Sunridge Gold Drills 51 Metres of 1.71 g/t Gold at Kodadu Target, Asmara
VANCOUVER, British Columbia -- March 7, 2013
Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX) (“Sunridge”) is pleased to report
that assay results have been received for all 21 holes of the recently
completed reverse-circulation drilling program on the Kodadu target located on
the Company's Asmara Project in Eritrea, East Africa. The program has
successfully intercepted significant gold mineralization in the oxide gold cap
of the Kodadu volcanic-massive-sulphide zone (gossan) as well as defining more
gold mineralization in a nearby shear zone. The results represent a new gold
discovery for Sunridge; previous drilling in the area targeted deeper
volcanogenic-massive-sulphide base metal mineralization (see map).
Fladgate Exploration Consulting Corporation has now been commissioned by the
Company to complete an initial resource calculation on the gold oxide zones at
Kodadu. The goal of the exploration work at Kodadu is to rapidly define a
resource that could be mined as feed to a central gold plant near the large
Emba Derho deposit.
*KD-002-R 51m of 1.71g/t Au
*KD-003-R 31m of 1.77g/t Au
*KD-004-R 22m of 1.66g/t Au
*KD-010-R 14m of 1.04g/t Au
*KD-016-R 33m of 1.15g/t Au
“The drill program at Kodadu has successfully intercepted significant near
surface gold mineralization and has provided enough information to begin work
on an initial resource estimate,” states Michael Hopley, President and CEO of
Sunridge. “This drilling program has again demonstrated the prolific potential
of the Asmara Project.”
The Kodadu target is located approximately 25 kilometers south of the large
Emba Derho copper-zinc-gold-silver deposit. Several gossans have been
identified by surface mapping that trend north-northeast for over 1.2
kilometre strike length and they have an average width of about 15 meters.
Typically these gossans have depths from surface of 30 to 35 meters.
In addition to the VMS style target described above, gold mineralization has
been identified in a one kilometer shear zone running parallel and about 100
meters west of the Kodadu gossans (see map). Geological mapping has shown the
zone to be approximately 30 meters wide.
A Full Summary of Results is as follows:
Drill Hole From Length Average
To Grade Zone
Number (metres) (meters) (meters)
KD-001-RC 3 30 27 1.08 Gossan
KD-002-RC 0 51 51 1.71 Gossan
KD-003-RC 0 31 31 1.77 Gossan
KD-004-RC 17 39 22 1.66 Gossan
KD-005-RC 13 30 17 1.18 Gossan
KD-006-RC 12 44 32 1.06 Gossan
KD-007-RC 12 24 12 0.46 Gossan
KD-008-RC 21 29 8 1.29 Gossan
KD-009-RC 7 27 20 1.05 Gossan
KD-010-RC 12 26 14 1.04 Gossan
KD-011-RC 0 18 18 0.43 Gossan
KD-012-RC 9 25 16 0.72 Gossan
KD-013-RC 0 11 11 0.81 Shear
KD-014-RC 0 15 15 0.64 Shear
KD-015-RC 15 36 21 0.99 Shear
KD-016-RC 46 79 33 1.15 Shear
KD-016-RC 51 67 16 2.3 Shear
KD-021-RC 9 10 1 1.19 Shear
Note: No significant assays in drill holes KD-017-RC, KD-018-RC, KD-019-RC and
Asmara Project Feasibility Study
The feasibility study on the four advanced deposits on the Asmara Project
remains on schedule to be completed in the second quarter of 2013. A positive
Asmara Project Prefeasibility Study was completed in May 2012 on these same
four deposits which demonstrated robust economics, with a pre-tax net present
value of $555 million with a 10% discount applied and an internal rate of
return of 27%.
1. All drill holes reported are reverse-circulation holes.
A Quality Assurance/Quality Control program was part of the sampling
program on the Kodadu prospect. This program includes chain of
2. custody protocols as well as systematic submittals of standards,
duplicates and blank samples into the flow of samples produced by the
Samples were prepared at African Horn Testing Services (Eritrea) and
3. analyzed at Genalysis Laboratories (a NATA registered laboratory) in
Perth, Western Australia.
Drilling intercepts lengths only are reported in the tabulations; it
4. is estimated that true width will be approximately 70% of the
mineralized intersections reported.
The results of the Kodadu drilling program have been reviewed by
Michael J. Hopley the Qualified Person for Sunridge. Mr. Hopley is
5. also the person responsible for preparation of the technical
information contained in this news release and is President and Chief
Executive Officer of 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 175 million shares
outstanding. 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
number listed below.
SUNRIDGE GOLD CORP.
“Michael Hopley” For further information contact:
Michael Hopley, President and Chief Greg Davis, VP Business Development
Tel: 604-688-1263 (direct)
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.
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.
Sunridge Gold Corp.
Greg Davis, 604-688-1263
VP Business Development
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