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SGCNF: effective Dec. 9,2016: Final Liquidation Distribution (CAD$0.03/share). Transfer book closed. Company is dissolved.
FINRA will delete the symbol.
http://otce.finra.org/DLDeletions
Humpty Dumpatola.
WOW what happened?
Thanks dayneyus, will check it out.
Thanks for the up date been in this for years, its been a great ride. Another sleeper you might want to look at GDLNF . one of the worlds largest deposit of REEs and U 308
http://www.ggg.gl/docs/ASX-announcements/progressing-to-permitting_1504869.pdf?utm_source=Mining+License+Application+Guidance+Phase+to+Commence&utm_campaign=Mining+License+Application+Guidance+Phase+to+Commence&utm_medium=email
SGCNF Sunridge Gold (.18) focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara copper-zinc-gold project (the "Asmara Project") in Eritrea, Africa.
The Asmara Project is on track to commence production in 2015. At full production, the mine will produce an average annual production of 65 million lbs (29,000 t) copper, 184 million lbs. (83,000 t) zinc, 42,000 oz gold, and 1 million oz silver over the first 8 years. The life of mine is 17 years.
Website: http://www.sunridgegold.com/s/Home.asp
TSX: http://web.tmxmoney.com/quote.php?qm_symbol=SGC
Pinksheets: http://www.otcmarkets.com/stock/SGCNF/quote
IHUB: http://investorshub.advfn.com/boards/board.aspx?board_id=23782
chart]stockcharts.com/c-sc/sc?s=SGC.V&p=D&yr=1&mn=0&dy=0&i=p49049805128&r=1428948098813[/chart] chart]www.nationsonline.org/map_small/eritrea_smap.jpg[/chart]
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SGCNF Sunridge Gold (.20) focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara copper-zinc-gold project (the "Asmara Project").
The Asmara Project is on track to commence production in 2015. At full production, the mine will produce an average annual production of 65 million lbs (29,000 t) copper, 184 million lbs. (83,000 t) zinc, 42,000 oz gold, and 1 million oz silver over the first 8 years. The life of mine is 17 years.
Website: http://www.sunridgegold.com/s/Home.asp
TSX: http://web.tmxmoney.com/quote.php?qm_symbol=SGC
Pinksheets: http://www.otcmarkets.com/stock/SGCNF/quote
IHUB: http://investorshub.advfn.com/boards/board.aspx?board_id=23782
chart]stockcharts.com/c-sc/sc?s=SGC.V&p=D&yr=1&mn=0&dy=0&i=p49049805128&r=1428948098813[/chart] chart]www.nationsonline.org/map_small/eritrea_smap.jpg[/chart]
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The stock has move on the prospects it will release good to excellent drill results from the planed 20 Reverse circulation holes at Kodadu VMS, which will add prospective mineralization, along with anticipated completion of the Project Feasibility Study. It is anticipation after along sell off, the inevitable capital raise will push it down no doubt.
Sunridge Gold Corp. (the “Company” or “Sunridge”) (SGC:TSX.V/SGCNF:OTCQX) is pleased to provide an outlook on the Company’s planned activities for 2013. The Company’s primary focus for early 2013 is to complete the feasibility study (the “Study”) and apply for a mining license on the four mineral deposits that make up the Asmara Project in Eritrea. The Company also plans to continue exploration work on its fifth deposit the Adi Rassi copper-gold deposit where initial resources were announced on December 4, 2012 as well as to conduct exploration work on additional targets on the Asmara Project.
Asmara Project Feasibility Study
The Asmara Project comprises four mineral deposits; three copper, zinc, gold and silver volcanogenic-massive-sulphide (“VMS”) deposits as well as a near-surface gold deposit. The Study on these deposits started in April 2012 and remains on schedule to be completed in the second quarter of 2013. A positive Asmara Project Prefeasibility Study (“PFS”) was completed in May 2012 which studied an integrated mining operation for all four deposits with a central mill located at the large Emba Derho Deposit. The PFS demonstrated robust economics, with a pre-tax net present value (“NPV”) of $555 million with a 10% discount applied ($1.642 billion NPV with zero discount) and an internal rate of return (“IRR”) of 27%.
Recent work on the Study has identified significant improvements over the PFS which should result in earlier cash-flow, as well as possible lower initial capital costs and stronger economics. A summary of significant points are as follows:
•The Study will include early mining of the copper-gold direct shipping ore (“DSO”) from Debarwa and early heap-leaching of the surface gold material from the project;
•Cash-flow is expected a year earlier (2015) than presented in the PFS;
•Initial capital costs are expected to be reduced and overall economics enhanced in the Study compared to the PFS;
•Full production at 4 million tonnes per year would be reached approximately 2 years after commencement of mining activities. Production rates will be similar to those outlined in the PFS with an annual average of 70 million pounds (31,750 tonnes) of copper, 140 million pounds (63,500 tonnes) of zinc, 31,000 ounces of gold and 997,000 ounces of silver to be produced over the first eight years of the mine life.
The Asmara Project area is made up of four distinct deposits; 1) the Emba Derho copper-zinc-gold-silver VMS deposit which can be mined by open-pit methods, 2) the Adi Nefas zinc-gold-copper VMS deposit, located approximately 6 kilometres away from Emba Derho – to be mined by underground methods, 3) the Gupo gold deposit located approximately 8 kilometres from Emba Derho which can be mined by open-pit methods and, 4) the Debarwa copper-gold VMS deposit, located approximately 40 kilometres south of Emba Derho which will also be mined by open-pit methods.
Following the completion of the Study, Sunridge will complete a social and environmental impact assessment (“SEIA”) report in the second quarter of 2013 and will then apply for a mining license.
Negotiations with Eritrean National Mining Corporation (“ENAMCO”)
On July 4, 2012, ENAMCO exercised its option to purchase an additional 30% of the Asmara Project from the Company. These negotiations continue and the Company issued an update news release on December 17, 2012 which stated that talks have been progressing between Sunridge and ENAMCO within the framework of the mining code of the country as summarized as follows:
•The 30% participating interest in the Asmara Project to be purchased by ENAMCO is in addition to ENAMCO's existing right to receive a 10% non-assessable interest that will be carried to production by the participating partners.
•ENAMCO's 10% non-assessable interest will carried two-thirds by Sunridge and one-third by ENAMCO.
•The price and terms of the purchase of the participating interest by ENAMCO are currently being negotiated.
•Once negotiations are concluded, ENAMCO will contribute one-third of all development costs as they are incurred, as well as any other ongoing expenditure on the project, including exploration.
The Adi Rassi Copper-Gold Deposit
On December 4, 2012, Sunridge announced an initial, independent Inferred resource estimate on the Adi Rassi copper-gold deposit. Mineralization at Adi Rassi is distinctly different to Sunridge’s four other deposits on the Asmara Project and is considered to be remobilized copper and gold from a distal source, possibly an as yet unidentified buried VMS mineralization and is associated with a major shear zone that trends northeast for over 3 kilometres and dips steeply to the west. Mineralization has been defined for over a 450 metre north-northwest oriented strike length, 40 to 100 metres in width and to a vertical depth of 360 metres. The mineralized zone dips steeply to the west and is off-set by an east-west oriented fault. The zone remains open in depth, to the north and possibly to the south; additional exploration potential exists along the 3 kilometre length of the host shear zone. A program of expansion drilling, trenching and local mapping and sampling is planned for 2013.
Kodadu VMS Exploration Project
Sunridge is planning to start a reverse-circulation drilling program this month to better define the oxide gold cap within the gossans defined at the Kodadu VMS mineral occurrence. The goal of this work is to rapidly define a resource that could potentially be mined as feed to a gold plant at Emba Derho.
The Kodadu VMS target is located approximately 25 kilometres south of the Emba Derho deposit. Several gossans trend north-northeast for over a 1.2 kilometre strike length with an average width of 10 metres and about 35 metres deep. A recent (2009) Sunridge trenching program in which 87 samples were taken, returned 28 gold values of over 0.2 g/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.
Also to be drill tested is gold mineralization that has been identified in a one kilometre shear zone running parallel and about 100 metres west of the Kodadu gossans. Geological mapping has shown the zone to be approximately 30 metres wide and historic gold values from trenches sampled by a previous operator are reported as 3.85g/t over 50 metres; 2.05g/t over 50 metres; and 11.87g/t over 8 metres.
Additional Exploration Work
The Company continues to systematically explore the Asmara Project for new VMS and gold targets.
Qualified Person
Mr. Michael J. Hopley is the Qualified Person who approved the technical information contained in this news release.
Corporate
The Company will be attending the Vancouver Resource Investment Conference, the Mining Indaba in Cape Town, South Africa and the PDAC in Toronto within the first quarter of 2013.
Other Eritrea Mining Events
•Nevsun Resources has now successfully operated the Bisha Mine in Eritrea for almost 2 years and has demonstrated high returns. The mine plans to begin shipping copper concentrate through the port of Massawa in 2013.
•Chalice Gold Mines has completed the sale of the Zara gold project in Eritrea to the Shanghai Construction Group Co. Ltd.
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 www.sunridgegold.com 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.
The $0.19 double bottom needs to be followed by high volume days to keep any up trend intact from here or we retest the bottom again. The buying at the $0.19 may have been investors that saw a buying opportunity, now we need another shoe to drop to build support.
Do you think SGCNF will dip below .20 pps? They will probably need to resort to more dilution soon. They need to raise more cash to keep the company daily operations moving along.
Waiting for the shoe to drop on the Eritrean National Mining Corporation ("ENAMCO"), they should be able to attract a solid bit of funding.
Are you expecting any good news on SGCNF in the near future?
Keep me up to date on SGCNF and message me on ihub when you find out anything interesting or new.
Did not see this PR from my normal trade platform; going to subscribe to the company's emails.
http://www.sunridgegold.com/s/PressReleases.asp?ReportID=542695
Mon Aug 20, 2012
Enamco Intends to Acquire 30% Of Sunridge's Asmara Project, Eritrea
--------------------------------------------------------------------------------
Sunridge Gold Corp. (the "Company" or "Sunridge") (SGC:TSX.V/SGCNF:OTCQX) is pleased to announce that the Eritrean government through the Eritrean National Mining Corporation ("ENAMCO") has informed the Company that ENAMCO intends to acquire a 30% paid participating interest in the Company's Asmara Project in Eritrea. This 30% interest is in addition to ENAMCO's existing right to receive a 10% non-assessable interest that will be carried to production by the participating partners. The terms of the acquisition of the participating interest by ENAMCO have not yet been established and will be determined by negotiation.
Michael Hopley, President and CEO of Sunridge commented, "We are very pleased that ENAMCO has made the early decision to purchase a participating interest and become our partner to bring the Asmara Project into production. This kind of support from the government, for the development of what will be the largest mine in Eritrea, is a major validation of the project and will certainly help with completion of the next steps towards production -- completion of the feasibility study, mine permitting and construction financing. We look forward to working with ENAMCO to bring the Asmara Project into production as soon as possible for the mutual benefit of Sunridge and the people of Eritrea".
The Asmara Project consists of four mineral deposits, the Emba Derho, Debarwa and Adi Nefas copper-zinc-gold and silver deposits and the Gupo gold deposit all located within 40 kilometres of the capital city of Asmara. The results of a preliminary feasibility study (the "Study") that considered all deposits being processed at a central mill was announced on May 2, 2012. The Study showed production from the Asmara Project of 365,000 tonnes of copper, 812,000 tonnes of zinc, 415,000 ounces of gold and 11 million ounces of silver over a 15.25 year mine life. The Study also demonstrated a pre-tax net present value of $555 million at a 10% discount rate and an estimated initial capital cost of $489 million. Sunridge is currently completing a feasibility study on the Asmara Project which is planned for completion in 2013, subject to financing. Application for a mining license and permitting will follow the completion of the feasibility study and the social and environmental impact assessment study.
Mr. Hopley is the Qualified Person who approved the technical information contained in this news release.
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 123 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 www.sunridgegold.com or call Greg Davis at the numbers listed below.
SUNRIDGE GOLD CORP.
"Michael Hopley"
Michael Hopley, President and Chief Executive Officer
For further information contact:
Greg Davis, VP Business Development
Email: greg@sunridgegold.com
Tel: 604-688-1263 (direct)
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.
I see accumulation underway after the recent low. I'll be nibbling and waiting for the next shoe, like a partnership on developing this monster property.
Thanks for the heads up! I've wanted to check back on the drill results; but I've been busy with other stocks. I'll be setting alerts for the studies to come. Accumulation before that event may be a good move.
Are you still following SGCNF?
Why isn't there more people following this stock?
How low will the SGCNF price per share go?
Why is there zero institutional ownership on SGCNF stock if they have huge reserves of copper & gold?
Sunridge Gold Files Technical Report For Adi Nefas Resource, Asmara Project, Eritrea
Tue Apr 10, 2012
Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX) has today filed a National Instrument 43-101 compliant technical report regarding the new resource estimate for the Adi Nefas zinc-gold-copper volcanogenic massive sulphide (VMS) deposit on the Company's 100% owned Asmara Project, Eritrea as announced on February 22, 2012. This new resource was completed by Snowden Mining Industry Consultants Inc. ("Snowden") as part of its ongoing prefeasibility study on the Asmara North Deposits which includes the Emba Derho, Adi Nefas and the Gupo gold deposit. Adi Nefas is located only six kilometres from the 70 million tonne Emba Derho Deposit. The prefeasibility study is being conducted by Snowden and GBM Minerals Engineering Consultants Ltd. and is scheduled for completion in April 2012.
The report is titled "Mineral Resource Estimate Update, Adi Nefas Project, Eritrea" with an effective date of February 20, 2012.
About Sunridge:
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 117 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 www.sunridgegold.com or call Greg Davis at the numbers listed below.
SUNRIDGE GOLD CORP.
"Michael Hopley"
Michael Hopley, President and Chief Executive Officer
For further information contact:
Greg Davis, VP Business Development
Email: greg@sunridgegold.com
Tel: 604-688-1263 (direct)
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.
Total contained metals in the Measured and Indicated categories are estimated as:
1.00 billion pounds of copper
2.1 billion pounds of zinc
506,000 ounces of gold
18.6 million ounces of silver.
Mon Feb 6, 2012
Sunridge Gold Announces New Larger Resource For The Emba Derho Copper, Zinc, Gold Deposit, Asmara Project, Eritrea
Sunridge Gold Corp. (TSX.V:SGC) is pleased to announce that it has received a new independent resource estimate which shows a significant increase in size for the Emba Derho volcanogenic massive sulphide (VMS) deposit on the Company's 100% owned Asmara Project, Eritrea. This new resource was completed by Snowden Mining Industry Consultants Inc. ("Snowden") as part of its ongoing prefeasibility study on the Asmara North Deposits which include Emba Derho, the Adi Nefas zinc-gold-copper VMS deposit and the Gupo gold deposit. The prefeasibility study is being conducted by Snowden and GBM Minerals Engineering Consultants Ltd. and is scheduled for completion in April 2012.
Highlights:
Measured and Indicated resources are 70.0 million tonnes. In addition there are 15 million tonnes in the Inferred category
Copper-rich zone: 49.8 million tonnes at an average grade of 0.83% copper and 0.93% zinc
Zinc-rich zone: 16.8 million tonnes at an average grade of 2.80% zinc and 0.31 g/t gold
Total contained metals in the Measured and Indicated categories are estimated as:
1.00 billion pounds of copper
2.1 billion pounds of zinc
506,000 ounces of gold
18.6 million ounces of silver.
Note: Contained metal calculations are as follows: copper and zinc: tonnes x grade (%) x 2204.622. Gold and silver: tonnes x grade (g/t) ÷ 31.10348. Results were rounded and no allowance was made for mining dilution or metal losses in the recovery process.
Sunridge President and CEO Michael Hopley says "This new resource estimate exceeds expectations; Emba Derho now contains 1 billion pounds of copper and over 2 billion pounds of zinc along with significant amounts of gold and silver in the Measured and Indicated resource categories. Because of the exceptionally clean metallurgy and amenable shape of the deposit for open-pit mining, we expect that most of these resources will be converted to reserves with the completion of the pre-feasibility study in April."
Since the last resource estimate at Emba Derho (Wardrop, September 17, 2008) 150 drill holes for a total of over 30,000 meters of drilling have been completed by Sunridge with the goal of expanding the size of the deposit as well as better defining areas of the deposit to upgrade the mineral resources to the Measured and Indicated categories for the pre-feasibility study; the study will only consider material in these categories. The drilling was also designed to collect samples for ongoing metallurgical testwork as well as the gathering of geotechnical data.
Measured and Indicated Mineral Resources at Emba Derho
Sunridge President and CEO Michael Hopley says,
March 2 2012
"The average grade of all metals in the Adi Nefas deposit has significantly increased in this new resource estimate compared to the previous estimate in 2008.
This high-grade material should enhance the economics of the Asmara Project when this material is mined and blended as a high-grade feed to a central North Asmara processing plant in conjunction with the nearby Emba Derho deposit as well as the sulphide material from the Debarwa deposit. We expect that most of these resources will be converted to reserves with the completion of the pre-feasibility study in April."
That is a very high bar for SGCNF, at this stage, I can only hope.
Does SGCNF have the potential to become as big as NSU?
Sunridge Gold Announces New Higher Grade Resource for the Adi Nefas Deposit Asmara Project, Eritrea
Date : 02/22/2012 @ 7:30AM
Source : MarketWire
Stock : Sunridge Gold Corp. (SGCNF)
Quote : 0.634 -0.006 (-0.94%) @ 11:40AM
Sunridge Gold Corp. (TSX VENTURE:SGC)(OTCQX:SGCNF) is pleased to announce that it has received a new independent resource estimate for the Adi Nefas zinc-gold-copper volcanogenic-massive-sulphide (VMS) deposit on the Company's 100% owned Asmara Project, Eritrea. This new resource was completed by Snowden Mining Industry Consultants Inc. ("Snowden") as part of its ongoing prefeasibility study on the Asmara North Deposits which include the Emba Derho copper-zinc-gold deposit, the Adi Nefas zinc-copper-gold VMS deposit, the Debarwa copper-gold VMS deposit, and the Gupo gold deposit. Adi Nefas is located only six kilometres from the 70 million tonne Emba Derho Deposit. The prefeasibility study is being conducted by Snowden and GBM Minerals Engineering Consultants Ltd. and is scheduled for completion in April 2012.
Highlights:
-- Indicated resources in the primary zone are 1.8 million tonnes averaging
10.05% zinc, 3.31 g/t gold, 1.78% copper and 115g/t silver
-- Total contained metals in the Indicated categories at Adi Nefas are
estimated as:
-- 408.0 million pounds of zinc
-- 72.2 million pounds of copper
-- 196,000 ounces of gold
-- 6.81 million ounces of silver.
Note: Contained metal calculations are as follows: copper and zinc: tonnes
x grade (%) x 2204.622. Gold and silver: tonnes x grade (g/t) / 31.10348.
Results were rounded and no allowance was made for mining dilution or metal
losses in the recovery process.
Sunridge President and CEO Michael Hopley says, "The average grade of all metals in the Adi Nefas deposit has significantly increased in this new resource estimate compared to the previous estimate in 2008.This high-grade material should enhance the economics of the Asmara Project when this material is mined and blended as a high-grade feed to a central North Asmara processing plant in conjunction with the nearby Emba Derho deposit as well as the sulphide material from the Debarwa deposit. We expect that most of these resources will be converted to reserves with the completion of the pre-feasibility study in April."
Indicated Mineral Resources at Adi Nefas
----------------------------------------------------------------------
Copper Zinc Gold Silver
Zone Cut-off grade Million Tonnes % % g/t g/t
----------------------------------------------------------------------
Primary 2.0 % Zn 1.841 1.78 10.05 3.31 115
----------------------------------------------------------------------
Total Metal in Indicated Mineral Resources at Adi Nefas
-----------------------------------------------------------------------
Cut-off Million Copper M Zinc M Gold Silver M
Zone grade Tonnes lbs. lbs. K oz. oz.
-----------------------------------------------------------------------
Primary 2.0 % Zn 1.841 72.3 408.0 196 6.83
-----------------------------------------------------------------------
Note: Resource and contained metal estimates are rounded and remain subject
to factors such as mining dilution and process recovery losses.
NOTES
This new Adi Nefas resource estimate, completed by Snowden, is as of February 20, 2012 and complies with the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101. Resource modeling and grade estimation was undertaken by Snowden and reviewed by Andrew F. Ross, FAusIMM (CP Geo), P.Geo (APEGBC #145711)(Senior Principal, Snowden), a Qualified Person as defined by NI 43-101, based on geological interpretations and a drill database (current to August 2011) provided by Sunridge. The database and the Sunridge sampling and assaying QA/QC procedures and results were reviewed by Snowden. Further details of the estimation procedure will be available in the NI-43-101 report which will be posted on the Company's profile on SEDAR (http://www.sedar.com) no later than 45 days from the date of this press release.
GEOLOGICAL BACKGROUND
The Adi Nefas deposit occurs as a prominent outcropping gossan at surface that is the expression of deeper volcanogenic massive sulphide (VMS) mineralization. The gossan is traceable over a strike length of 700 metres and is north-northeast trending. The deposit is a steeply east dipping massive sulphide layer that is hosted within a sequence of felsic meta-volcanic and meta-sedimentary rocks. The massive sulphide layer has an average width of 6 m to 12 m and is largely hosted within a hydrothermally altered felsic quartz-sericite-chlorite pyrite schist which is flanked in the hanging wall and footwall by altered meta-basaltic rocks. The deposit is partitioned into upper oxide and transition zones with precious metal enrichment and base metal depletion, underlain by a zinc and copper rich supergene zone, and a lower primary zinc-rich sulphide zone.
The primary zone is typically developed beyond a depth of 40 metres from surface and is the focus of the prefeasibility study. The primary zone includes a unit of low grade chert and exhalite which has been modeled separately to the massive sulphides. Previous mineral resource estimates did not partition this rock unit from the massive sulphides and as a result were lower grade and higher tonnage than the current estimate.
METHODOLOGY
The mineralization on which this new Adi Nefas resource estimate is based extends over a strike length of 455 metres and a width of up to 12 metres and has been drilled to a maximum vertical depth from surface of approximately 400 metres. The deposit has been explored using 101 exploration drill holes and 8 geotechnical drill holes. 70 drill holes encountered mineralization and assays of split core have been used in this estimation of resources.
The interpretations of mineralized zones were modeled using three-dimensional wireframing techniques based on a distribution of drill intersections ranging from less than 25 metre to up to 135 metre spacings on 40 metre drill section intervals. The wireframe interpretations formed the basis for the construction of a block model as well as the constraining of samples for geostatistical analysis and grade estimation. A block model was constructed in Datamine mining software with a parent cell dimension of 7.5 m (X) x 10 m (Y) x 5 m (Z) subcelled to 0.5 m x 5 m x 2.5 m (XYZ) for accurate coding with the wireframe interpretations.
Grades for copper, zinc, gold, silver, lead and iron were estimated within primary and weathered horizon control using Ordinary Kriging after compositing the assay intervals to 1.5 m down-hole lengths. Search ellipsoid dimensions and orientations were determined on structural geological and geostatistical information. Density values were calculated for blocks based on regression formulae for iron, copper, zinc and lead estimates.
The interpreted mineralized zones were categorized for resource classification as Indicated or Inferred in a series of steps. Each zone was reviewed in the context of the spatial distribution of drill intersections used to model and estimate grades for that zone, with due consideration for the known geological and geostatistical continuities and confidences in the base data and geological interpretations. On this basis the relatively densely drilled (40 m section spacing) primary zone received Indicated status.
Michael Hopley, President and CEO of Sunridge Gold Corp. is the Qualified Person responsible for the contents of this press release and has reviewed the information in the release and confirmed that it is consistent with that provided by the independent Qualified Person responsible for the resource estimate, Andrew F. Ross of Snowden.
About Sunridge:
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 117 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 www.sunridgegold.com or call Greg Davis at the numbers listed below.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
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 to continue to be refined; possible variations in ore grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in 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.
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.
Contacts:
Sunridge Gold Corp.
Greg Davis
VP Business Development
604-688-1263 (direct)
greg@sunridgegold.com
www.sunridgegold.com
Total contained metals in the Measured and Indicated categories are estimated as:
1.00 billion pounds of copper
2.1 billion pounds of zinc
506,000 ounces of gold
18.6 million ounces of silver.
Mon Feb 6, 2012
Sunridge Gold Announces New Larger Resource For The Emba Derho Copper, Zinc, Gold Deposit, Asmara Project, Eritrea
Sunridge Gold Corp. (TSX.V:SGC) is pleased to announce that it has received a new independent resource estimate which shows a significant increase in size for the Emba Derho volcanogenic massive sulphide (VMS) deposit on the Company's 100% owned Asmara Project, Eritrea. This new resource was completed by Snowden Mining Industry Consultants Inc. ("Snowden") as part of its ongoing prefeasibility study on the Asmara North Deposits which include Emba Derho, the Adi Nefas zinc-gold-copper VMS deposit and the Gupo gold deposit. The prefeasibility study is being conducted by Snowden and GBM Minerals Engineering Consultants Ltd. and is scheduled for completion in April 2012.
Highlights:
Measured and Indicated resources are 70.0 million tonnes. In addition there are 15 million tonnes in the Inferred category
Copper-rich zone: 49.8 million tonnes at an average grade of 0.83% copper and 0.93% zinc
Zinc-rich zone: 16.8 million tonnes at an average grade of 2.80% zinc and 0.31 g/t gold
Total contained metals in the Measured and Indicated categories are estimated as:
1.00 billion pounds of copper
2.1 billion pounds of zinc
506,000 ounces of gold
18.6 million ounces of silver.
Note: Contained metal calculations are as follows: copper and zinc: tonnes x grade (%) x 2204.622. Gold and silver: tonnes x grade (g/t) ÷ 31.10348. Results were rounded and no allowance was made for mining dilution or metal losses in the recovery process.
Sunridge President and CEO Michael Hopley says "This new resource estimate exceeds expectations; Emba Derho now contains 1 billion pounds of copper and over 2 billion pounds of zinc along with significant amounts of gold and silver in the Measured and Indicated resource categories. Because of the exceptionally clean metallurgy and amenable shape of the deposit for open-pit mining, we expect that most of these resources will be converted to reserves with the completion of the pre-feasibility study in April."
Since the last resource estimate at Emba Derho (Wardrop, September 17, 2008) 150 drill holes for a total of over 30,000 meters of drilling have been completed by Sunridge with the goal of expanding the size of the deposit as well as better defining areas of the deposit to upgrade the mineral resources to the Measured and Indicated categories for the pre-feasibility study; the study will only consider material in these categories. The drilling was also designed to collect samples for ongoing metallurgical testwork as well as the gathering of geotechnical data.
Measured and Indicated Mineral Resources at Emba Derho
Zone
Cut-off grade
Million Tonnes
Copper
%
Zinc
%
Gold
g/t
Silver
g/t
Gold Oxide
0.5 g/t Au
1.74
0.07
0.04
1.06
4.3
Cu Supergene
0.5% Cu
1.64
0.94
0.38
0.17
12.2
Copper-rich Primary
0.3% Cu
49.8
0.83
0.93
0.17
7.7
Zinc-rich Primary
<0.3% Cu/
>1.0% Zn
16.8
0.14
2.80
0.31
9.9
TOTAL
70.0
Measured Mineral Resources at Emba Derho
Zone
Cut-off grade
Million Tonnes
Copper
%
Zinc
%
Gold
g/t
Silver
g/t
Gold Oxide
0.5 g/t Au
-
-
-
-
-
Cu Supergene
0.5% Cu
-
-
-
-
-
Copper-rich Primary
0.3% Cu
3.64
0.97
1.50
0.23
11.3
Zinc-rich Primary
<0.3% Cu/
>1.0% Zn
0.78
0.19
2.68
0.32
12.5
TOTAL
4.42
Indicated Mineral Resources at Emba Derho
Zone
Cut-off grade
Million Tonnes
Copper
%
Zinc
%
Gold
g/t
Silver
g/t
Gold Oxide
0.5 g/t Au
1.74
0.07
0.04
1.06
4.3
Cu Supergene
0.5% Cu
1.64
0.94
0.38
0.17
12.2
Copper-rich Primary
0.3% Cu
46.19
0.81
0.89
0.16
7.44
Zinc-rich Primary
<0.3% Cu/
>1.0% Zn
15.97
0.14
2.81
0.31
9.82
TOTAL
65.55
Total Metal in Measured and Indicated Mineral Resources at Emba Derho
Zone
Cut-off grade
Million Tonnes
Copper M lbs.
Zinc M lbs.
Gold K oz.
Silver M oz.
Gold Oxide
0.5 g/t Au
1.74
-
-
59
0.24
Cu Supergene
0.5% Cu
1.64
34.1
13.9
9
0.65
Copper-rich Primary
0.3% Cu
49.8
907.0
1,023.1
270
12.36
Zinc-rich Primary
<0.3% Cu/
>1.0% Zn
16.8
52.6
1,034.0
168
5.35
TOTAL
70.0
996.6
2,072.7
506
18.60
Note: Resource and contained metal estimates are rounded and remain subject to factors such as mining dilution and process recovery losses.
Inferred Mineral Resources at Emba Derho
Zone
Cut-off grade
Million Tonnes
Copper
%
Zinc
%
Gold
g/t
Silver
g/t
Gold Oxide
0.5 g/t Au
-
-
-
-
-
Cu Supergene
0.5% Cu
-
-
-
-
-
Copper-rich Primary
0.3% Cu
13.28
0.87
0.89
0.25
10
Zinc-rich Primary
<0.3% Cu/
>1.0% Zn
1.77
0.20
1.94
0.39
11
TOTALS
15.05
NOTES
This new Emba Derho resource estimate, completed by Snowden, is as of February 3, 2012 and complies with the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101. All resource modeling and grade estimation was undertaken by Andrew F. Ross, FAusIMM (CP Geo), P.Geo (APEGBC #145711)(Senior Principal, Snowden), a Qualified Person as defined by NI 43-101, based on geological interpretations and a drill database (current to September 2011) provided by Sunridge. The database and the Sunridge sampling and assaying QA/QC procedures and results were reviewed by Snowden. Further details of the estimation procedure will be available in the NI-43-101 report which will be posted on the Company's profile on SEDAR (http://www.sedar.com) no later than 45 days from the date of this press release.
METHODOLOGY
The mineralization on which this new Emba Derho resource estimate is based extends over a strike length of 1,250 metres and a width of 850 metres and has been drilled to a maximum vertical depth from surface of approximately 500 metres. The deposit has been explored using 322 exploration drill holes and 7 geotechnical drill holes. 280 drill holes encountered mineralization and have been used in this estimation of resources. In this total were 236 diamond core holes and 44 reverse-circulation holes.
The geological interpretation of the Emba Derho volcanogenic massive sulphide deposit (VMS) deposit has identified four subsidiary zones in a strongly folded primary sequence intruded by post-mineralization felsic dykes and subjected to weathering; from top to bottom these are the gold oxide, copper supergene, zinc-rich and copper-rich primary zones. The oxide and supergene are characterized by strong weathering-related vertical zonation of depletion and enrichment, resulting in a sequence, from top-down, of near surface gold oxide and transition zones, through a supergene copper zone and a lowermost horizon of primary zinc and copper mineralization.
The interpretations of mineralized zones were modeled using three-dimensional wireframing techniques based on a distribution of drill intersections ranging from less than 25 metre spacing on 40 metre drill section intervals (or closer) through to drill spacings in excess of 80 metres by 50 metres. The wireframe interpretations formed the basis for the construction of a block model as well as the constraining of samples for geostatistical analysis and grade estimation.
Due to the structural complexities inherent in the geological interpretation, a prototype block model was constructed with cells of 5 m x 5m x 5m (XYZ). This allowed the identification of the various mineralized zones and distinguished the broader non-mineralized felsic dykes that are expected to be selected as waste during mining.
Grades for copper, zinc, gold, silver, lead and iron were estimated within primary and weathered horizon control using Ordinary Kriging after compositing the assay intervals to 1.5 m down-hole lengths. Where necessary, a limited number of high grade caps, as determined from statistical and spatial distributions, were applied to reduce the impact of grade bias during estimation. Search ellipsoid dimensions and orientations were determined on structural geological and geostatistical information. Density values were calculated for blocks based on regression formulae for iron, copper, zinc and lead estimates. Reporting of the resource estimates is based upon a 15 m x 15 m x 5 m (XYZ) resolution.
The interpreted mineralized zones were categorized for resource classification as Measured, Indicated or Inferred in a series of steps. Each zone was reviewed in the context of the spatial distribution of drill intersections used to model and estimate grades for that zone, with due consideration for the known geological and geostatistical continuities and confidences in the base data and geological interpretations. On this basis the relatively densely drilled (approximately 25 metre x 25 metre) eastern primary zone received Measured status while, in general, areas with 80 metre x 80 metre spacing, and in some cases greater, were allocated to the Inferred category. Indicated categories applied where drill spacings were generally 40 metres.
The preliminary classified block model was then reviewed to determine the potential economic viability in open pit and underground mining scenarios. Firstly an optimized pit shell derived using metal price parameters at a premium above long term prices (copper $US5.60 per pound, gold $US2,300 per ounce, zinc $US1.60 per pound and silver $US37 per ounce) were used to identify potential open pit material and further material beneath the conceptual open pit was considered to be potentially mineable by underground methods.
Michael Hopley, President and CEO of Sunridge Gold Corp. is the Qualified Person responsible for the contents of this press release and has reviewed the information in the release and confirmed that it is consistent with that provided by the independent Qualified Person responsible for the resource estimate, Andrew F. Ross of Snowden.
About Sunridge:
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 117 million shares outstanding and approximately $7 million in cash. Sunridge 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 www.sunridgegold.com or call Greg Davis at the numbers listed below.
SUNRIDGE GOLD CORP.
"Michael Hopley"
Michael Hopley, President and Chief Executive Officer
For further information contact:
Greg Davis, VP Business Development
Email: greg@sunridgegold.com
Tel: 604-688-1263 (direct)
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 to continue to be refined; possible variations in ore grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in 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.
Shares Outstanding
Wed Aug 24, 2011
Symbol: SGC/TSX.V
Shares outstanding: 117,172,701
Options: 6,932,500
Warrants: 30,394,264
Fully Diluted Shares: 154,499,465
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