Sunridge Gold Announces Assay Results From Gupo Gold Deposit, Asmara Project, Eritrea
November 03 2011 - 7:00AM
Marketwired
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
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
GG-088-R 8.00 20.00 12.00 6.36
and 24.00 39.00 15.00 1.54
----------------------------------------------------------------------------
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:
----------------------------------------------------------------------------
Gupo Gold - Inferred Resources
----------------------------------------------------------------------------
Tonnes Average Gold Grade g/t Ounces of Gold
----------------------------------------------------------------------------
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.comwww.sunridgegold.com
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