Ocean Equities says recent exploration success adds "significant value" to
Sunridge Gold
16/08/2012
9:27 am by
<
http://www.proactiveinvestors.com/pages/the_team#Joyanta%20Acharjee>
Joyanta Acharjee
Capital markets firm Ocean Equities has commented on recent drilling results
from
<
http://www.proactiveinvestors.com/companies/overview/650/Sunridge+Gold>
Sunridge Gold Corp's (
<
http://www.proactiveinvestors.com/companies/overview/650/sunridge-gold-0650
.html> CVE:SGC)(OTCQX:SGCNF) Adi Rassi copper-gold prospect, part of the
company's Asmara Project in Eritrea.
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.
Earlier this month, Sunridge said the results from Adi Rassi continued to
show wide copper and gold intercepts and confirms management's belief that
Adi Rassi is a new large copper-gold discovery that has the potential to
become Sunridge's fifth deposit on the Asmara Project.
"Exploration success at Adi Rassi to add significant value to Sunridge's
portfolio," Ocean Equities said in a note.
Sunridge said that the copper-gold mineralized zone has now been defined
over about 400 metres strike length, 40 to 100 metres in width and to a
vertical depth of 330 metres. The zone remains open and Sunridge is now
planning the next phase of drilling and completion of an initial resource
estimate on the Adi Rassi deposit.
Amongst the highlights, hole AR-013-D encountered 0.80% copper and 1.01
grams per tonne (g/t) gold over 56.17 metres; AR-014-D drilled for 49.65
metres averaging 0.31% copper and 0.47 g/t gold; hole AR-016-D discovered
0.52% copper and 0.34 g/t gold over 74.26 metres; AR-017-D drilled 38.20
metres averaging 1.50% copper and 0.50 g/t gold and hole AR-018-D
encountered 0.54% copper and 0.43 g/t gold over 99 metres.
"Given the impressive first set of exploration drill results from Adi Rassi
there is the potential that Adi Rassi may become Sunridge's second largest
asset behind Emba Derho and potentially provide the economics to be
developed as a stand alone asset or processed in association with Sunridge's
other assets," Ocean Equities said.
Based on the results of a prefeasibility study for the Asmara Project
released earlier this year, Ocean Equities has established a valuation
target of $0.68 per share.
"Entry to Sunridge at this level offers considerable upside to investors as
the company moves to completion of a full feasibility study at Asmara."
'Exploration success at Adi Rassi to add significant value to Sunridge's
portfolio,' Ocean Equities said in a note."Exploration success at Adi Rassi
to add significant value to Sunridge's portfolio," Ocean Equities said in a
note.
Received on Thu Aug 16 2012 - 21:01:27 EDT
