Vancouver – After ten years in Eritrea Sanu Resources (SNU-V) has defined its first resource in the West African country, proving up significant zinc, copper, silver, and gold counts at the Hambok volcanogenic massive sulphide (VMS) discovery.
Hambok is in western Eritrea, 15 km southwest of the Bisha VMS deposit that Nevsun Resources (NSU-T) is currently developing in partnership with the Eritrean government. Sanu discovered Hambok in March 2006 and has since drilled 61 holes into the project.
The work defined a deposit that now hosts 10.7 million indicated tonnes grading 2.25% zinc, 0.98% copper, 6.84 grams silver per tonne, and 0.2 gram gold per tonne and 17 million inferred tonnes grading 1.74% zinc, 0.85% copper, 5.89 grams silver, and 0.19 gram gold, using a 0.75% zinc cut-off grade.
The deposit contains a higher-grade core. When the zinc cut-pff grade is raised to 2%, indicated resources come in at 5.1 million tonnes grading 3.24% zinc, 1.12% copper, 7.81 grams silver, and 0.21 gram gold. Inferred resources add 5.1 million tonnes grading 2.81% zinc, 0.96% copper, 6.2 grams silver, and 0.19 gram gold.
The Hambok VMS deposit consists of several stacked lenses that dip 60 to 70 degrees to the east. The zone stretched 1,000 metres along strike and extends to 400 metres depth. In its thicker sections the massive sulphide system is more than 50 metres wide; these thicker sections also carry the deposit’s high-grade material. One of the best intercepts at Sanu returned 5.9% zinc and 1.8% copper over 18 metres.
Sanu began exploring in Eritrea in 1998 and currently holds exploration licences covering 1,080 sq. km of ground in the geological belt that hosts Bisha, where Nevsun has proven up 27 million tonnes of measured and indicate resources containing 1.6 million oz. gold, 35.6 million oz. silver, 1 billion lbs. copper, and 2 billion lbs. zinc.
Sanu discovered Hambok in the way many discoveries are made: by identifying a confluence of geophysical and soil sampling anomalies. The data led geologists to a low hill of siliceous ferruginous breccia and a nearby gossan outcrop. Follow-up mapping outlined a train of gossan float 400 metres long.
The project is 200 km west of the capital city of Asmara. Sanu holds 90% of its Eritrean properties; the government retains a 10% carried interest and has the right to acquire an additional participatory interest in any discovery.
Sanu’s share price gained just a penny on news of the resource estimate to close at 19¢. The company has a 52-week trading range of 6¢ to 98¢ and has 50 million shares outstanding.
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