Sunridge Gold (TSX-V: SGC) ("Sunridge") announced that it has received extensions to two of its exploration licenses that are part of the Asmara Project, Eritrea. According to Sunridge, the extensions increase the overall size of the project by 60%, from 665 square kilometres to 1062.5 square kilometres. The two exploration licenses extend the company’s land position five kilometres east and west of the current project, and are both believed to be on trend with the volcanogenic-massive-sulphide (“VMS”) and shear zone gold mineralization.
Sunridge further noted that 153 square kilometres of the new ground would fall into a previously agreed exploration joint venture with London listed mining giant, Antofagasta (LSE: ANTO). Antofagasta can earn 60% in the Asmara Project by expending US$10 million over five years in exploration.
Disclosure: I do not hold a position