Saturday, October 09, 2010

Gold and Copper in Africa: Sunridge Gold restarts exploration drilling at Asmara SGC.v, NGQ.to, TNR.v, GRC.to, PG.to, GG, NEM, ABX, NG.to, BVA.v, BVG.v, MXR.v, GBN.v, AMM.to, BTT.v, LAQ.v, GDX, HUI, XAU



"First Gold will make new all-time high, second will be M&A play: Majors will shop for Juniors with resources in the ground. Here is the double-game - Gold is moving up and Majors' production and Reserve Base is going down. If you like more leverage you are welcome to Silver market. Place to be is in stories will strong management, growing resources and stable political situations. Markets will be volatile by all means and political tensions will be driving this Gold Bull as well."






"Sunridge Gold is on the move today with a big volume. Company has announced non brokered financing: with this kind of action we can expect either results from drilling or somebody serious will take the significant position in the company - will it be Antofagasta Minerals S.A., confirming the value of it is previous investment or somebody else will come into picture?"







Sunridge Gold restarts exploration drilling at Asmara




2010-10-06 13:58 ET - News Release

Mr. Michael Hopley reports



SUNRIDGE GOLD RESTARTS EXPLORATION DRILLING AND MOBILIZES A SECOND DRILL TO THE ASMARA PROJECT, ERITREA



Sunridge Gold Corp. has commenced a new exploration drilling program on the exploration areas of the Asmara project, Eritrea. This program consists of at least 3,000 metres of diamond drilling and is targeting areas that have the potential for large new discoveries. In addition, Sunridge has mobilized a reverse circulation drill rig to Eritrea in order to commence a 4,000-metre drill program at the Gupo gold deposit and a 1,000-metre program at the new Medrizien gold target within the next four to five weeks.



Sunridge Gold joint venture drilling program



The new joint venture drilling program is operated by Sunridge and financed by Antofagasta Minerals, and is focused on drilling new targets with the potential for significant new discoveries. Drilling will target the following areas:





Adi Watot:

This is a large area measuring approximately 1,200 metres long and 400 to 500 metres wide, where Sunridge and Antofagasta geologists have identified swarms of quartz veinlets in an area that has elevated copper geochemical values.

Adi Kubulo:

The geology of this area is similar to Adi Watot, although somewhat smaller, measuring about 400 metres long and approximately 200 metres wide.

Adi Watot -- Adi Kubulo corridor:

This target is a corridor between the Adi Watot and Adi Kubulo targets that measures about 3,500 metres long by approximately 400 to 500 metres wide and in which mapping has shown continuity of quartz veinlets in an area with elevated copper values.

Adi Rassi:

Drilling will test a possible northern extension of Adi Rassi that is associated with structurally controlled malachite showings. Assay results, from the previous drilling program showed long intervals of copper and gold mineralization, for example drill hole AR-002D, which had 84 metres with an average grade of 1.32 g/t gold and 0.84 per cent copper; the results indicate that a potentially large new copper and gold zone has been discovered at Adi Rassi. Geological mapping and sampling show that alteration associated with copper mineralization is visible over a zone that measures about 80 metres wide along a strike length of approximately 500 metres. Copper and gold mineralization at Adi Rassi is associated with quartz veins and breccia zones along a major shear zone that trends northeast for over three kilometres and dips steeply to the west.

Adi Lamza:

Surface and previous drill hole information from this prospect has identified a large area of phyllitic alteration which will be drill tested.

Adi Tsenaf:

This large area of quartz-vein stockwork measuring over 300 metres long will be drill tested.



First results from this new joint venture drilling program are expected to be received in November and will be announced on receipt.



Sunridge Gold drill program



The recently mobilized reverse circulation drill rig is expected to commence drilling at Sunridge's 100-per-cent-owned Gupo gold and Medrizien gold areas within the next four to five weeks, and will consist of 4,000 metres at Gupo and 1,000 metres at Medrizien.



Gupo gold project



The objective of the program is to upgrade the existing gold resource at Gupo, currently 189,000 ounces contained in 1,965,000 tonnes at an average grade of 2.99 g/t gold, from an inferred to an indicated category and to possibly increase the size of the resource. The gold resources at Gupo are considered to be a potential source of open-pit feed for any future mining operations at the northern projects area of the Asmara project (Emba Derho, Adi Nefas and Gupo).



Medrizien gold prospect



The objective of the Medrizien drill program is to make a new gold discovery on the Asmara project. A gold discovery and development of a resource could provide future feed to any mining operations in the northern area of the Asmara project. A total of 57 rock samples were taken from the surface showing of mineralized quartz veins and altered halo of volcanic rocks. The results showed 10 samples with assays over one g/t gold with the highest assay being 74.7 g/t gold. In addition, eight rock samples taken from the old underground workings range from 0.14 g/t up to a value of 319 g/t gold. The gold mineralization in the Medrizien gold prospect occurs in a stockwork of quartz veins associated with pyrite and chalcopyrite within a surrounding halo of sheared volcanic rocks with sericite and pyrite. This zone varies in width from a few metres up to 25 metres over a 3.5-kilometre strike length.



We seek Safe Harbor."


Enhanced by Zemanta
Post a Comment