http://www.marketwatch.com/story/sunridge-gold-reports-completion-of-drill-program-and-channel-assay-results-from-kodadu-prospect-asmara-project-eritrea-2013-02-19
http://www.reuters.com/article/2013/02/19/sunridge-gold-idUSnBwL1LxFa+aa+BSW20130219
Press Release
Sunridge Gold Reports Completion of Drill Program and Channel Assay Results from Kodadu Prospect, Asmara Project, Eritrea
* Reuters is not responsible for the content in this press release. Tue Feb 19, 2013 7:00am EST
http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130219:nBw195748ahttp://www.businesswire.com/news/home/20130219005748/enVANCOUVER, British Columbia--(Business Wire)--Sunridge Gold Corp. (the "Company" or "Sunridge") (SGC:TSX.V/SGCNF:OTCQX) ispleased to report the completion of the reverse-circulation drill program aswell as encouraging initial assay results from channel samples from the Kodaduvolcanogenic-massive sulphide (VMS) and gold shear zone targets located on theCompany`s Asmara Project in Eritrea, East Africa. A reverse-circulation drill program announced on January 23 at the Kodadu VMSprospect has now been completed and assays are expected next month. A total of22 drill holes targeting the oxide gold cap of the Kodadu VMS mineral occurrenceand a nearby related gold mineralized shear zone were
drilled (see map). Thegoal of the program is to rapidly define a resource that could be mined as feedto a central gold plant near the large Emba Derho deposit. Sunridge has recently received assay results from 14 channels cut across thesurface of the Kodadu VMS gossan intermittently over a 1.2 kilometre strikelength as well as over part of the gold mineralized shear zone (see map). Theresults are summarized as follows: Channel Distance in Gold assays meters grams per tonne KD-CH-010 5.5 1.16 KD-CH-011 11.0 1.46 KD-CH-012 No significant values KD-CH-013 No significant values KD-CH-014 10.5
0.73 KD-CH-015 10.0 0.25 KD-CH-016 22.5 0.69 KD-CH-017 18.9 0.76 KD-CH-018 6.0 0.26 KD-CH-019 7.00 0.88 KD-CH-020 7.00 1.11 KD-CH-021 No significant values KD-CH-022 No significant values KD-CH-023 No significant values The Kodadu VMS target is located approximately 25 kilometers south of the largeEmba Derho copper-zinc-gold-silver deposit. Several gossans have been identifiedby surface mapping that trend north-northeast for
over 1.2 kilometre strikelength and they have an average width of about 10 meters. Typically thesegossans have depths from surface of 30 to 35 meters. In 2009 Sunridge completeda channel sampling program (channels 1 to 9) in which 87 samples were taken.This program returned 28 gold values of over 0.2g/t and the best values were10.67g/t over 14.7m, 2.3g/t over 8m and 1.79 g/t over 13.3m (see map). In addition to the VMS target described above, gold mineralization has beenidentified in a one kilometer shear zone running parallel and about 100 meterswest of the Kodadu gossans. Geological mapping has shown the zone to beapproximately 30 meters wide and historic gold values from trenches sampled by aprevious operator are reported as 3.85g/t over 50m; 2.05g/t over 50m; and11.87g/t over 8m. Asmara Project Feasibility StudyIn addition to the exploration ground held by Sunridge the Asmara Projectconsists of five defined mineral deposits; three
copper, zinc, gold and silverVMS deposits, a near-surface gold deposit and a shear-zone hosted copper-golddeposit. A feasibility study on four of these deposits that envisions anintegrated centralized mining operation was started in April 2012 and remains onschedule to be completed in the second quarter of 2013. A positive AsmaraProject Prefeasibility Study was completed in May 2012 on these same fourdeposits which demonstrated robust economics, with a pre-tax net present valueof $555 million with a 10% discount applied and an internal rate of return of27%. NOTES:1 All assays reported are from channel samples that were cut into bedrock by a hand-held diamond circular saw. The channels were about 5 centimeters in width and approximately 2 centimeters in depth. 2 A Quality Assurance/Quality Control program was part of the sampling program on the Kodadu gold prospect. 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 sampling. 3 Samples were prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth, Western Australia. 4 The results of the Kodadu channel sampling program have been reviewed by Michael J. Hopley the Qualified Person for Sunridge. 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.About Sunridge:Sunridge is a mineral exploration and development company focused on theacquisition, exploration, discovery and development of base and precious metaldeposits on the Asmara Project in Eritrea and exploration properties
inMadagascar. Sunridge currently has approximately 175 million shares outstandingand trades on the TSX Venture Exchange under the symbol SGC. For additionalinformation on the Company and its projects please view the slide show on ourwebsite at www.sunridgegold.com or call Greg Davis at the numbers listed below. SUNRIDGE GOLD CORP."Michael Hopley" Michael Hopley, President and Chief Executive Officer Neither the TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.This news release contains forward-looking statements that are based on theCompany`s current expectations and estimates. Forward-looking statements arefrequently characterized by words such as "plan," "expect," "project," "intend,""believe," "anticipate," "estimate," "suggest," "indicate" and other similarwords or statements that
certain events or conditions "may" or "will" occur.Such forward-looking statements involve known and unknown risks, uncertaintiesand other factors that could cause actual events or results to differ materiallyfrom estimated or anticipated events or results implied or expressed in suchforward-looking statements.Such factors include, among others: the actualresults of current exploration activities; conclusions of economic evaluations;changes in project parameters as plans continue to be refined; possiblevariations in ore grade or recovery rates; accidents, labor disputes and otherrisks of the mining industry; delays in negotiating a shareholders` agreementwith ENAMCO and obtaining governmental approvals or financing; and fluctuationsin metal prices.There may be other factors that cause actions, events or resultsnot to be as anticipated, estimated or intended.Any forward-looking statementspeaks only as of the date on which it is made and,
except as may be required byapplicable securities laws, the Company disclaims any intent or obligation toupdate any forward-looking statement, whether as a result of new information,future events or results or otherwise. Forward-looking statements are notguarantees of future performance and accordingly undue reliance should not beput on such statements due to the inherent uncertainty therein.To view the graphic associated with this release, please click on the followinglink:
http://www.usetdas.com/pr/sunridgegraphicfeb192013.jpgThis release is available in PDF. To view the PDF, please click on the followinglink:
http://www.usetdas.com/pr/sunridgegoldfeb192013.pdfSunridge Gold Corp.Greg Davis, 604-688-1263 (direct)VP Business Developmentgreg_at_sunridgegold.comCopyright Business Wire 2013
Received on Tue Feb 19 2013 - 10:06:59 EST
