Sunridge Gold Corp. (CVE:SGC) said on Wednesday that it has commenced another phase of exploration at its Asmara project, in Eritrea, northeast Africa.
Asmara includes four deposits including Emba Derho, the Adi Nefas, the Gupo Gold and the Debarwa. It remains partially explored, covering an area of 600 square kilometres, and sits in a volcanogenic massive sulphide (VMS) district with three copper-zinc-gold-silver VMS deposits, as well as one gold deposit currently being developed by the company.
Sunridge said there are gold and remobilized copper-gold targets at Asmara that it plans to explore. Recently, it has started mapping, sampling and other field work in anticipation of a 10,000 metres exploration drill program to start in August.
Exploration will be conducted on several structurally-controlled gold targets similar to the company’s Gupo Gold deposit, which hosts 189,000 ounces of gold at an average of 2.99 grams per tonne, Sunridge said in a statement.
Many of the targets along the extension of the Debarwa deposit are considered to be VMS-style targets parallel to known deposits, with comparable geophysical signatures coincident with elevated copper, gold and zinc values in soil and rock samples.
Currently, geological mapping is also underway at the Adi Rassi prospect, where previous drilling returned values of 1.32 grams per tonne of gold and 0.84% copper over 84 meters.
In May, Sunridge announced that Antofagasta Minerals terminated the option agreement on the exploration ground of Asmara after it spent $2.2 million exploring for large porphyry-style copper deposits.
Following the deal's termination, Sunridge is once again 100% owner of all the exploration ground, in addition to the four deposits that make up the Asmara project.
Canada-based Sunridge, a base metals and precious minerals explorer, has properties in Eritrea, and Madagascar. Currently, Sunridge has about 117 million shares outstanding and $18 million in cash.