Sunridge Gold Announces Drill Results from Gupo Gold Deposit, Asmara Project, Eritrea
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/06/11 -- Sunridge Gold Corp. (TSX VENTURE: SGC) announces it has received encouraging gold assays for the first 27 of 51 reverse-circulation drill holes from the recent program at the Gupo Gold deposit on the Company's 100% owned Asmara Project, Eritrea. The approximately 4,500 meter drilling program was 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.
Gold mineralization at Gupo extends over a strike length of 1.6 kilometers and is associated with stockwork quartz veins and a sericite alteration halo controlled by a shear zone. Current resources contain 189,000 ounces of gold at an average grade of 2.99 g/t (see details of resources at the end of this news release) The resource is at surface and extends down to 80 meters vertical depth and remains open. As can be seen in the attached map the results of these first 27 holes extend over only about a 600 metres strike length in the northern part of the deposit.
To view a map of the Gupo Gold 2011 Drill Program please visit the following link: http://media3.marketwire.com/docs/gupoMAP.pdf
Highlights
-- Drill hole GG-028-R intersected 37 meters averaging 1.51 g/t gold
-- Drill hole GG-030-R intersected 9 meters averaging 9.26 g/t gold
-- Drill hole GG-036-R intersected 47 meters averaging 2.13 g/t gold
-- Drill hole GG-039-R intersected 29 meters averaging 2.05 g/t gold
-- Drill hole GG-047-R intersected 64 meters averaging 1.25 g/t gold
'We are very pleased with the gold results in the first 27 holes,' commented Michael Hopley, President and CEO of Sunridge Gold. 'The results appear to support the previous resources and we hope that when we have received all the results the resource at Gupo will be both extended and upgraded and become part of proposed early mining operations at Asmara North.' A summary of significant results are as follows:
---------------------------------------------------------------
Interval
Drill Hole From Metres To Metres Meters Gold g/t
---------------------------------------------------------------
GG-027-R 28.00 31.00 3.00 0.66
---------------------------------------------------------------
GG-028-R 11.00 94.00 83.00 0.78
including 38.00 75.00 37.00 1.51
---------------------------------------------------------------
GG-029-R 9.00 17.00 8.00 0.96
and 58.00 69.00 11.00 0.72
---------------------------------------------------------------
GG-030-R 0.00 9.00 9.00 9.26
and 96.00 99.00 3.00 1.06
---------------------------------------------------------------
GG-031-R 2.00 7.00 5.00 1.68
and 53.00 57.00 4.00 0.92
and 84.00 93.00 9.00 0.82
and including 86.00 91.00 5.00 1.35
---------------------------------------------------------------
GG-032-R 12.00 29.00 17.00 1.31
and 63.00 70.00 7.00 1.09
and 76.00 78.00 2.00 0.66
and 85.00 88.00 3.00 0.57
---------------------------------------------------------------
GG-033-R 7.00 28.00 21.00 0.97
including 12.00 26.00 14.00 1.38
and 44.00 49.00 5.00 0.58
---------------------------------------------------------------
GG-034-R 52.00 54.00 2.00 0.95
and 84.00 100.00 16.00 0.51
including 92.00 98.00 6.00 1.04
---------------------------------------------------------------
GG-035-R 58.00 66.00 8.00 0.65
and 74.00 78.00 4.00 0.85
---------------------------------------------------------------
GG-036-R 17.00 64.00 47.00 2.13
including 17.00 47.00 30.00 3.28
---------------------------------------------------------------
GG-037-R 5.00 26.00 21.00 1.11
---------------------------------------------------------------
GG-038-R 75.00 87.00 12.00 1.40
including 81.00 87.00 6.00 2.59
---------------------------------------------------------------
GG-039-R 5.00 91.00 86.00 0.83
including 7.00 36.00 29.00 2.05
---------------------------------------------------------------
GG-040-R no significant results
---------------------------------------------------------------
GG-041-R 33.00 35.00 2.00 0.55
---------------------------------------------------------------
GG-042-R 23.00 25.00 2.00 1.22
---------------------------------------------------------------
GG-043-R 0.00 17.00 17.00 1.10
including 8.00 17.00 9.00 1.45
and 96.00 99.00 3.00 0.77
---------------------------------------------------------------
GG-044-R 8.00 46.00 36.00 0.77
including 9.00 17.00 8.00 1.41
and 74.00 80.00 6.00 1.67
and 92.00 96.00 4.00 0.98
---------------------------------------------------------------
GG-045-R 0.00 37.00 37.00 0.75
including 0.00 21.00 21.00 0.95
---------------------------------------------------------------
GG-046-R 52.00 92.00 40.00 0.53
including 59.00 74.00 15.00 1.05
---------------------------------------------------------------
GG-047-R 10.00 74.00 64.00 1.25
including 10.00 25.00 12.00 3.04
---------------------------------------------------------------
GG-048-R 0.00 18.00 18.00 1.03
and 52.00 55.00 3.00 0.64
and 72.00 76.00 4.00 0.54
---------------------------------------------------------------
GG-049-R no significant results
---------------------------------------------------------------
GG-050-R 22.00 33.00 11.00 0.98
---------------------------------------------------------------
GG-051-R 28.00 31.00 3.00 0.51
and 75.00 81.00 6.00 0.74
---------------------------------------------------------------
GG-052-R 49.00 52.00 3.00 1.34
---------------------------------------------------------------
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.
4. A description of the geology, sampling procedures, and the Company's laboratory Quality Assurance / Quality Control procedures are as described in each of the Company's most recent National Instrument 43-101 Technical Reports filed and dated March 15, 2007. These reports are available on the Company's profile at 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
-------------------------------------------------------
Average Gold Grade
Tonnes g/t Ounces of Gold
-------------------------------------------------------
1,965,000 2.99 189,000
-------------------------------------------------------
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 $20 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.
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.com
www.sunridgegold.com