Sunridge Gold Corp. (the 'Company? or 'Sunridge?)
(SGC:TSX.V/SGCNF:OTCQX) is pleased to report the completion of the
reverse-circulation drill program as well as encouraging initial assay
results from channel samples from the Kodadu volcanogenic-massive
sulphide (VMS) and gold shear zone targets located on the Company′s
Asmara Project in Eritrea, East Africa.
A reverse-circulation drill program announced on January 23 at the
Kodadu VMS prospect has now been completed and assays are expected next
month. A total of 22 drill holes targeting the oxide gold cap of the
Kodadu VMS mineral occurrence and a nearby related gold mineralized
shear zone were drilled (see map). The goal of the program is to rapidly
define a resource that could be mined as feed to a central gold plant
near the large Emba Derho deposit.
Sunridge has recently received assay results from 14 channels cut across
the surface of the Kodadu VMS gossan intermittently over a 1.2 kilometre
strike length as well as over part of the gold mineralized shear zone
(see map). The results are summarized as follows:
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
| Channel |
?
|
?
|
?
| Distance in meters |
?
|
?
|
?
| Gold assays grams per tonne |
KD-CH-010
|
?
|
?
|
?
|
5.5
|
?
|
?
|
?
|
1.16
|
KD-CH-011
|
?
|
?
|
?
|
11.0
|
?
|
?
|
?
|
1.46
|
KD-CH-012
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
No significant
values
|
KD-CH-013
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
No significant
values
|
KD-CH-014
|
?
|
?
|
?
|
10.5
|
?
|
?
|
?
|
0.73
|
KD-CH-015
|
?
|
?
|
?
|
10.0
|
?
|
?
|
?
|
0.25
|
KD-CH-016
|
?
|
?
|
?
|
22.5
|
?
|
?
|
?
|
0.69
|
KD-CH-017
|
?
|
?
|
?
|
18.9
|
?
|
?
|
?
|
0.76
|
KD-CH-018
|
?
|
?
|
?
|
6.0
|
?
|
?
|
?
|
0.26
|
KD-CH-019
|
?
|
?
|
?
|
7.00
|
?
|
?
|
?
|
0.88
|
KD-CH-020
|
?
|
?
|
?
|
7.00
|
?
|
?
|
?
|
1.11
|
KD-CH-021
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
No significant
values
|
KD-CH-022
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
No significant
values
|
KD-CH-023
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
No significant
values
|
|
?
|
?
|
?
| |
?
|
?
|
?
| |
The Kodadu VMS 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
10 meters. Typically these gossans have depths from surface of 30 to 35
meters. In 2009 Sunridge completed a channel sampling program (channels
1 to 9) in which 87 samples were taken. This program returned 28 gold
values of over 0.2g/t and the best values were 10.67g/t over 14.7m,
2.3g/t over 8m and 1.79 g/t over 13.3m (see map).
In addition to the VMS 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. Geological mapping has shown the
zone to be approximately 30 meters wide and historic gold values from
trenches sampled by a previous operator are reported as 3.85g/t over
50m; 2.05g/t over 50m; and 11.87g/t over 8m.
Asmara Project Feasibility Study
In addition to the exploration ground held by Sunridge the Asmara
Project consists of five defined mineral deposits; three copper, zinc,
gold and silver VMS deposits, a near-surface gold deposit and a
shear-zone hosted copper-gold deposit. A feasibility study on four of
these deposits that envisions an integrated centralized mining operation
was started in April 2012 and 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%.
NOTES:
All assays reported are from channel samples that were cut into
bedrock by a hand-held diamond circular saw. The channels were about 5
centimeters in width and approximately 2 centimeters in depth.
A Quality Assurance/Quality Control program was part of the sampling
program on the Kodadu gold prospect. This program includes chain of
custody protocols as well as systematic submittals of standards,
duplicates and blank samples into the flow of samples produced by the
sampling.
Samples were prepared at African Horn Testing Services (Eritrea) and
analyzed at Genalysis Laboratories (a NATA registered laboratory) in
Perth, Western Australia.
The results of the Kodadu channel sampling program have been reviewed
by Michael J. Hopley the Qualified Person for Sunridge. Mr. Hopley is
also the person responsible for preparation of the technical
information contained in this news release and is President and Chief
Executive Officer of Sunridge.
About Sunridge:
Sunridge is a mineral exploration and development company focused on the
acquisition, exploration, discovery and development of base and precious
metal deposits on the Asmara Project in Eritrea and exploration
properties in Madagascar. Sunridge currently has approximately 175
million shares outstanding and 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 or call Greg Davis at the numbers listed below.
SUNRIDGE GOLD CORP.
'Michael Hopley?
Michael Hopley, President and Chief Executive Officer
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 continue to be refined; possible variations in ore grade or
recovery rates; accidents, labor disputes and other risks of the mining
industry; delays in negotiating a shareholders′ agreement with ENAMCO
and 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.
To view the graphic associated with this release, please click on the
following link:
This release is available in PDF. To view the PDF, please click on the
following link:
