2013-02-19 13:09:50 -
Sunridge Gold Reports Completion Of Drill Program And Channel Assay Results From Kodadu Prospect, Asmara Project, Eritrea
Vancouver, British Columbia CANADA, February 19, 2013 /FSC/ - Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX)is pleased to report the completion of the reverse-circulation drill program as well as encouraging initial assay results from channel samples from the Kodadu volcanogenic-massive sulphide (VMS) and gold shear zone targets located on the Company's Asmara Project in Eritrea, East Africa.
A reverse-circulation drill program announced on January 23 at the Kodadu VMS prospect has now been completed and assays are expected next month. A total of 22 drill holes targeting the oxide gold cap of the Kodadu VMS mineral occurrence and a nearby related gold mineralized shear zone were drilled
(see map). The goal of the program is to rapidly define a resource that could be mined as feed to a central gold plant near the large Emba Derho deposit.
Sunridge has recently received assay results from 14 channels cut across the surface of the Kodadu VMS gossan intermittently over a 1.2 kilometre strike length as well as over part of the gold mineralized shear zone (see map). The results are summarized as follows:
Channel Distance Gold assays
in meters grams per tonne
KD-CH-010 5.5 1.16
KD-CH-011 11.0 1.46
KD-CH-012 No significant values
KD-CH-013 No significant values
KD-CH-014 10.5 0.73
KD-CH-015 10.0 0.25
KD-CH-016 22.5 0.69
KD-CH-017 18.9 0.76
KD-CH-018 6.0 0.26
KD-CH-019 7.00 0.88
KD-CH-020 7.00 1.11
KD-CH-021 No significant values
KD-CH-022 No significant values
KD-CH-023 No significant values
The Kodadu VMS target is located approximately 25 kilometers south of the large Emba Derho copper-zinc-gold-silver deposit. Several gossans have been identified by surface mapping that trend north-northeast for over 1.2 kilometre strike length and they have an average width of about 10 meters. Typically these gossans have depths from surface of 30 to 35 meters. In 2009 Sunridge completed a channel sampling program (channels 1 to 9) in which 87 samples were taken. This program returned 28 gold values of over 0.2g/t and the best values were 10.67g/t over 14.7m, 2.3g/t over 8m and 1.79 g/t over 13.3m (see map).
In addition to the VMS target described above, gold mineralization has been identified in a one kilometer shear zone running parallel and about 100 meters west of the Kodadu gossans. Geological mapping has shown the zone to be approximately 30 meters wide and historic gold values from trenches sampled by a previous operator are reported as 3.85g/t over 50m; 2.05g/t over 50m; and 11.87g/t over 8m.
Asmara Project Feasibility Study
In addition to the exploration ground held by Sunridge the Asmara Project consists of five defined mineral deposits; three copper, zinc, gold and silver VMS deposits, a near-surface gold deposit and a shear-zone hosted copper-gold deposit. A feasibility study on four of these deposits that envisions an integrated centralized mining operation was started in April 2012 and remains on schedule to be completed in the second quarter of 2013. A positive Asmara Project Prefeasibility Study was completed in May 2012 on these same four deposits which demonstrated robust economics, with a pre-tax net present value of $555 million with a 10% discount applied and an internal rate of return of 27%.
1. All assays reported are from channel samples that were cut into bedrock by a hand-held diamond circular saw. The channels were about 5 centimeters in width and approximately 2 centimeters in depth.
2. A Quality Assurance/Quality Control program was part of the sampling program on the Kodadu gold prospect. 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 sampling.
3. Samples were prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth, Western Australia.
4. The results of the Kodadu channel sampling program 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
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal deposits on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 175 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 numbers listed below.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
For further information contact:
Greg Davis, VP Business Development
Tel: 604-688-1263 (direct)
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. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in negotiating a shareholders' agreement with ENAMCO and obtaining governmental approvals or financing; 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.
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Source: Sunridge Gold Corp. (TSX-V SGC) www.sunridgegold.com
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