We already had our fun in Majors this year GDX, SLW, SSRI, AUY on option side. Now they have advanced to more reasonable levels and we are moving Down the food chain recently. Without too many noise FCX has announced first Copper production from Tenke Fungurume in Congo, Lundin Mining get out from free fall to as low as 0.7CAD and now is trading above 2.0 CAD. People are seriously talking about new Bull in the market and Copper is above 2 USD/lb. Now or in two years time we have the direction where the market will go with all these liquidity and Inflation coming. It is time to go on a Safari and accumulate fallen angels which nobody wants and you can get them almost for cash value price. What is to look for here as catalyst? Nevsan Resources NSU.to development in Eritrea.VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 1, 2009 -- Sunridge Gold Corp. (CDNX:SGC.V - News) is pleased to provide updates on the continuing work on two of the Company's gold projects, the Gupo gold deposit and the Medrizien gold prospect, located on the Asmara project, Eritrea. To date, Sunridge has primarily focused on its three base metals projects, Emba Derho, Adi Nefas and Debarwa. With a scoping study nearing completion on the large Emba Derho copper-zinc-gold deposit, management of Sunridge is now commencing more detailed exploration and development work on the gold deposits and prospects in close proximity to Emba Derho with the objective to add near surface gold resources to any future mining operations there. The Emba Derho deposit is only about 500 meters from Medrizien and approximately 6 kilometers away from Gupo.
Gupo Gold Deposit:
The Gupo gold deposit is one of a number of gold deposits on the Asmara project that was mined in the early part of the 20th century by Italian colonists. Gupo is a near surface, structurally controlled gold deposit that was previously mined from a number of small open-pits that stretch over a two kilometer strike length.
Sunridge has recently engaged AMEC Americas Limited to complete a comprehensive data review of all historic drill data on the Gupo deposit. The review will include a geostatistical analysis of all data and evaluation of the quality assurance and quality control programs of previous drill programs. It is anticipated that this work will allow for an updated resource estimate to be completed in the near future. The results will also assist in planning the next phase of drilling at Gupo.
A large database exists for the Gupo Gold deposit as it has been subject to three previous drill campaigns as follows:
- 1996 - 1998 - La Source Division Exploration ("La Source") drilled 124 reverse-circulation drill holes and 5 diamond drill holes;
- 2002 - Sub-Sahara Resources drilled 1 diamond drill hole;
- 2007 - Sunridge drilled 26 combination reverse-circulation/diamond drill holes.
Based only on the La Source drilling information, currently, the Inferred Resource at Gupo is 1,965,000 tonnes at an average grade of 2.99 g/t gold containing 189,000 ounces of gold to a vertical depth of 80 meters. Sunridge management believes that this resource can has the potential to be expanded and upgraded from the inferred to indicated category by the inclusion of the additional 27 drill holes completed by Sub-Sahara and Sunridge as well as by further exploration drilling.
Medrizien Gold Prospect:
The Medrizien Gold prospect was also mined by the Italian colonists and was one of the largest gold producers in the area by both open-pit and underground methods. Sunridge management has recently completed sampling and mapping of the Medrizien prospect in order to develop drill targets. A total of 65 rock grab samples were taken over the length of the prospect of which 57 samples were from the surface showing of mineralized quartz veins and altered halo of volcanic rocks. The results showed 10 samples with assays over 1 g/t gold with these sample values averaging 12.13 g/t gold with the highest assay being 74.7 g/t gold. The 8 rock samples taken from the old underground workings range from 0.14 g/t up to a value of 319 g/t with an average of 51.32 g/t gold.
The gold mineralization in the Medrizien Gold prospect varies in thickness from a few meters up to 25 meters over a 3 1/2 kilometer strike length and occurs in a stockwork of quartz veins associated with sulphides (pyrite and chalcopyrite) and in a surrounding halo of sheared volcanic rocks with sericite and pyrite.
About Sunridge
Sunridge Gold Corp. is a mineral exploration company focused on the acquisition, exploration, discovery and development of precious and base metal projects. The company is currently conducting exploration on the Asmara Project in Eritrea. The Company has 62.4 million shares outstanding, approximately $6 million in cash and the Company 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.
Gupo Gold Deposit:
The Gupo gold deposit is one of a number of gold deposits on the Asmara project that was mined in the early part of the 20th century by Italian colonists. Gupo is a near surface, structurally controlled gold deposit that was previously mined from a number of small open-pits that stretch over a two kilometer strike length.
Sunridge has recently engaged AMEC Americas Limited to complete a comprehensive data review of all historic drill data on the Gupo deposit. The review will include a geostatistical analysis of all data and evaluation of the quality assurance and quality control programs of previous drill programs. It is anticipated that this work will allow for an updated resource estimate to be completed in the near future. The results will also assist in planning the next phase of drilling at Gupo.
A large database exists for the Gupo Gold deposit as it has been subject to three previous drill campaigns as follows:
- 1996 - 1998 - La Source Division Exploration ("La Source") drilled 124 reverse-circulation drill holes and 5 diamond drill holes;
- 2002 - Sub-Sahara Resources drilled 1 diamond drill hole;
- 2007 - Sunridge drilled 26 combination reverse-circulation/diamond drill holes.
Based only on the La Source drilling information, currently, the Inferred Resource at Gupo is 1,965,000 tonnes at an average grade of 2.99 g/t gold containing 189,000 ounces of gold to a vertical depth of 80 meters. Sunridge management believes that this resource can has the potential to be expanded and upgraded from the inferred to indicated category by the inclusion of the additional 27 drill holes completed by Sub-Sahara and Sunridge as well as by further exploration drilling.
Medrizien Gold Prospect:
The Medrizien Gold prospect was also mined by the Italian colonists and was one of the largest gold producers in the area by both open-pit and underground methods. Sunridge management has recently completed sampling and mapping of the Medrizien prospect in order to develop drill targets. A total of 65 rock grab samples were taken over the length of the prospect of which 57 samples were from the surface showing of mineralized quartz veins and altered halo of volcanic rocks. The results showed 10 samples with assays over 1 g/t gold with these sample values averaging 12.13 g/t gold with the highest assay being 74.7 g/t gold. The 8 rock samples taken from the old underground workings range from 0.14 g/t up to a value of 319 g/t with an average of 51.32 g/t gold.
The gold mineralization in the Medrizien Gold prospect varies in thickness from a few meters up to 25 meters over a 3 1/2 kilometer strike length and occurs in a stockwork of quartz veins associated with sulphides (pyrite and chalcopyrite) and in a surrounding halo of sheared volcanic rocks with sericite and pyrite.
About Sunridge
Sunridge Gold Corp. is a mineral exploration company focused on the acquisition, exploration, discovery and development of precious and base metal projects. The company is currently conducting exploration on the Asmara Project in Eritrea. The Company has 62.4 million shares outstanding, approximately $6 million in cash and the Company 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.
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