From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Thu Jun 11 2009 - 17:05:56 EDT
Sunridge Gold Provides Exploration Update, Asmara Project, Eritrea
By: Marketwire .
Jun. 11, 2009 08:00 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/11/09 -- Sunridge Gold
Corp. ("Sunridge" or the "Company") (TSX VENTURE: SGC) provides an
update on recent exploration activities on its 650 square kilometre,
100% owned Asmara Project in Eritrea. Since acquiring the project in
2003, Sunridge has drilled over 140,000 metres and successfully defined
four significant deposits with independently estimated NI43-101
compliant mineral resources. A positive Preliminary Economic Assessment
Study (PEA) was announced on June 4, 2009 for the largest deposit, the
62 million tonne Emba Derho copper-zinc-gold deposit (for details refer
to Sunridge's news release NR 2008-20 dated October 31, 2008).
Recent exploration activities have been focused on advancing several new
high priority exploration targets to the drill ready stage. Exploration
work has consisted of geophysical and geochemical surveys in conjunction
with detailed geological mapping and sampling. These techniques,
particularly the use of ground gravity surveys, have historically shown
success in the Company's search for volcanogenic massive sulphide (VMS)
deposits on the Asmara Project and led to the discovery of the Emba
Derho deposit in early 2007.
This recent exploration work has outlined a number of strong gravity
anomalies - several of which are significantly larger and stronger than
the Emba Derho anomaly. Some of these gravity anomalies also have
coincident electromagnetic (EM) and soil geochemical anomalies, and are
located adjacent to known gossans - the weathered surface expression of
VMS-style mineralization.
Details of the recent exploration work on the four highest priority
targets are summarized below and a map showing their location can be
found here: http://media3.marketwire.com/docs/sgc611.pdf
1. Debarwa
Sunridge has previously conducted extensive drilling on the Debarwa
copper-zinc-gold VMS deposit on the Debarwa license establishing a
NI43-101 compliant resource of 4.477 million tonnes (for details refer
to Sunridge's news release NR 2008-03 dated January 23, 2008). Recent
geological ground work by Sunridge suggests the possibility of a
previously unknown parallel limb located 100 to 200 metres east of the
main Debarwa deposit. This geological concept is based on regional and
detailed local gravity surveys, re-logging of many historical drill
holes in the area, detailed geological and structural surface mapping
and the results of 15 lines of AMT (audio-magneto-telluric) survey which
define a strong and continuous anomaly over a strike length of 1,800
metres. The conceptual geological model suggests that this new target is
the eastern limb of an overturned anticline. Successful drilling of this
target would significantly enhance the existing Debarwa Deposit.
2. Dairo Paulos
This target is located about 10 kilometres south of and on the same VMS
trend as the Emba Derho deposit. Regional and local gravity surveys have
outlined a strong (over 2 milligals) and large (1.5 by 1.0 kilometre)
gravity anomaly coincident with nearby outcropping gossans with locally
anomalous copper-zinc-gold values in the soil survey as well as AMT
conductors over a 1,000 metre strike length. A drilling plan for this
target will be produced when the current detailed geological mapping is
completed.
3. Adi Rassi and Torat VMS and Gold Prospects
This cluster of targets is located on the Kodadu VMS trend, 4 kilometres
east of the Debarwa Deposit. To date gravity surveys and prospecting
have defined three anomalies that stretch for over 6 kilometres along a
northeast striking trend. Locally, a 600 metre long gossan outcrops from
which the Italian colonists reportedly mined remobilized gold and copper
from quartz veins, along a major shear zone. In 1997 Golden Star drilled
3 holes in this area and the best results were 14 metres grading 2.5 g/t
gold and 2.1% copper in diamond drill hole #2. Sunridge's management
believes that the geochemical and geophysical targets outlined to date
could represent the source of the remobilized gold and copper
mineralization mined by the Italians. The Company plans to drill some of
these targets in the next phase of drilling.
4. Adi Mussa
This target is located on a newly recognized northeast striking VMS
trend about 4 to 5 kilometres west of the Emba Derho-Dairo Paulos trend.
Gossans outcrop intermittently over a 600 metre strike length at Adi
Mussa. Exploration work to date, consisting of gravity, pulse EM, AMT
surveys and soil geochemistry has outlined a series of coincident
anomalies over 4 kilometres of strike length. Detailed geological
mapping is underway to understand the structure prior to formulating a
drill plan.
There are many more targets on the Asmara Project which were identified
by the property wide ground gravity survey. The Company will continue to
conduct further ground work on some of these targets with the objective
to bring them to the drill ready stage.
Stock Options
Pursuant to the Company's shareholder approved Stock Option Plan, the
Directors have today granted incentive Stock Options to Directors,
employees and consultants on 2,025,000 common shares of the Company's
capital stock, exercisable for up to five years at a price of $0.47,
which price is the closing price of the Company's shares prior to the
date of grant. The options granted will vest 50% on grant and 50% six
months from the date of grant and will be subject to any regulatory hold
periods.
About Sunridge
Sunridge Gold Corp. is a mineral exploration and development company
focused on the acquisition, exploration, discovery and development of
precious and base metal projects. The company is currently developing
base and precious metal deposits on the Asmara Project in Eritrea
including the recent completion of a positive Preliminary Economic
Assessment Study on the large Emba Derho Deposit. The Company has 62.4
million shares outstanding, approximately $5 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.
NOTES:
Mr. Michael J. Hopley is President and Chief Executive Officer of
Sunridge and the person responsible for preparation of the technical
information contained in this news release.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
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.
Don Halliday
Executive Vice President
604-899-1505 (direct)
donh@sunridgegold.com
Sunridge Gold Corp.
Greg Davis
VP Business Development
604-688-1263 (direct)
greg@sunridgegold.com
www.sunridgegold.com
http://au.sys-con.com/node/998472
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