Sunridge Gold Corp. (SGC-TSX-V) is focused on exploration and development of the Asmara copper-zinc-gold-silver Project in Eritrea and has now defined six NI 43-101 deposits on the Project.
A Feasibility Study on the 4 advanced projects on the Asmara Project was completed in May 2013, which demonstrated very strong economics; NPV (10%) = $692 million, IRR = 34%. The Feasibility Study outlined a robust mining plan with a 3 phase staged start-up with Phase 1 production beginning in 2015 and Phase 3 (Full Production) achieved in 3 years.
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Sunridge Gold Corp. (SGC-TSX-V: SGCNF-OTCQX) is a mineral resource company focused on the exploration and development of the Company's 100% owned Asmara project in Eritrea. A positive feasibility study for the high grade Debarwa copper, gold and zinc deposit was completed on May 14, 2012 and a positive pre-feasibility study on all four deposits of the Asmara Project, Emba Derho, Adi Nefas, Debarwa and Gupo Gold was completed on May 2, 2012 showing a Base Case NPV of $555 million and IRR of 27% (10% discount rate).
The Asmara Project encompasses a district of base and precious metals volcano-genic massive sulphide ("VMS") deposits as well as near surface gold mineralization. Sunridge has drilled over 200,000 metres since 2003 and has defined four separate copper, zinc, gold and silver mineral deposits which have total combined Proven and Probable reserves of 57.3 million tonnes which over the LOM will produce:
Location and History
The Asmara Project approximately 700 square kilometres in central Eritrea, located immediately to the north, south and west of the capital city of Asmara. The infrastructure is excellent with roads, power, water and airports servicing the project area.
Sunridge Gold entered into a joint venture agreement in 2003 and has now earned 100% of the project. The Eritrean government has a 10% free carried interest.
Sunridge has drilled over 130,000 metres on the Asmara project since acquiring the project.
Eritrea is a country with immense geological potential with several high-grade Volcanogenic massive sulphide (VMS) discoveries being made in the past five years including several within Sunridge Gold's Asmara Project.
The country has been run by a transitional government since independence on May 24, 1993. There are approximately four million people in the country whom depend largely on subsistence agriculture. The mining code is based on the mining code of the Northern Territories of Australia with a royalty of 5% on precious metal, 3% on base metals and tax rate of 35%.
Eritrea has a moderate climate and excellent infrastructure for Sunridge Gold's project with roads, railroads, international airports and a port 120 km away.
Emba Derho (VMS Deposit)
Approx 62.5 m/tonnes containing 990 m lbs Cu, 1.9 billion lbs Zn, 580,000 ozs Au & 20.8 m/ozs Ag. Positive PEA completed June 4, 2009
Debarwa (VMS Deposit)
4.4 m/tonnes including copper zone with 1.3 m/tonnes 5.36% Cu, 1.54 g/t Au, 33.87 g/t Ag. Open for expansion in several directions.
Adi Nefas (VMS Deposit)
2.7 m/tonnes grading 8.38% Zn, 2.85 g/t Au, 1.39 % Cu,
& 99.30 g/t Ag. Potential to add to Emba Derho future mine plan
Gupo (Gold Deposit)
1,965,000 tonnes grading 2.99 g/t Au totaling 189,000 ounces gold.
Recent exploration activities have been focused on advancing several new high priority exploration targets to the drill ready stage. Exploration work has consisted of geophysical and geochemical surveys in conjunction with detailed geological mapping and sampling. These techniques, particularly the use of ground gravity surveys, have historically shown success in the Company's search for volcanogenic massive sulphide (VMS) deposits on the Asmara Project and led to the discovery of the Emba Derho deposit in early 2007.
This recent exploration work has outlined a number of strong gravity anomalies -- several of which are significantly larger and stronger than the Emba Derho anomaly. Some of these gravity anomalies also have coincident electromagnetic (EM) and soil geochemical anomalies, and are located adjacent to known gossans -- the weathered surface expression of VMS-style mineralization.
Besakoa -- VMS Copper/Zinc/Gold
The Besakoa property covers approximately 60 square kilometres in south central Madagascar and can be accessed by road from the port city of Toliara.
On September 19, 2012 Sunridge announced assay results from the 5,000 metre diamond drill program on the Besakoa project in Madagascar. The drill program tested a number of volcanogenic-massive-sulphide style targets which were defined using geophysical and soil geochemical surveys, geological and structural mapping and gossan prospecting. Results were generally disappointing although several of the holes intercepted semi massive sulphide mineralization and had anomalous base and precious metal values.
For full details see NEws Rlease dated Sept. 19, 2011
Sunridge can earn 100% of the project. Sunridge has earned an initial 50% interest by spending US$2,000,000 by September 2011 and issuing 500,000 shares to the owners, Majescor Resources Inc. Upon acquiring 50% Sunridge will have the right to earn an additional 25% by spending an additional $2,500,000 by the end of the third year and by issuing Majescor an additional 500,000 common shares of Sunridge.
Upon acquiring 75% Sunridge will have a one year period in which to elect to acquire the remaining 25% interest in the Property at the fair value determined at that time by an independent valuation or as agreed to between the parties in cash, or at the election of Sunridge, in the equivalent value of Sunridge common shares subject to regulatory approval.
Fri Sep 14, 2012
Shares outstanding: 122,878,106
Fully Diluted Shares: 164,969,734
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