Person for Sunridge. Mr. Hopley is also the person responsible for preparation of the technical information contained in this news release and is President and Chief Executive Officer of Sunridge.
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 has approximately 76 million shares outstanding and approximately $6.5 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" Michael Hopley, President and Chief Executive Officer
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