Vancouver –Sunridge Gold (SGC-V) has released its second round of drill results in two weeks, with more significant gold-copper-silver hits at its Asmara project in Eritrea.
The results are part of an ongoing drill program to better define the copper, gold and zinc zones at the Debarwa deposit. With roughly 50 diamond drill holes completed and five more to go, the company expects to have enough results for an updated resource estimate in March.
Targeting the shallow, outcropping gold-rich oxide zone and at times the copper-enriched supergene zone beneath, hole 130 hit 31.9 metres grading 5.72% copper and 2.13 grams gold per tonne; hole 131 cut 0.3 metres carrying 11% copper and 4.19 grams gold; hole 132 returned 13.5 metres grading 16.22% copper and 3.22 grams gold; and hole 135 cut 25.5 metres averaging 11.22% copper and 1.75 grams gold.
Targeting the deeper primary zone of copper-gold-zinc mineralization, hole 138 cut 16.5 metres carrying 3.66% copper, 2.43 grams gold and 7.15% zinc and hole 139 hit 4.5 metres grading 2.04% copper, 1.14 grams gold and 11.8% zinc.
Sunridge released further results in January including hole 129 that hit 22 metres grading 13.41% copper and 4 grams gold and 19.2 metres carrying 12.65% copper and 2.28 grams gold.
Results from both rounds of drilling also included significant silver grades.
Debarwa is a VMS deposit roughly 8 metres by 30 metres in width. The deposit is one of four deposits that comprise the Asmara project, which lies roughly 25 km south of the capital city of Asmara.
As of an early 2008 resource, the deposit hosts 2.4 million indicated tonnes in the oxide zone grading 1.71 grams gold, 13.79 grams silver, 0.12% copper and 0.09% zinc. In the supergene zone, the resource hosts 1.3 million tonnes grading 1.54 grams gold, 33.87 grams silver, 5.36% copper and 0.08% zinc. Finally, in the primary zone, there is a further 0.7 million tonnes grading 0.87 grams gold, 22.31 grams silver, 2.53% copper and 3.23% zinc.
The company is working on a feasibility study that will consider a standalone processing plant as well as a shorter-term high-grade direct shipping option to generate early cash flow. The study is expected to be completed by the third quarter of 2011.
Sunridge’s share price climbed 29¢ to $1.29 on the day with 2.3 million shares traded. The company hit a 52-week high of $1.58 in November after climbing steeply from 34¢ in May. The company has 116.5 million shares outstanding.
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