Saturday 1st November 2014

Resource Clips


Posts tagged ‘Sunridge Gold Corp. (SGC)’

The golden Horn of Africa

March 7th, 2013

Sunridge, Nevsun, Chalice drill Eritrean gold, copper, zinc, silver

by Greg Klein

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While continuing the Asmara feasibility study in Eritrea, Sunridge Gold TSXV:SGC announced on March 7 a new near-surface discovery at Kodadu, four kilometres east of Asmara’s Debarwa deposit. With assays complete on 21 reverse-circulation holes, the company now plans an initial resource estimate for the potential deposit.

True widths for the two zones were estimated at about 70%. Some highlights from the gossan zone include:

Sunridge, Nevsun, Chalice drill gold, copper, zinc, silver in Eritrea

Gossan outcrops helped draw Sunridge Gold’s attention
to the Kodadu zones near its Asmara project in Eritrea.

  • 1.71 grams per tonne gold over 51 metres
  • 1.77 g/t over 31 metres
  • 1.66 g/t over 22 metres
  • 1.06 g/t over 32 metres
  • 1.08 g/t over 27 metres
  • 1.05 g/t over 20 metres
  • 1.18 g/t over 17 metres.

The top-most intercepts started at surface while the deepest stopped at a down-hole depth of 51 metres.

Some shear zone highlights include:

  • 1.15 g/t over 33 metres
  • 2.3 g/t over 16 metres
  • 0.99 g/t over 21 metres
  • 0.64 g/t over 15 metres
  • 0.81 g/t over 11 metres
  • 1.19 g/t over 1 metre.

Again, the top-most interval began at surface. The deepest ended at 79 metres down hole.

The company now wants to “rapidly define a resource that could be mined as feed” to a processing facility near Asmara’s Emba Derho copper-zinc-gold-silver deposit, 25 kilometres away, which would also serve three nearby satellite deposits. Three of Asmara’s four deposits would be open pit operations. The fourth, Adi Nefas, would go underground.

Asmara’s feasibility study is slated for Q2 release and already the company is forecasting improvements to last May’s pre-feas. Using a 10% discount rate, that study projected a pre-tax net present value of $555 million and a 27% internal rate of return. With initial capital costs then estimated at $489 million, payback would have come in 3.5 years, while the life of mine would last 15.25 years.

Now Sunridge is considering a staged start-up to cut capex and get to the ore earlier. Mining would begin with copper, gold and silver from Debarwa’s supergene (higher-grade) zone. Work would progress with heap leach gold production at the Emba Derho plant, processing ore from the Debarwa and Gupo deposits as well as Emba Derho. The next stage would involve mining and processing the remaining copper supergene ore from Debarwa and Emba Derho. With full production in year three, Asmara would produce an estimated annual average of 70 million pounds (31,750 tonnes) copper, 140 million pounds (63,500 tonnes) zinc, 31,000 ounces gold and 997,000 ounces silver over the mine’s first eight years.

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Shock Waves

April 30th, 2012

Majescor Flourishes in Post-Quake Haiti

By Ted Niles

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Dan Hachey tells a revealing story. The President/CEO of Majescor Resources TSXV:MJX relates how, “A few weeks ago, an institutional investor came up to us and said, ‘You are the guys working in Haiti? Well, God bless you and good luck,’ and he walked away. That’s what we’ve had to deal with from the beginning on this project.” Haiti has a reputation that’s hard to shake, but Hachey is confident that, paradoxically enough, one of the worst natural disasters of recent years will prove to be the catalyst of a national renaissance.

Haiti is the poorest country in the Americas and has been, over the last century, plagued by a succession of bloody dictatorships, coups d’état and failed attempts at democratic reform. In January 2010, it was traumatized by an earthquake and subsequent cholera outbreak that resulted in the deaths of over 300,000.

Majescor Flourishes in Post-Quake Haiti

Majescor’s SOMINE project: Investment in Haiti and jobs for Haitians

Hachey reports, “The things that I expected are happening. The world wanted to help and provided capital to get things moving there. And the eyes of the world on Haiti [have] forced political change.” He regards the April 2011 election of President Michel “Sweet Micky” Martelly as a turning point. “Martelly has stated that [Haiti] is open for business. We’ve seen a lot of change since he’s been elected.” The Martelly administration has targeted the creation of 500,000 jobs over the next three years and, drawing inspiration from its neighbour, the Dominican Republic, sees big opportunities in tourism and mining.

Hachey says, “Thirty years ago there was no mining sector to speak of in the Dominican Republic, nor tourism. In that short period of time they’ve seen the development of [Barrick TSX:ABX and Goldcorp's TSX:G] Pueblo Viejo Project, which is one of the world’s largest gold deposits—and is pretty much a neighbour of ours. They’re going to be coming on with production this year.”

Hachey points out that “The mineralization does not stop at the border.” The Massif du Nord Metallogenic Belt stretches diagonally from Haiti’s north through to the southeast of the Dominican Republic, hosting both Pueblo Viejo and Majescor‘s 50-square-kilometre SOMINE copper-silver-gold property (itself surrounded by a number of properties held in joint venture by Eurasian Minerals TSXV:EMX and Newmont Mining TSX:NMC).

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Sunridge Reports 1B lbs Copper, 2.1B lbs Zinc in Eritrea

February 6th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningSunridge Gold Corp TSXV:SGC announced an updated NI 43-101 resource update for the Emba Derho, Adi Nefas and Gupo deposits of its Asmara Project in Eritrea, East Africa. The project is estimated to have measured and indicated resources of 1 billion pounds copper, 2.1 billion pounds zinc, 506,000 ounces gold and 18.6 million ounces silver.

President/CEO Michael Hopley said, “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.”

View Company Profile

Contact:
Greg Davis
VP Business Development
604.688.1263

by Ted Niles

Sunridge reports Eritrea Results up to 6.09 g/t Gold over 30m

December 6th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningSunridge Gold Corp TSXV:SGC announced assays from the Gupo Gold Deposit of its Asmara Project in Eritrea. Results include

6.09 g/t gold over 30 metres
6.2 g/t over 19 metres
4.13 g/t over 12 metres
3.66 g/t over 13 metres
5.19 g/t over 7 metres
2.46 g/t over 13 metres
2.79 g/t over 9 metres
1.44 g/t over 16 metres

The Gupo Gold Deposit has an inferred resource estimate of 1.96 million tonnes grading 2.99 g/t gold for 189,000 gold ounces.

View Company Profile

Contact:
Greg Davis
VP of Development
604.688.1263

by Greg Klein

Sunridge VP Greg Davis on Eritrea gold assays of 6.56 g/t over 12m

November 7th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningSunridge 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.

View Company Profile

Contact:
Greg Davis
VP Business Development
604.688.1263

by Greg Klein and Ted Niles

Sunridge reports Eritrea Gold Assays up to 2.38 g/t over 27m

November 4th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningSunridge 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.

View Company Profile

Contact:
Greg Davis
VP Business Development
604.688.1263

by Greg Klein and Ted Niles

Sunridge reports Eritrea Assays of 3.96 g/t Gold, 116.37 g/t Silver over 16m

September 1st, 2011

Resource Clips - essential news on junior gold mining and junior silver miningSunridge Gold Corp TSXV:SGC announced results from its Asmara Project in Eritrea. Highlights include 3.96 g/t gold, 116.37 g/t silver, 1.97% copper and 10.36% zinc over 16 metres, 1.88 g/t gold, 65.39 g/t silver, 1.23% copper and 13.52% zinc over 26.1 metres, 1.59 g/t gold, 50.87 g/t silver, 0.68% copper and 3.45% zinc over 28.6 metres and 3.25 g/t gold, 111.79 g/t silver, 3.79% copper and 4.04% zinc over 10.8 metres.

VP Business Development Greg Davis tells ResourceClips.com, “Right now a lot of our focus is on the prefeasibility study being conducted on the Asmara North projects. These include Emba Derho, Gupo Gold and Adi Nefas. Adi Nefas was the one we announced today. It’s been some time since we had news on Adi Nefas. The drill program that we recently did there, and announced today, was part of the prefeasibility study. It had several objectives: one was for metallurgical testing, two was for geotechnical work—we drilled where the planned portal is going to be, and also we tested the hanging wall—and three was to see if we could expand it. We put a few holes in to expand it laterally and to depth, and we were successful in that. It’s a nice reminder for people of what a high-quality rock this is. Extremely high value. It will definitely be a significant sweetener in terms of the economics of the ongoing prefeasibility study.

“We’re very happy with these results. They are, once again, incredibly high results, especially if you add up the values of the zinc, gold, copper and silver in the rock.

We’re very happy with these results. They are, once again, incredibly high results, especially if you add up the values of the zinc, gold, copper and silver in the rock—Greg Davis

“In terms of production,” Davis continues, “the lead project is Debarwa which is in the southern part of the project. We’ll be wrapping up a full bankable feasibility there at the end of this year and applying for mining permits early next year. It has a gold-oxide cap where production will start, followed by the DSO zone—super high-grade material, 117,000 tonnes averaging 16% copper, 3 grams per tonne gold and 77 g/t silver. We’ll look at direct shipping that.

“Jumping back to the north: this prefeasibility study on the northern projects will be wrapped up early next year, and it’s our plan to plow right into full bankable feasibility. That won’t be a big step, as the prefeasibility study is fairly extensive. So we expect to complete full bankable feasibility on [Asmara's] northern projects in 3Q or 4Q 2012.

“Probably 80% of the property remains unexplored. We started there in 2003-2004, and we’ve drilled over 200,000 metres. But we’ve had success—we’ve focused on drilling out Debarwa, Adi Nefas, Gupo and Emba Derho. We’ve been pushing those projects ahead, but we also have a lot of exploration to go. We have numerous, high-priority targets. The high-priority targets are defined by gravity anomalies, coincident with EM conductors, coincident with strong zinc, copper and precious metals in the soils. On top of that there’s the gossan outcrop in many cases—they poke out of the ground. It’s the same kind of signature we saw at Bisha back in the early days—Nevsun Resources’ project—and the known deposits on our Asmara Project. So we do expect to make more discoveries.

“The exploration schedule is coming together. We will likely be exploration drilling again in the next month on our project. We’re still formulating exactly how much we want to spend by the end of the year, but it looks like up to $2 million on exploration drilling.

“Sunridge is tremendously undervalued,” Davis concludes. “That’s been a symptom of working in Eritrea. It’s truly a dream to operate in Eritrea, but you’re always fighting the perception in the market. Once again, Nevsun’s now in production—this demonstrates the ease of working in Eritrea. We think there’s definitely going to be a re-evaluation of all companies, including us.”

View Company Profile

Contact:
Greg Davis
VP of Business Development
604.688.1263

by Greg Klein and Ted Niles

Sunridge VP Greg Davis on Eritrea assays of 4.44% zinc and 0.49 g/t gold over 186.8m

June 17th, 2011

“We first started drilling Emba Derho seriously in early 2006. It was a bit of gossan at the outcrop, but we used ground gravity, which is really an effective tool for these VMS systems, and it worked very well. Since then we’ve drilled about 80,000 metres on Emba Derho and defined a 62.5-million-tonne VMS deposit—copper-zinc-gold-silver.

“The drill program was part of our ongoing prefeasibility study. So that drill program had several objectives. A lot of the holes were drilled around where the pit walls would be, so we weren’t even targeting mineralization. It was done for geotechnical reasons, which will come out as part of the study. And some of the holes were drilled for metallurgical testing. Some of the holes were infill, and some were for expansion to depth, and they’ve shown that it continues on to depth. It’s still wide open downward. All these results will be used as part of the prefeasibility study at this stage.

The plan is that the Gupo deposit could be combined with the gold-oxide cap as a low-capital, low-cost gold plant. —Greg Davis

“For Emba Derho, we still have results pending for the gold-oxide cap. We did about 2,500 metres of RC drilling, shallow drilling, for the gold cap, which would be part of the prefeasibility study. And the plan is that the Gupo deposit could be combined with the gold-oxide cap as a low-capital, low-cost gold plant. So that is still to come. But we’re right in the midst of prefeasibility, which is due to be completed in January 2013.

“We’re currently drilling at the nearby Adi Nevas deposit; it’s part of the study, and it’s six kilometres away from Emba Derho. It has extremely high grades—8.4% zinc, 1.4% copper, 2.4 g/t gold and 100 g/t silver. So it will definitely add a sweetener to Emba Derho—the idea is that it can be blended in. That is pending.

“These are amazing projects. [Nevsun Resources'] Bisha Mine has similar geology and has been in production for about two and a half, three months now. These are polymetallic-copper-zinc-gold-silver and very rich deposits. Today’s numbers are great, but it’s somewhat expected in this kind of deposit.”

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Sunridge VP Greg Davis on Eritrea gold assays of 1.25 g/t over 64m

June 7th, 2011

“Our focus has mainly been on our VMS deposits, but we also have Gupo Gold which, of the four resources on our Asmara Project, is a little bit different. It’s a gold-only shear zone. Also it’s been the only inferred number that we’ve talked about.

“The goal of this current drill program is two-fold. One, to convert the inferred resource to indicated and measured. Then, two, to possibly expand it. It’s being drilled as part of the current prefeasibility study on the northern projects. The bulk of that study is being done on the VMS deposits. Gupo, however, is only six kilometres from our Emba Derho deposit, and we’re studying the possibility of having a low-capital-cost gold operation combining the gold oxide cap at Emba Derho and Gupo and also perhaps at our Debarwa deposit.

“Quite frankly, these assays were better than we expected. When the initial resource was done in 2004, we really just looked at the higher-grade material. Of course, gold is much higher priced now than it was eight years ago, so we’re looking at the intercepts of 1 g/t over 60 to 70 metres.

“We released the first 26 holes today. There are still another 25 pending. When those come, we’ll update the resource estimate there, and we’ll also look at expansion opportunity. It looks like it’s wide open at depth, and it’s only been drilled from surface down to about 80 metres. So there may be an opportunity to expand the resource. It’s only been a smaller part of our story, but it’s very significant.

“The long-term value with Sunridge is the copper-zinc. We have Debarwa which we can fast-track to production, with its extremely high grades. But the big long-term value is the copper and zinc at Emba Derho. However that sits under the gold oxide cap, so we would be pulling that off and combining it with Gupo as a fairly low-cost gold operation where we’re hoping to build a resource containing somewhere around 400,000 ounces. Perhaps this will all come to light in the prefeasibility study, and perhaps kick-off mining operations in the north before we get to the massive sulphides.

“We’re extremely happy with the results from Gupo. They confirm and improve upon previous drilling there. We’ll get the next 25 holes back and update the resource, and it looks like it could be a significant, at-surface gold resource.

“We’ll have more news out very shortly. We’re about to begin a fairly heavy news flow period on all fronts. We have drilling coming out later this week from Emba Derho; we’re about to drill at Madagascar; and we’re about to outline our plans for exploration drilling on the rest of the Asmarra project.”

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Sunridge VP Greg Davis on Eritrea assays of 3.27 g/t gold and 4.21% copper over 14.4m

May 2nd, 2011

“We’ve been in Eritrea since 2003. We’ve drilled over 200,000 metres and spent about $35 million—most of that on drilling. We’ve defined four deposits to date. Debarwa—where the results came from yesterday—has the extremely high-grade copper deposit, where there’s a zone that averages 18% to 20% copper. The rest of the deposit is quite rich as well; there’s the oxide-gold cap, and the rest is supergene copper averaging 5.36%. The primary zone, which is open at depth, averages 2.5% copper and 3.25% zinc. So: extremely high grades, and we are currently in feasibility. As part of that feasibility, we’ll be updating the resource calculation towards the end of May, and the feasibility itself will be complete in November 2011.

“What to say about the recent results? They’re amazing. These are some of the highest copper grades in the world. They’ll be plugged into the feasibility study now, and I think we’ll see a nice bump in the resource estimate by the end of the month.

“Debarwa is a beautiful project for a small Canadian junior to fast track into production. But I always emphasize that the real long-term value is in the northern deposits, which are comprised of our large Emba Derho Deposit—a 62.5-million-tonne copper-zinc-gold VMS deposit, and, six kilometres away, there is an extremely high-grade zinc-copper-gold deposit called Adi Nevas. Also, six kilometres from Emba Derho is the Gupo Gold Deposit. We’re drilling on all three of those right now, with 8,500 metres being drilled at Emba Derho. The first results should be in in about 10 days to two weeks. Once that starts, we’ll continue our fairly steady news flow of drill results.

“All the northern deposits are in pre-feasibility. There’s overlap too with Debarwa. We’re doing trade-off studies and looking at building a central plant at Emba Derho. So we’ll have updated resource calculations by the end of the year, then a full pre-feasibility probably in January 2012.

“The earliest production would be at Debarwa. If we complete the feasibility in November, we’ll do an environmental assessment study and apply for mining permits early in 2012—so production could be as early as late 2012 or early 2013.

“The current unrest in Africa isn’t effecting our operations at all. We conducted an analyst’s tour about two weeks ago and, of course, that was one of the questions. When you’re in Eritrea it seems like the entire country is on the same page and moving in the same direction. There is no unrest there. It’s a delightful place to visit. Eritrea is completely different from Egypt, Tunisia and Libya. There’s no rich ruling class, no offshore accounts, mansions, etc. The president himself lives modestly and, I feel, truly has the support of the people.

“We’re just starting to hit that fulcrum now where things are really moving fast. We’re proceeding on all fronts: on development, on our feasibility studies, and there’s still exploration upside. One other thing to note is that we have another project in Madagascar, and we’ll be announcing the first drill program there—VMS targets again—probably in about 10 days to two weeks time.”

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