Sunridge Gold Corp TSXV:SGC announced results from the Gupo gold deposit of its Asmara project, Eritrea. Assays include
2.38 g/t gold over 27 metres
6.56 g/t over 12 metres (including 18.05 g/t over 4 metres)
2.54 g/t over 14 metres
6.36 g/t over 12 metres
2.35 g/t over 15 metres
The Gupo deposit has NI 43-101 inferred resources of 189,000 ounces gold. The current drill program is designed to upgrade inferred resources to the measured and indicated categories as part of the ongoing prefeasibility study on the Asmara North deposits.
VP of Business Development Greg Davis tells ResourceClips.com, “We released our first batch of assays from the almost-complete 7,000-metre drill program on the Gupo Gold Deposit of the Asmara Project in Eritrea. There’s an inferred resource on the deposit, and this program is designed as part of the prefeasibility study on Asmara North, which includes Gupo, to upgrade the resource to indicated. We did a program last spring; we’re doing another one now; and we also see an opportunity to expand the resource. These are the first 16 holes, and there’ll be more results about every two weeks now.
The prefeas study is on schedule for completion in March. We’ll have full bankable feasibility on Debarwa [at the south end of Asmara], which is now expected for early 2012—Greg Davis
“We’re quite encouraged by the first batch because it’s from the north end of the deposit, and those are fairly significant gold grades and intercepts, and there may be an opportunity to expand the resource to the north as well.
“Most of Asmara remains unexplored.” he adds. “Between 2004 and about 2007, we did a lot of exploration on Asmara for VMS targets, and we had a lot of success, but we haven’t really explored much for VMS targets in the last few years. We’ve been working on advancing our current deposits towards production, so that’s taken up all our resources in terms of cash, drills and personnel. But we’re trying to get back to what we do best—exploration—in January 2012. We’ll get back to exploration drilling on new VMS targets, and we do expect success.
“The updated Gupo resource will come out probably in early January 2012. We’re still drilling right now, but we’re almost complete. The prefeas study is on schedule for completion in March,” Davis says. “We’ll have full bankable feasibility on Debarwa [at the south end of Asmara], which is now expected for early 2012.
“We’ll complete our bankable feasibility and our socio-economic impact assessment report, submit them to the ministry of mines and apply for a mining licence. We expect that review process to take up to six months. Actual construction could begin in 2013.
“I’ve been involved in Eritrea now for nine years,” he points out. “There’s five of us on our team who have previously worked with Nevsun [TSX:NSU], so we’ve got a lot of experience in the country, and everybody loves it. It’s a unique place, and it’s really a pleasure to work there. We’ve got full support from all levels of government and the people. It really is a great place to operate.
“We also drilled a program in Madagascar during the North American summer, and we should have the assays back any day now. That was our first drill program there, so it’s really wait and see.,” Davis says.
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by Greg Klein and Ted Niles