Sunridge Gold Announces Assay Results From Gupo Gold Deposit, Asmara Project, Eritrea
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/03/11 -- Sunridge Gold Corp. (TSX VENTURE: SGC)(OTCQX: SGCNF) announces assay results from the first sixteen drill holes of the current drilling program at the Gupo Gold Deposit, part of the Asmara Project, Eritrea. This drill program will consist of about 90 drill holes totaling approximately 7,000 metres. The program is designed to expand and upgrade the current Inferred resource at Gupo to the Measured and Indicated categories as part of the ongoing prefeasibility study on the Asmara North Deposits which include the Emba Derho, Adi Nefas, and Gupo Gold deposits.
Drill Intersection Highlights:
-- Drill hole GG-080-R: 27 metres averaging 2.38 g/t gold
-- Drill hole GG-086-R: 12 metres averaging 6.56 g/t gold including 4
metres at 18.05 g/t gold
-- Drill hole GG-087-R: 14 metres averaging 2.54 g/t gold
-- Drill hole GG-088-R: 12 metres averaging 6.36 g/t gold
-- Drill hole GG-092-R: 15 metres averaging 2.35 g/t gold
Gold mineralization at Gupo extends over a strike length of approximately 1.6 kilometres and is associated with stockwork quartz veins and a sericite alteration halo controlled by a shear zone 10 to 20 metres in width. The resource is close to surface and drilling has shown mineralization to extend at least to 80 metres vertical depth and remains open at depth.
These latest results mostly confirm the location and grade of gold mineralization either between or as twins to historic drill holes down to depths of approximately 20 to 100 metres deep in the northern part of the Gupo Gold deposit (to see plan map click on: http://media3.marketwire.com/docs/sgc113.pdf).
Asmara North Prefeasibility Study
The Asmara North Prefeasibility Study is being conducted by Snowden Mining Industry Consultants Inc. and GBM Minerals Engineering Consultants Ltd. and is scheduled for completion in late March, 2012. The study is examining all Asmara North deposits collectively including, the large Emba Derho copper-zinc-gold VMS Deposit, the Adi Nefas zinc-gold-copper VMS Deposit, and the Gupo Gold Deposit.
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-079-R 28.00 32.00 4.00 2.40
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GG-080-R 39.00 66.00 27.00 2.38
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GG-081-R 47.00 51.00 4.00 1.11
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GG-082-R 45.00 48.00 3.00 1.43
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GG-083-R 0.00 13.00 13.00 0.86
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GG-085-R 18.00 19.00 1.00 0.82
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GG-086-R 92.00 104.00 12.00 6.56
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Including 96.00 100.00 4.00 18.05
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GG-087-R 96.00 110.00 14.00 2.54
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GG-088-R 8.00 20.00 12.00 6.36
and 24.00 39.00 15.00 1.54
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GG-090-R 18.00 20.00 2.00 1.02
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GG-091-R 11.00 35.00 24.00 1.10
and 78.00 90.00 12.00 1.51
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GG-092-R 36.00 51.00 15.00 2.35
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GG-093-R 0.00 12.00 12.00 2.14
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Note: There were no significant assays in drill hole GG-078-R, GG-089-R, and GG-093-R. Assays pending for GG-084-R.
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. The
program is described in the Company's most recent Debarwa Deposit,
Technical Report dated August 18, 2011, and filed October 3, 2011, on
the Company's profile on http://www.sedar.com/.
4. A description of the geology of the Gupo deposit is contained in the
April 2004 Independent Consulting Geologists Technical Report - Asmara
Project filed on the Company's profile at http://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.
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 $14 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 Greg Davis at the number listed below.
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