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http://www.fscwire.com/newsrelease/field-work-underway-asmara-project-eritrea
<
http://www.fscwire.com/newsrelease/field-work-underway-asmara-project-eritrea>*
Wednesday, November 05, 2014 - 7:00 AM EST
Field Work Underway on the Asmara Project, Eritrea
Vancouver, British Columbia (FSCwire) - Sunridge Gold Corp. (the “Company”
or “Sunridge”) (SGC: TSX.V/SGCNF: OTCQX) is pleased to provide an update on
current field work activities on the Asmara copper/zinc/gold/silver project
in Eritrea. These activities are related to both exploration and
preparation work for development of the mine site.
The Asmara Project is held by the Asmara Mining Share Corporation (“AMSC”)
a joint-venture company of which Sunridge owns 60% and the Eritrean
National Mining Company (“ENAMCO”) owns 40%. The project consists of six
defined deposits, four of which were the subject of a feasibility study
completed in May 2013 and are currently in the permitting process.
*Exploration Work*
Current exploration work is focused on the two “pipeline” deposits on the
Asmara Project; the Kodadu volcanogenic-massive-sulphide (“VMS”) deposit
and the Adi Rassi copper-gold deposit. Both deposits have Inferred mineral
resources and are open for expansion. Details of the current resources can
be seen at the end of this news release. The goal of the current field
work is to define new areas of mineralization and to direct additional
expansion drilling planned for next year.
Current exploration work on the Kodadu and Adi Rassi deposits is comprised
of the following:
*Kodadu*
- Channel and trench sampling of the VMS gold oxide and gold shear zones
at surface
- Detailed geological and structural mapping over the current VMS
resource and the gold shear zone recently identified to the west
- Geophysical work consisting of an AMT (audi-magneto-telluric) survey
to define the massive sulfide at depth below the known VMS gossans exposed
at surface, as well as other identified VMS style targets to the northeast
which are coincident with both high gravity anomalies and strong
electro-magnetic conductors. .
*Adi Rassi*
- Detailed geological and structural mapping at 1:500 scale
- Trenching and channel sampling of surface exposed mineralization to
the south of the existing resource
- AMT survey lines to define the VMS-style mineralization to the west of
Adi Rassi
*Early Development work*
The Asmara Project feasibility study mining operations plan includes an
abstraction weir and reservoir built on the nearby Mai Bela River (Mai Bela
Abstraction Weir or “MBAW”) which will provide water to the centralized
processing facility near the large Emba Derho deposit.
Geotechnical field work is underway at the site of the MBAW. This work
consists of detailed geotechnical and geological mapping, geotechnical
sample collection for laboratory testing and surveying of an access road
and staging area.
*QUALIFIED PERSON*
Michael Hopley, President and CEO of Sunridge Gold Corp. is the Company's
Qualified Person responsible for the contents of this press release and has
reviewed the information in the release and confirmed that it is consistent
with that provided by the independent Qualified Person responsible for the
each of the Kodadu and Adi Rassi resources.
*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. Sunridge currently has
approximately 210 million shares outstanding and 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”For further information contact:
Michael Hopley, President and Chief Executive Officer
Greg Davis, VP Business Development
Email: greg_at_sunridgegold.com
Tel: 604-688-1263 (direct)
Kodadu – Inferred Mineral Resource Estimate (David Thomas P. Geo., Fladgate
Exploration Consulting Corp. - Effective Date 20 May, 2013)
*Contained Metal*
*Cut-off Grade*
*(g/t gold)*
*Tonnes*
*Gold Grade*
*Silver Grade*
*Gold*
*Silver*
*('000s)*
*(g/t)*
*(g/t)*
*('000 oz)*
*('000 oz)*
*0.45*
990
1.24
1.61
39
51
*Footnote:* Inferred mineral resource estimates are not Mineral Reserves
and as such do not have demonstrated economic viability. There is no
certainty that all or any part of the Mineral Resource will be upgraded to
Indicated or Measured mineral resources categories or that it will be
converted into Mineral Reserve until the required studies have been
completed. The quality and grade estimates of reported Inferred mineral
resources are uncertain in nature and there has been insufficient
exploration work to define the Inferred mineral resources as Indicated and
Measured mineral resources and it is uncertain if further exploration work
will result in upgrading them to Indicated or Measured mineral resource
categories.
Adi Rassi– Inferred Mineral Resource Estimate (David Thomas P. Geo.,
Fladgate Exploration Consulting Corp. - Effective Date 1 December 2012)
*Grades*
*Contained Metal*
*Tonnes*
*Copper*
*Gold*
*Silver*
*Copper*
*Gold*
*Silver*
*Inferred Mineral Resource*
*('000s)*
*(%)*
*(g/t)*
*(g/t)*
*('000 lbs)*
*('000 oz)*
*('000 oz)*
*Open Pit (0.21% Cu Eq cut-off)*
14,940
0.54
0.30
1.5
176,640
143
721
*Underground (0.72% Cu Eq cut-off)*
840
0.67
0.89
1.5
12,430
24
40
*Total*
15,770
0.54
0.33
1.5
189,060
167
761
*Cut-off calculation is based on prices and costs provided by Sunridge. The
open pit Inferred mineral resource is reported at a copper equivalent
cut-off of 0.21% within a Lerchs-Grossman resource pit shell optimized on
copper, gold and silver grades with metal prices of $3.75/lb of copper,
$1,700/oz gold and $32/oz silver. Assumed metallurgical recoveries are 95%,
70% and 70% for copper, gold and silver respectively. Mining costs are
assumed to be $1.75 /t. Underground Inferred mineral resources are reported
at a copper equivalent cut-off of 0.72% within a grade shell based upon an
underground mining cost of $40/t. The contained metal figures shown are in
situ. No assurance can be given that the estimated quantities will be
produced. All figures have been rounded to reflect accuracy and to comply
with securities regulatory requirements. Summations within the tables may
not agree due to rounding. Fladgate undertook quality assurance and quality
control studies on the mineral resource data for the Adi Rassi project.
Fladgate concludes that the collar, survey, assay and lithology data are
adequate to support mineral resource estimation. CIM Definition Standards
describe that Mineral Resource Estimates are not Mineral Reserves and do
not have demonstrated economic viability. There is no certainty that all or
any part of the Mineral Resource will be upgraded to Indicated or Measured
mineral resources categories or that it will be converted into Mineral
Reserve until the required studies have been completed. The quality and
grade estimates of reported Inferred mineral resources are uncertain in
nature and there has been insufficient exploration work to define the
Inferred mineral resources as Indicated and Measured mineral resources and
it is uncertain if further exploration work will result in upgrading them
to Indicated or Measured mineral resource categories.
*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.*
*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. Forward looking statements may include the timing and success
of any application for a mining license, permitting or of debt financing.
Risk and uncertain 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, a mining license, or debt financing, uncertainties in
negotiating commercial arrangements with government entities; 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.*
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/sunridgegold11052014.pdf
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Source: Sunridge Gold Corp. (TSX Venture:SGC)
http://www.sunridgegold.com
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Received on Wed Nov 05 2014 - 17:14:01 EST