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 TSX.V; SGC
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Company Statement
Sunridge Gold Corp. (SGC-TSX-V) is a junior company that has successfully defined four independently estimated 43-101 mineral deposits on the Asmara Project, Eritrea in East Africa. A positive scoping study on the large Emba Derho copper-zinc-gold deposit was completed in June 2009.
The four deposits have total indicated 43-101-resources containing:
- 1.28 billion pounds. of copper
- 2.5 billion pounds of zinc
- 1.05 million ounces of gold
- 31.2 million ounces of silver
Sunridge recently entered into a strategic partnership with Antofagasta Minerals S.A. whereby Antofagasta has agreed to fund US $10,000,000.in exploration work on areas of the Asmara Project and has become the Company's largest shareholder through a US $5.0 million private placement.
Current Operations
Asmara Project, Eritrea
Asmara Project, Eritrea
Highlights
- Four NI 43-101 approved deposits defined to date:
- Emba Derho VMS Deposit: copper-zinc-gold, potential large open pit mine. Positive Preliminary Economic Assessment announced June 4, 2009
- Debarwa VMS Deposit: copper-gold-zinc deposit, possible low cost, high grade copper and gold operation.
- Adi Nefas VMS Deposit: zinc-copper-gold, located 6 km from Emba Derho.
- Gupo Gold: shallow gold deposit, possible low cost operation. - Total indicated 43-101-resources to date contained in Four deposits:
- 1.28 billion pounds. of copper,
- 2.5 billion pounds of zinc,
- 955,000 ounces of gold, and
- 31.2 million ounces of silver - Major exploration upside -- geologically rich area. Several high priority drill ready VMS targets.
- Excellent infrastructure -- power, roads, railway, airport etc
- Strong government support
Location and History
The Asmara Project approximately 700 square kilometres in central Eritrea, located immediately to the north, south and west of the capital city of Asmara. The infrastructure is excellent with roads, power, water and airports servicing the project area.
Sunridge Gold entered into a joint venture agreement in 2003 and has now earned 100% of the project. The Eritrean government has a 10% free carried interest.
Sunridge has drilled over 130,000 metres on the Asmara project since acquiring the project.
Eritrea
Eritrea is a country with immense geological potential with several high-grade Volcanogenic massive sulphide (VMS) discoveries being made in the past five years including several within Sunridge Gold's Asmara Project.
The country has been run by a transitional government since independence on May 24, 1993. There are approximately four million people in the country whom depend largely on subsistence agriculture. The mining code is based on the mining code of the Northern Territories of Australia with a royalty of 5% on precious metal, 3% on base metals and tax rate of 35%.
Eritrea has a moderate climate and excellent infrastructure for Sunridge Gold's project with roads, railroads, international airports and a port 120 km away.
Development Projects
Emba Derho (VMS Deposit)
Approx 62.5 m/tonnes containing 990 m lbs Cu, 1.9 billion lbs Zn, 580,000 ozs Au & 20.8 m/ozs Ag. Positive PEA completed June 4, 2009
Debarwa (VMS Deposit)
4.4 m/tonnes including copper zone with 1.3 m/tonnes 5.36% Cu, 1.54 g/t Au, 33.87 g/t Ag. Open for expansion in several directions.
Adi Nefas (VMS Deposit)
2.7 m/tonnes grading 8.38% Zn, 2.85 g/t Au, 1.39 % Cu,
& 99.30 g/t Ag. Potential to add to Emba Derho future mine plan
Gupo (Gold Deposit)
1,965,000 tonnes grading 2.99 g/t Au totaling 189,000 ounces gold.
Exploration Targets
Recent exploration activities have been focused on advancing several new high priority exploration targets to the drill ready stage. Exploration work has consisted of geophysical and geochemical surveys in conjunction with detailed geological mapping and sampling. These techniques, particularly the use of ground gravity surveys, have historically shown success in the Company's search for volcanogenic massive sulphide (VMS) deposits on the Asmara Project and led to the discovery of the Emba Derho deposit in early 2007.
This recent exploration work has outlined a number of strong gravity anomalies - several of which are significantly larger and stronger than the Emba Derho anomaly. Some of these gravity anomalies also have coincident electromagnetic (EM) and soil geochemical anomalies, and are located adjacent to known gossans - the weathered surface expression of VMS-style mineralization.
Geographical Spread
East Africa and Madagasca
Board of Directors and Key Management
| Michael Hopley | President, Director and CEO |
| Don Halliday | Executive VP of Corporate Development |
| Greg Davis | Vice-President of Business Development |
| Dr. Neil O'Brien | Director |
| Craig A. Angus | Director |
| Steve Gatley | Director |
| Ricardo Muhr | Director |
| Mark Corra | Director |
| Eric Edwards | Director |
| David Daoud | Exploration Manager |
| Doris Meyer | CFO, Director and Corporate Secretary |
Company AddressSuite 1490 - 1075 W Georgia Street
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Additional Address/Key ContactCorporate Office: |
CapitalShares outstanding: 76,171,765
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Major Shareholders
| Antofagasta Minerals S.A. (Sierra Gorda Investment Comp.) | 17.9% |
| Lundin Mining | 12.2% |
Related News
09/12/09 - Sunridge Gold Has A Promising Flagship Development Project In Eritrea, And A Weighty Partner To Help It Work Over The Rest Of Its GroundMost Recent Statement
06/01/10 - Sunridge Gold Increases Size Of Asmara Project, Eritrea By 60%29/12/09 - Sunridge Gold's 2010 Exploration Plans for Asmara Project, Eritrea
02/12/09 - Sunridge Gold Drills 15.67 Metres of 10.21% Copper and 2.01 G/T Gold at the Debarwa Deposit, Asmara Project, Eritrea
16/11/09 - Sunridge Gold Appoints New Director And Provides Update On Antofagasta Asmara Project Joint-Venture Exploration Program
04/11/09 - Sunridge Gold Provides Drilling Update On The Asmara Project
02/10/09 - Sunridge Gold Closes Private Placement And Definitive Exploration Agreement With New Partner Antofagasta Minerals S.A.