Sunridge Gold Announces New Drill Results From Gupo Gold Deposit, Asmara Project, Eritrea
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/26/11 -- Sunridge Gold Corp. (TSX VENTURE: SGC) announces it has received more encouraging gold assays for the latest 25 reverse circulation drill holes from the recent program at the Gupo Gold deposit on the Company's 100% owned Asmara Project, Eritrea. The 52 hole 4,500 meter drilling program appears to have successfully confirmed and possibly expanded the area of gold mineralization. The results will now be used to upgrade the resource as part of the ongoing prefeasibility study on the Asmara North Deposits which include the Emba Derho, Adi Nefas, and Gupo Gold deposits. Also, based on the success of the program, Sunridge is planning additional holes for further for potential resource expansion and further definition of the deposit.
Program Highlights:
-- Drill hole GG-058-R intersected 23 meters averaging 2.89 g/t gold and 16
meters averaging 2.77 g/t gold
-- Drill hole GG-062-R intersected 15 meters averaging 4.56 g/t gold
-- Drill hole GG-064-R intersected 11 meters averaging 2.31 g/t gold
-- Drill hole GG-068-R intersected 4 meters averaging 10.56 g/t gold
including 1 meter at 41.24 g/t gold
-- Drill hole GG-028-R intersected 37 meters averaging 1.51 g/t gold (i)
-- Drill hole GG-030-R intersected 9 meters averaging 9.26 g/t gold (i)
-- Drill hole GG-036-R intersected 47 meters averaging 2.13 g/t gold (i)
-- Drill hole GG-039-R intersected 29 meters averaging 2.05 g/t gold (i)
-- Drill hole GG-047-R intersected 64 meters averaging 1.25 g/t gold (i)
(i)assays previously announced in Sunridge Gold news release SGC NR2011-12 dated June 6, 2011.
Gold mineralization at Gupo extends over a strike length of approximately 1.6 kilometers and is associated with stockwork quartz veins and a sericite alteration halo controlled by a shear zone. Current resources contain 189,000 ounces of gold at an average grade of 2.99 g/t (see details of resources at the end of this news release). The resource is at surface and drilling has shown mineralization to extend to at least to 80 meters vertical depth and remains open at depth. As can be seen in the attached map (http://media3.marketwire.com/docs/726SGCmap.pdf), the results of these 52 holes extend over only about a 600 meter strike length in the northern part of the deposit.
'We are very happy with the gold results from the drill program at Gupo,' commented Michael Hopley, President and CEO of Sunridge Gold. 'The results appear to support the previous resource estimates and we will now work on updating the resource at Gupo. We are also seeing the potential to expand the resource as the gold mineralization appears to be continuing to depth.'
A summary of significant results are as follows:
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From To Interval Gold
Drill Hole metres metres metres g/t
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GG-053-R 57 58 1.00 7.31
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GG-054-R 26 28 2 0.51
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GG-055-R 15 18 3 0.76
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GG-056-R 14 17 3 4.44
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GG-057-R 93 97 4 1.80
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GG-058-R 40 56 16 2.77
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and 103 126 23 2.89
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GG-059-R 8 14 6 1.08
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and 17 25 8 1.16
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and 28 35 7 1.79
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GG-060-R 59 61 2 0.73
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GG-061-R 22 27 5 1.11
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and 51 54 3 0.61
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GG-062-R 25 40 15 4.56
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and 27 31 4 15.91
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GG-063-R 11 13 2 0.68
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GG-064-R 43 49 6 1.96
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And 54 58 4 1.79
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And 62 73 11 2.31
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GG-065-R 0 20 20 0.96
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GG-066-R 22 23 1 1.27
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and 28 30 2 1.10
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GG-067-R no significant results
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GG-068-R 47 51 4 10.56
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Including 49 50 1 41.24
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and 54 58 4 2.46
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and 63 70 7 3.07
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and 75 82 7 5.42
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Including 79 80 1 20.01
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GG-069-R 27 37 10 1.51
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GG-070-R 21 23 2 0.78
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and 42 46 4 0.86
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GG-071-R no significant results
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GG-072-R no significant results
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GG-073-R 41 56 15 1.44
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and 69 73 4 3.10
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and 115 120 5 1.26
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GG-074-R 19 22 3 1.12
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GG-075-R 1 4 3 0.63
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and 16 19 3 1.29
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GG-076-R no significant results
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GG-077-R 7 11 4 2.15
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Void - no
And 11 15 4 samples
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And 15 18 3 1.28
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Gupo Gold Resources Inferred resource estimates for Gupo (then referred to as Adi Nefas Doop) from report titled 'Independent Consulting Geologists Technical Report - Asmara Project' prepared by Blackburn, G. and Chisholm, R., dated April 2004 (which may be viewed under Sunridge's profile on SEDAR at www.sedar.com) are summarized as follows:
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Gupo Gold - Inferred Resources
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Tonnes Average Gold Grade g/t Ounces of Gold
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1,965,000 2.99 189,000
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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 currently has approximately 117 million shares outstanding and approximately $17 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.
Notes:
1. All drill holes reported are reverse-circulation drill holes.
2. Drill intercept lengths only are reported in the tabulations; it is estimated that true width will be approximately 80% of the reported drill intercept length.
3. A Quality Assurance/Quality Control program is part of the drilling program on the Asmara Project. This program includes chain of custody protocol as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the drilling.
4. A description of the geology, sampling procedures, and the Company's laboratory Quality Assurance/Quality Control procedures are as described in each of the Company's most recent National Instrument 43-101 Technical Reports filed and dated March 15, 2007. These reports are available on the Company's profile at www.sedar.com.
5. Samples are prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth Western Australia.
6. The Qualified Person responsible for the release of this exploration information is Michael Hopley, President and Chief Executive Officer of Sunridge Gold Corp.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
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 to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in 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.
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.
Contacts:
Sunridge Gold Corp.
Greg Davis
VP Business Development
604-688-1263 (direct)
greg@sunridgegold.com
www.sunridgegold.com