From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Thu Oct 30 2008 - 15:52:05 EST
http://www.msnbc.msn.com/id/27475098/
Sunridge Gold Files Emba Derho Technical Report
updated 1:32 p.m. ET Oct. 31, 2008
VANCOUVER, BRITISH COLUMBIA -- 10/31/08 -- Sunridge Gold Corp. (TSX
VENTURE: SGC) (the "Company") has filed the Technical Report supporting
the updated Emba Derho mineral resources that were announced on
September 17, 2008. This announcement concerned resources for only the
Primary zone at Emba Derho. The Technical Report titled "Emba Derho
Project, Eritrea, Mineral Resource Estimate" prepared by Wardrop
Engineering Inc. ("Wardrop") an independent and internationally
operating geological and mining consultancy firm based in the U.K. also
reports the estimated gold resources contained in the uppermost oxide
zone. The resource estimates as of September 17th and October 30th, 2008
were carried out by Wardrop's Paul Gribble, C.Eng, FIMMM an independent
Qualified Person as defined by NI 43-101.
Emba Derho is a copper-zinc-gold volcanogenic massive sulphide (VMS)
deposit located on the Company's 100% owned Asmara Project in Eritrea.
The updated resource estimate reported on September 17 2008 resulted in
a 35% increase in contained copper, a 20% increase in contained gold and
an 11% increase in contained zinc content all within the Indicated
Resource category within the massive sulphide zone compared to the
previous estimate. The updated total Indicated Resources in the primary
copper and zinc zones are now estimated to be 58.97 million tonnes
containing 990 million pounds of copper, 1,900 million pounds of zinc,
485 thousand ounces of gold and 19.5 million ounces of silver. In
addition the oxide zone contains an additional 94,000 ounces of gold in
the Indicated category.
Wardrop has also been retained to complete a Preliminary Assessment
Study ("PAS") for the Emba Derho deposit. This study is ongoing and
should be completed before year end.
As of September 30, 2008 the Company had $7,500,000 in its treasury. The
Company has recently reduced expenditures significantly and does not
plan to continue future expenditures at the same aggressive rate as it
has for the first nine months of calendar 2008.
The Emba Derho copper-zinc-gold deposit is located approximately 12
kilometres northwest of the Eritrean capital city of Asmara and has
excellent infrastructure including paved roads, power, water, an
international airport and a sea port only 120 kilometres away by paved
road or railway.
Summary of Indicated Mineral Resources at Emba Derho
------------------------------------------------------------------------
--
Cut-off Million Copper Zinc Gold
Silver
Zone grade Tonnes % % g/t
g/t
------------------------------------------------------------------------
--
Gold Oxide 0.2 g/t Au 3.51 0.06 0.04 0.84
5.14
------------------------------------------------------------------------
--
Copper-rich Primary 0.5% Cu 38.425 1.02 0.99 0.18
9.31
------------------------------------------------------------------------
--
Zinc-rich Primary 1.0% Zn 20.545 0.28 2.35 0.39
12.13
------------------------------------------------------------------------
--
Total Contained Metal in Indicated Mineral Resources at Emba Derho
------------------------------------------------------------------------
--
Million Million Thousand
Million
Cut-off Million pounds pounds ounces
ounces
Zone grade Tonnes Cu Zn Au
Ag
------------------------------------------------------------------------
--
Gold Oxide 0.2 g/t Au 3.506 5 3 94.4
0.58
------------------------------------------------------------------------
--
Copper-rich
Primary 0.5% Cu 38.425 862 835 228
11.5
------------------------------------------------------------------------
--
Zinc-rich
Primary 1.0% Zn 20.545 127 1,064 258
8.0
------------------------------------------------------------------------
--
62.476 993 1,902 580
20.1
------------------------------------------------------------------------
--
Note: Contained metal estimates are rounded and remain subject to
factors
such as mining dilution and process recovery losses.
INFERRED RESOURCES:
In addition to the Indicated Resources the estimated Inferred Resource
at Emba Derho contributes an additional 41 million pounds of copper, 63
million pounds of zinc, 13,000 ounces of gold, and 700,000 ounces of
silver.
Summary of Inferred Mineral Resources at Emba Derho
------------------------------------------------------------------------
--
Cut-off Million Copper Zinc Gold
Silver
Zone grade Tonnes % % g/t
g/t
------------------------------------------------------------------------
--
Gold Oxide 0.2 g/t Au 0.05 0.04 0.03 1.19
4.37
------------------------------------------------------------------------
--
Copper-rich Primary 0.5% Cu 1.075 1.7 2.3 0.3
18
------------------------------------------------------------------------
--
Zinc-rich Primary 1.0% Zn 0.156 0.3 2.6 0.3
16
------------------------------------------------------------------------
--
Total Contained Metal in Inferred Mineral Resources at Emba Derho
------------------------------------------------------------------------
--
Million Million Thousand
Million
Cut-off Million pounds pounds ounces
ounces
Zone grade Tonnes Cu Zn Au
Ag
------------------------------------------------------------------------
--
Gold Oxide 0.2 g/t Au 0.05 0.1 0.1 1.9
0.01
------------------------------------------------------------------------
--
Copper-rich
Primary 0.5% Cu 1.075 40 55 9.8
0.6
------------------------------------------------------------------------
--
Zinc-rich
Primary 1.0% Zn 0.156 1 9 1.3
0.1
------------------------------------------------------------------------
--
1.28 41 63 13
0.7
------------------------------------------------------------------------
--
Note: Contained metal estimates are rounded and remain subject to
factors
such as mining dilution and process recovery losses.
Emba Derho Resource Estimate Methodology
The Emba Derho deposit has three distinct zones of mineralization, a
surface oxide gold zone from which most base metals have been leached
and a small copper-rich supergene zone which in turn is underlain by the
primary sulphide zone. The primary sulphide zone is divided into a
zinc-rich mineralization (zinc-rich primary sulphide) zone which is
underlain by a copper-rich primary sulphide zone (copper-rich primary
sulphide). For the purpose of this resource estimate the minor supergene
zone tonnage is included within the primary sulphide zone although it
was modelled and estimated separately. Because of the mineral zonation
the resources have been reported according to the following cut-off
scenarios:
- 0.2 g/t gold cut-off for the gold-rich oxide zone;
- 1.0% zinc cut-off grade for the zinc-rich primary zone, and
- 0.5% copper cut-off grade for the copper-rich zone.
The Emba Derho deposit is a copper/zinc/gold/silver volcanogenic
massive-sulphide (VMS) deposit that has been defined by Sunridge in 252
drill holes over a strike length of 1,200 metres, a width of
approximately 100 metres to 600 metres and down to a depth of about 400
metres from surface. The resource estimate was completed by Wardrop
using industry standard methods in accordance with CIM and NI 43-101
requirements, utilizing Gemcom Surpac modeling software. The estimate
was based upon data from 252 diamond drill holes (total of approximately
62,000 metres) and a geological model supplied to Wardrop by Sunridge
geological staff. The geological model created by Sunridge staff used 40
metre cross-section spacings. Ordinary kriging was used to estimate
grades into blocks with dimensions of 15 m (easting), 15 m (northing)
and 5 m (RL). The search ellipsoid dimensions and directions chosen for
the grade interpolation process were metal specific.
Specific gravities used in the model were based on 827 specific gravity
measurements made on drill core. Block density values were assigned in
the supergene and primary sulphide zone using a regression formula
applied to Cu, Pb, Zn and Fe block grades.
It is anticipated that the potential mining of the mineralized zone
would be by open-pit methods.
Additional Potential
The foregoing Indicated and Inferred resource estimates do not include
an additional drill holes completed since this resource estimate was
prepared. Some of these drill holes tested the underlying primary
sulphide zone and might result in further increases in tonnages and
grade.
The Company has three other deposits on its 100% owned Asmara Project in
Eritrea which are the Debarwa copper/zinc/gold VMS deposit, the Adi
Nefas zinc/gold VMS deposit and the Gupo Gold deposit. The Adi Nefas and
Gupo Gold deposits are located less than 6 kilometres from Emba Derho
deposit.
Sunridge Gold Corp. is a mineral exploration company focused on the
acquisition, exploration, discovery and development of precious and base
metal projects. The Company has 62.2 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 Don Halliday or Greg
Davis at the numbers listed below.
NOTES:
1. The Emba Derho deposit is layered into distinct metal zones as is the
case in most of these types of VMS deposits therefore the upper oxide
gold zone, the primary zinc-rich zone and copper-rich zone are reported
separately. The copper-rich primary sulphide zone is defined as those
blocks that have a grade of 0.5% copper or greater; the zinc-rich
primary sulphide zone is defined as those blocks that have an average
grade of 1.0% zinc or greater, but less than 0.5% Cu. There is also an
"overlap" copper/zinc zone where blocks meet both critirea. In the
previous resource estimate by MSA Geoservices (December 2007) the
overlap zone was included with the zinc-rich primary sulphide zone. In
this updated resource estimate it was decided to include the overlap
zone in the copper-rich sulphide zone.
2. A Quality Assurance/Quality Control program was part of the drilling
program on the Emba Derho deposits. This program includes chain of
custody protocols as well as systematic submittals of standards,
duplicates and blank samples into the flow of samples produced by the
drilling. The database archive used by Wardrop in the estimate of the
resources at Emba Derho was reviewed and verified by Paul Gribble, a
Qualified Person as defined by NI 43-101.
3. A description of the geology, sampling procedures, and the Company's
laboratory Quality Assurance / Quality Control procedures is described
in the filed NI 43-101 Technical Report described in this release.
4. Samples from the drilling were prepared at African Horn Testing
Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA
registered laboratory) in Perth, Western Australia and also at ALS
Chemex Laboratories in Romania.
5. The results of the Wardrop resource estimate have been reviewed by
Sunridge technical staff including Michael J. Hopley the Qualified
Person for Sunridge. The Company believes that the Wardrop resource
estimate for Emba Derho was conducted in a professional and competent
manner. Mr. Hopley is also the person responsible for preparation of the
technical information contained in this news release and is President
and Chief Executive Officer of Sunridge.
6. Inferred Resources are resources that have not been defined in
sufficient detail to be characterized as Measured or Indicated
Resources. Mineral resources have not had economic considerations
applied to them and are therefore not characterized as Mineral Reserves.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
Contacts:
Sunridge Gold Corp.
Don Halliday
Executive Vice President
(604) 899-1505 (direct)
Email: odealmeida@sunridgegold.com
Sunridge Gold Corp.
Greg Davis
VP Business Development
(604) 688-1263 (direct)
Email: greg@sunridgegold.com
Website: www.sunridgegold.com
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