Sunridge Gold Commences Exploration Drilling Program on Asmara Project, Eritrea
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/02/12 -- Sunridge Gold Corp. (TSX VENTURE: SGC)(OTCQX: SGCNF) announces that it has started an exploration drilling program on several highly prospective exploration targets on the Asmara Project, Eritrea. One reverse-circulation drill has started drilling gold exploration targets on the Medrizien license. In addition, a diamond drill is expected to commence drilling within 3 weeks on the Adi Rassi target in the southern part of the Debarwa license (see map: http://media3.marketwire.com/docs/sgc2.pdf). The drills are expected to complete approximately 12,000 metres of drilling over the next 4 to 6 weeks.
Exploration Targets
The first targets to be drilled are a series of four, sub-parallel gold mineralized shear zones that can be followed over strike lengths of 1000 metres to several kilometres in length and 50 to 200 metres in width on the western part of the Medrizien exploration license. Many of these zones have been mined by Italian colonists by both open-pit and underground methods including the Hara Hot zone which was the largest single open-pit seen on the Asmara Project.
Sunridge geologists have mapped and sampled parts of the four shear zones in preparation for this drilling campaign. To date, a total of 450 rock chip and grab samples were taken from these 4 gold mineralized shear zones, from which 72 samples returned gold assays greater than 1 gram per tonne (g/t), including 16 samples with gold assays over 5 g/t with the best gold values of 68 g/t (grab sample) and a rock chip sample of 15.9 g/t over 2 metres.
In addition, a newly discovered gold mineralized shear zone on the eastern side of the Debarwa license will be drilled as part of the program. This zone, known as Adi Kubulo, can be traced for several kilometres with an average width of about 80 metres. Parts of this zone have been prospected and sampled by Sunridge geologists with 102 rock chip and grab samples taken so far with assays pending.
The first target to be drilled by the diamond drill will be the Adi Rassi prospect on the southern part of the Debarwa exploration license, located only about 10 kilometres southeast of the Debarwa VMS Deposit. This prospect is associated with a north trending shear zone about 600 metres long and averaging 70 metres wide mineralized with copper and gold within strongly foliated mafic tuff and flows steeply dipping to the west. The copper and gold mineralization occurs within quartz veins and along foliation plans.
Management believes that Adi Rassi could be a potentially large new copper and gold discovery based on earlier drilling results such as AR-002D: 84 metres with an average grade of 1.32 g/t gold and 0.84% copper; AR-003D: 25 metres with an average grade of 0.75 g/t gold; and 0.54% copper and AR-004D: 78 metres with an average grade of 0.22 g/t gold and 1.0% copper (see news release dated July 29, 2010).
Results from this drilling program are expected within about 2 months.
The Qualified Person responsible for the technical content of this release is Michael Hopley, President and Chief Executive Officer of Sunridge Gold Corp.
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 $7 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 numbers 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, labor 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