Sunridge Gold (SGC.TSXV) announced the receipt of a new independent resource estimate for the Debarwa volcanogenic massive sulphide (VMS) deposit on the Company’s 100% owned Asmara Project in Eritrea. This new resource was completed by AMC Consultants Pty Ltd. as part of the ongoing feasibility study on the Debarwa copper-gold-zinc deposit. The study is being conducted by Senet (Pty) Ltd. and AMC and is scheduled for completion before the end of the year.
The Debarwa Deposit is one of four deposits within the Asmara Project and is being studied as both a stand-alone deposit and/or as a potential feed to an operation in the northern part of the Asmara Project, which includes the large Emba Derho copper-zinc-gold deposit, the Adi Nefas zinc-gold copper deposit and Gupo gold deposit. This new Debarwa resource estimate includes 83 additional drill holes completed since the last resource estimate in 2008.
* The deposit in total is now estimated to contain 200 million pounds of copper, 180,000 ounces of gold, 2.94 million ounces of silver and 74million pounds of zinc.
* The underlying enriched supergene zone is estimated to contain 158 million pounds of copper with an average grade of 5.15% copper.
* Within the copper supergene zone there is a zone of high-grade copper estimated to contain 41 million pounds with an average grade of 16.0%
* The surface oxide gold cap (oxide and transition zones) contains 83,000 ounces of gold at an average grade of 2.38 grams per tonne gold.
Michael Hopley, President and CEO of Sunridge Gold:
“This new resource estimate is another major milestone towards bringing the Debarwa deposit into production. Recent drilling has been successful in upgrading parts of the resource to the Measured and Indicated categories, especially the high grade copper supergene zone of which 23% is now in the Measured category. We are particularly pleased that the very high-grade portion of the supergene zone is much larger than expected at a grade of 16% copper.”