Sunridge Gold Corp. (TSX VENTURE: SGC) is pleased to announce that
it has received an updated independent resource estimate from
Wardrop Engineering Inc. ("Wardrop") for the Emba Derho
copper-zinc-gold volcanogenic massive sulphide (VMS) deposit
located on its 100% owned Asmara Project in Eritrea. This new
estimate is based on results from an additional 27 drill holes
resulting in a 35% increase in contained copper, a 20% increase in
contained gold and an 11% increase in contained zinc content all
within the Indicated Resource category. The updated total Indicated
Resources in the primary copper and zinc zones are now estimated to
be 58.97 million tonnes containing 990 million pounds of copper,
1,900 million pounds of zinc, 485 thousand ounces of gold and 19.5
million ounces of silver. To view figure please click on the
following link:
http://media3.marketwire.com/docs/Emba%20Derho%20Deposit%203D.JPG.
The previous resource estimate by MSA Geoservices Ltd. (December
2007) was based on 178 drill holes. Since that time Sunridge has
drilled 89 more holes for a total of 268 diamond drill holes to
date at Emba Derho, 205 of which are included in this new resource
estimate. This updated resource estimate is part of an ongoing
Preliminary Economic Assessment Study by Wardrop for the Emba Derho
deposit that is scheduled to be completed by Wardrop next
month.
HIGHLIGHTS:
As the Emba Derho deposit is layered into distinct primary base
metal zones resources for the copper-rich and zinc-rich zones are
reported separately:
- Copper content has increased by an estimated 35% in the
primary massive sulphide zone to 990 million pounds.
- Copper-rich zone: 38.43 million tonnes in the Indicated
Resource category at an average grade of 1.02% copper and 0.99%
zinc using a cut-off grade of 0.5% copper (previously 21.18 million
tonnes at 0.96% copper and 0.36% zinc - see Note 1 below).
- Zinc content has increased by an estimated 11% in the primary
massive sulphide zone to 1,900 million pounds.
- Zinc-rich zone: 20.55 million tonnes in the Indicated Resource
category at an average grade of 2.35% zinc and 0.28% copper using a
cut-off grade of 1.0% zinc (previously 27.90 million tonnes at
2.52% zinc and 0.46% copper - see Note 1 below).
- Gold content has increased by 20% in the primary massive
sulphide zone to an estimated 485 thousand ounces.
- The new resource estimate is almost entirely in the Indicated
Resource category.
- There are 63 additional drill holes not included in this
current resource estimate that could further increase the size of
the Emba Derho deposit.
Michael Hopley, President and CEO of Sunridge Gold, said, "Emba
Derho continues to grow in size with the copper, zinc and gold
content getting much larger. The project has rapidly advanced
towards a production decision from the initial discovery in January
2006 to the first engineering study, a Preliminary Economic
Assessment, due to be completed next month."
The Emba Derho copper-zinc-gold deposit is located approximately
12 kilometres northwest of the Eritrean capital city of Asmara and
has excellent infrastructure including paved roads, power, water,
an international airport and a sea port only 120 kilometres away by
paved road or railway.
Summary of Indicated Mineral Resources at Emba Derho - Wardrop
September 10th, 2008
---------------------------------------------------------------------------
Cut-off Million Copper Zinc Gold Silver
Zone grade Tonnes % % g/t g/t
---------------------------------------------------------------------------
Copper-rich Primary 0.5% Cu 38.425 1.02 0.99 0.18 9.31
---------------------------------------------------------------------------
Zinc-rich Primary 1.0% Zn 20.545 0.28 2.35 0.39 12.13
---------------------------------------------------------------------------
Total Contained Metal in Indicated Mineral Resources at Emba Derho -
Wardrop September 10th, 2008
---------------------------------------------------------------------------
Million Million Thousand Million
Cut-off Million pounds pounds ounces ounces
Zone grade Tonnes Cu Zn Au Ag
---------------------------------------------------------------------------
Copper-rich Primary 0.5% Cu 38.425 862 835 228 11.5
---------------------------------------------------------------------------
Zinc-rich Primary 1.0% Zn 20.545 127 1,064 258 8.0
---------------------------------------------------------------------------
58.970 990 1,900 485 19.5
---------------------------------------------
Note: Contained metal estimates are rounded and remain subject to factors
such as mining dilution and process recovery losses.
INFERRED RESOURCES:
In addition to the Indicated Resources the estimated Inferred
Resource at Emba Derho contributes an additional 41 million pounds
of copper, 63 million pounds of zinc, 11,100 ounces of gold, and
700,000 ounces of silver.
Summary of Inferred Mineral Resources at Emba Derho - Wardrop
September 10th, 2008
---------------------------------------------------------------------------
Cut-off Million Copper Zinc Gold Silver
Zone grade Tonnes % % g/t g/t
---------------------------------------------------------------------------
Copper-rich Primary 0.5% Cu 1.075 1.7 2.3 0.3 18
---------------------------------------------------------------------------
Zinc-rich Primary 1.0% Zn 0.156 0.3 2.6 0.3 16
---------------------------------------------------------------------------
Total Contained Metal in Inferred Mineral Resources at Emba Derho -
Wardrop September 10th, 2008
---------------------------------------------------------------------------
Million Million Thousand Million
Cut-off Million pounds pounds ounces ounces
Zone grade Tonnes Cu Zn Au Ag
---------------------------------------------------------------------------
Copper-rich Primary 0.5% Cu 1.075 40 55 9.8 0.6
---------------------------------------------------------------------------
Zinc-rich Primary 1.0% Zn 0.156 1 9 1.3 0.1
---------------------------------------------------------------------------
1.231 41 63 11.1 0.7
---------------------------------------------
Note: Contained metal estimates are rounded and remain subject to factors
such as mining dilution and process recovery losses.
Emba Derho Resource Estimate Methodology
The updated resource estimates were completed by Wardrop
Engineering ("Wardrop"), an independent and internationally
operating geological consultancy firm based in Swindon, U.K. and
were in accordance with NI 43-101 requirements. The resource
estimate dated September 10th, 2008 was carried out by Paul
Gribble, C.Eng, FIMMM an independent Qualified Person as defined by
NI 43-101.
The Emba Derho deposit has three distinct zones of
mineralization, a surface oxide gold zone from which most base
metals have been leached and a small supergene zone which in turn
is underlain by the primary sulphide zone. The primary sulphide
zone is divided into a zinc-rich mineralization (zinc-rich primary
sulphide) zone which is underlain by a copper-rich primary sulphide
zone (copper-rich primary sulphide). These zones are shown
graphically in the diagram at the end of this release. For the
purpose of this resource estimate the minor supergene zone tonnage
is included within the primary sulphide zone although it was
modelled and estimated separately. Because of the mineral zonation
the resources have been reported according to the following cut-off
scenarios:
- 1.0% zinc cut-off grade for the zinc-rich primary zone,
and
- 0.5% copper cut-off grade for the copper-rich zone.
The Emba Derho deposit is a copper/zinc/gold/silver volcanogenic
massive-sulphide (VMS) deposit that has been defined by Sunridge in
205 drill holes over a strike length of 1,100 metres, a width of
approximately 100 metres to 600 metres and down to a depth of about
400 metres from surface. The resource estimate was completed by
Wardrop using industry standard methods in accordance with CIM and
NI 43-101 requirements, utilizing Gemcom Surpac modelling software.
The estimate was based upon data from 205 diamond drill holes
(total of 56,148 metres) and a geological model supplied to Wardrop
by Sunridge geological staff. The geological model created by
Sunridge staff used 40 metre cross-section spacings. Ordinary
kriging was used to estimate grades into blocks with dimensions of
15 m (easting), 15 m (northing) and 5 m (RL). The search ellipsoid
dimensions and directions chosen for the grade interpolation
process were metal specific.
Specific gravities used in the model were based on 827 specific
gravity measurements made on drill core. Block density values were
assigned in the supergene and primary sulphide zone using a
regression formula applied to Cu, Pb, Zn and Fe block grades.
It is anticipated that the potential mining of the mineralised
zone would be by open-pit methods.
The Company will file a NI 43-101 Technical Report regarding the
Emba Derho updated resource estimates within 45-days of the date of
this news release.
Additional Potential
The foregoing Indicated and Inferred resource estimates do not
include an additional 63 drill holes completed since this resource
estimate was prepared. Many of these drill holes were designed to
better define and hopefully expand the near surface gold-rich oxide
zone at Emba Derho, but due to delays in assay results, the
estimated resources based on the latest drilling for this zone are
not included in this release but will be reported at a later date.
In addition some of these drill holes tested the underlying primary
sulphide zone and might result in further increases in tonnages and
grade.
The Company has three other deposits on its 100% owned Asmara
Project in Eritrea which are the Debarwa copper/zinc/gold VMS
deposit, the Adi Nefas zinc/gold VMS deposit and the Gupo Gold
deposit. The Adi Nefas and Gupo Gold deposits are located less than
6 kilometres from Emba Derho deposit.
Sunridge Gold Corp. is a mineral exploration company focused on
the acquisition, exploration, discovery and development of precious
and base metal projects. The Company has 62.2 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 Don Halliday or Greg Davis at the numbers listed below.
NOTES:
1. The Emba Derho deposit is layered into distinct metal zones
as is the case in most of these types of VMS deposits therefore the
upper oxide gold zone, the primary zinc-rich zone and copper-rich
zone are reported separately. The copper-rich primary sulphide zone
is defined as those blocks that have a grade of 0.5% copper or
greater; the zinc-rich primary sulphide zone is defined as those
blocks that have an average grade of 1.0% zinc or greater. There is
also an "overlap" copper/zinc zone where blocks meet both critirea.
In the previous resource estimate by MSA Geoservices (December
2007) the overlap zone was included with the zinc-rich primary
sulphide zone. In this updated resource estimate it was decided to
include the overlap zone in the copper-rich sulphide zone.
2. This new resource estimate does not yet include an updated
resource estimate of the size and grade of the uppermost oxide gold
zone at Emba Derho. This will be included in the Preliminary
Economic Assessment report expected in October 2008.
3. A Quality Assurance/Quality Control program was part of the
drilling program on the Emba Derho deposits. 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 drilling. The database archive used by Wardrop in
the estimate of the resources at Emba Derho was reviewed and
verified by Paul Gribble, a Qualified Person as defined by NI
43-101.
4. A description of the geology, sampling procedures, and the
Company's laboratory Quality Assurance/Quality Control procedures
will be described in the previous NI 43-101 Technical Report and
will be updated and contained within the new Technical Report that
will be filed within 45 days of the date of this release. This
report will then be also available at www.sedar.com.
5. Samples from the drilling were prepared at African Horn
Testing Services (Eritrea) and analyzed at Genalysis Laboratories
(a NATA registered laboratory) in Perth, Western Australia.
6. The results of the Wardrop resource estimate have been
reviewed by Sunridge technical staff including Michael J. Hopley
the Qualified Person for Sunridge. The Company believes that the
Wardrop resource estimate for Emba Derho was conducted in a
professional and competent manner. 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.
7. Inferred Resources are resources that have not been defined
in sufficient detail to be characterized as Measured or Indicated
Resources. Mineral resources have not had economic considerations
applied to them and are therefore not characterized as Mineral
Reserves.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
Contacts: Sunridge Gold Corp. Don Halliday Executive Vice
President Direct: (604) 899-1505 Email: odealmeida@sunridgegold.com
Sunridge Gold Corp. Greg Davis VP Business Development Direct:
(604) 688-1263 Email: greg@sunridgegold.com Website:
www.sunridgegold.com
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