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Friday, May 14, 2010
Gold in Africa: Sunridge Gold and Antofagasta Minerals Exploration Joint-Venture Update, Asmara Project, Eritrea SGC.v, NGQ.to, NSU.to, LUN.to,
Posted by andre at 4:29 AM
Company is putting another project under drill in its J/V with Antofagasta. Results from Daero Paulos drilling are disappointing so far. Asmara project is the most promising asset of the company now and recent development by Nevsun Resources with commissioning of mining equipment for mine in Eritrea will bring some tail wind with the exploration news.
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.
Press Release Source: Sunridge Gold Corp. On Wednesday May 12, 2010, 8:30 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/12/10) - Sunridge Gold Corp. ("Sunridge") (TSX-V:SGC - News) is pleased to announce that Sunridge and Antofagasta Minerals S.A. have commenced a new drilling program at the Adi Rassi copper-gold prospect within the Asmara Project, Eritrea, which is within the Exploration Areas and part of the joint-venture exploration funding agreement with Antofagasta Minerals announced October 2, 2009. The Adi Rassi copper/gold prospect is located about 8 kilometers southeast of the company's Debarwa high-grade copper/gold VMS deposit. The program will consist of at least four holes totaling 1,200 meters of diamond drilling.
The copper and gold mineralization at the Adi Rassi prospect is associated with quartz veins and breccia zones along a major shear zone that trends northeast and dips steeply to the west. This mineralization is mainly hosted in strongly foliated and distorted altered mafic volcanic tuff and flows. Alteration associated with copper mineralization can be seen at surface in a zone that measures about 80 meters wide along a strike length of approximately 500 meters.
From 1971 to 1974 the prospect was evaluated by the Ethio-Nippon Mining Company and a drill program of 11 diamond drill holes comprising 2,170 meters of core were completed over a 550 meters of strike length. The best results from this historic drilling were 41.3 meters of 1.77% Copper (DDH EN-7) and 33.6 meters of 1.5% copper (DDH EN-4).
Note: The above drill results are taken from the report "Adi Rassi Copper Prospect - Ore Resources Evaluation" by D.J. Toogood, December 1997, Phelps Dodge Exploration Corp. While the above historical data appears to be complete and the procedures followed appear reliable, Sunridge has not completed the work necessary to verify the reported results.
DAERO PAULOS DRILLING:
All results have recently been received from the drilling of the large Daero Paulos copper target also part of the Antofagasta joint-venture exploration funding agreement. Twelve widely spaced diamond drill holes were drilled over an area of surface alteration measuring approximately 500 meters wide and 2.5 kilometers long. The program returned only a few narrow zones of mineralization.
REGIONAL TARGET GENERATION
In addition to the above drilling programs a regional target generation program is underway covering all parts of the Exploration Areas as defined in the joint-venture exploration funding agreement with Antofagasta. Stream geochemical sampling, satellite imagery analysis and local geological mapping are the main tools being used and it is hoped that this work will result in the generation of new drill targets over the next few weeks.
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 $5.5 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 http://www.sunridgegold.com/ or call Don Halliday or Greg Davis at the numbers listed below.
NOTES:
1. A Quality Assurance/Quality Control program was part of the samplingprogram on the Daero Paulos copper prospect. This program includes chainof custody protocols as well as systematic submittals of standards,duplicates and blank samples into the flow of samples produced by thesampling.2. Samples were prepared at African Horn Testing Services (Eritrea) andanalyzed at Genalysis Laboratories (a NATA registered laboratory) inPerth, Western Australia.3. The results of the Daero Paulos copper prospect drill program have beenreviewed by Michael J. Hopley the Qualified Person for Sunridge. Mr.Hopley is also the person responsible for preparation of the technicalinformation contained in this news release and is President and ChiefExecutive Officer of Sunridge.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer"
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/12/10) - Sunridge Gold Corp. ("Sunridge") (TSX-V:SGC - News) is pleased to announce that Sunridge and Antofagasta Minerals S.A. have commenced a new drilling program at the Adi Rassi copper-gold prospect within the Asmara Project, Eritrea, which is within the Exploration Areas and part of the joint-venture exploration funding agreement with Antofagasta Minerals announced October 2, 2009. The Adi Rassi copper/gold prospect is located about 8 kilometers southeast of the company's Debarwa high-grade copper/gold VMS deposit. The program will consist of at least four holes totaling 1,200 meters of diamond drilling.
The copper and gold mineralization at the Adi Rassi prospect is associated with quartz veins and breccia zones along a major shear zone that trends northeast and dips steeply to the west. This mineralization is mainly hosted in strongly foliated and distorted altered mafic volcanic tuff and flows. Alteration associated with copper mineralization can be seen at surface in a zone that measures about 80 meters wide along a strike length of approximately 500 meters.
From 1971 to 1974 the prospect was evaluated by the Ethio-Nippon Mining Company and a drill program of 11 diamond drill holes comprising 2,170 meters of core were completed over a 550 meters of strike length. The best results from this historic drilling were 41.3 meters of 1.77% Copper (DDH EN-7) and 33.6 meters of 1.5% copper (DDH EN-4).
Note: The above drill results are taken from the report "Adi Rassi Copper Prospect - Ore Resources Evaluation" by D.J. Toogood, December 1997, Phelps Dodge Exploration Corp. While the above historical data appears to be complete and the procedures followed appear reliable, Sunridge has not completed the work necessary to verify the reported results.
DAERO PAULOS DRILLING:
All results have recently been received from the drilling of the large Daero Paulos copper target also part of the Antofagasta joint-venture exploration funding agreement. Twelve widely spaced diamond drill holes were drilled over an area of surface alteration measuring approximately 500 meters wide and 2.5 kilometers long. The program returned only a few narrow zones of mineralization.
REGIONAL TARGET GENERATION
In addition to the above drilling programs a regional target generation program is underway covering all parts of the Exploration Areas as defined in the joint-venture exploration funding agreement with Antofagasta. Stream geochemical sampling, satellite imagery analysis and local geological mapping are the main tools being used and it is hoped that this work will result in the generation of new drill targets over the next few weeks.
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 $5.5 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 http://www.sunridgegold.com/ or call Don Halliday or Greg Davis at the numbers listed below.
NOTES:
1. A Quality Assurance/Quality Control program was part of the samplingprogram on the Daero Paulos copper prospect. This program includes chainof custody protocols as well as systematic submittals of standards,duplicates and blank samples into the flow of samples produced by thesampling.2. Samples were prepared at African Horn Testing Services (Eritrea) andanalyzed at Genalysis Laboratories (a NATA registered laboratory) inPerth, Western Australia.3. The results of the Daero Paulos copper prospect drill program have beenreviewed by Michael J. Hopley the Qualified Person for Sunridge. Mr.Hopley is also the person responsible for preparation of the technicalinformation contained in this news release and is President and ChiefExecutive Officer of Sunridge.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer"
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