By Sunridge Gold,
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.
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.
DRILL HIGHLIGHTS:
- 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 Number | From (metres) | To (meters) | Length (meters) | Average Grade g/t gold | Zone |
|---|---|---|---|---|---|
| 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 zone |
| KD-014-RC | 0 | 15 | 15 | 0.64 | Shear zone |
| KD-015-RC | 15 | 36 | 21 | 0.99 | Shear zone |
| KD-016-RC | 46 | 79 | 33 | 1.15 | Shear zone |
| KD-016-RC | 51 | 67 | 16 | 2.3 | Shear zone |
| KD-021-RC | 9 | 10 | 1 | 1.19 | Shear zone |
Note: No significant assays in drill holes KD-017-RC, KD-018-RC, KD-019-RC and KD-020-RC.
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%.
NOTES:
- 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 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.
- Drilling intercepts lengths only are reported in the tabulations; it 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 also the person responsible for preparation of the technical information contained in this news release and is President and Chief Executive Officer of Sunridge.
