Sunridge Gold Corp. (CVE:SGC)(OTCQX:SGCNF) Wednesday reported final assays results for the 2012 exploration diamond drill program at the Adi Rassi copper-gold prospect, part of the Asmara Project in Eritrea.
The company said that the results continued to show wide copper and gold intercepts and confirms management's belief that Adi Rassi is a new large copper-gold discovery that has the potential to become Sunridge's fifth deposit on the Asmara Project.
"The 2012 drill program has successfully better defined and expanded the copper and gold mineralized zone and it is now clear that Adi Rassi has the potential of becoming much larger than the nearby Debarwa deposit" Sunridge's president and CEO Michael Hopley said.
"Metallurgical test work is underway to determine if the copper and gold recovery methodology is compatible with the process to be used at the nearby Debarwa copper-gold deposit. The next step is to have an independent initial resource estimate completed".
The copper-gold mineralized zone has now been defined over about 400 metres strike length, 40 to 100 metres in width and to a vertical depth of 330 metres. The zone remains open and Sunridge is now planning the next phase of drilling and completion of an initial resource estimate on the Adi Rassi deposit.
Amongst the highlights, hole AR-013-D encountered 0.80% copper and 1.01 grams per tonne (g/t) gold over 56.17 metres; AR-014-D drilled for 49.65 metres averaging 0.31% copper and 0.47 g/t gold; hole AR-016-D discovered 0.52% copper and 0.34 g/t gold over 74.26 metres; AR-017-D drilled 38.20 metres averaging 1.50% copper and 0.50 g/t gold and hole AR-018-D encountered 0.54% copper and 0.43 g/t gold over 99 metres.
Copper and gold mineralization at Adi Rassi is associated with quartz veins and breccia zones along a major shear zone that trends northeast for over 3 kilometres and dips steeply to the west.
This mineralization is considered to be remobilized from a distal source, possibly an as yet unidentified buried volcanogenic massive sulphide (VMS) deposit and is mainly hosted in strongly foliated and distorted altered mafic volcanic tuff and flows.
The Adi Rassi prospect is located less than 10 kilometres from Sunridge's Debarwa copper-zinc-gold VMS deposit where a positive feasibility study was completed and announced May 14, 2012. This proximity could have positive implications for any mining opportunities in the southern part of the Asmara Project.
Other gold and VMS targets drilled as part of the 2012 exploration program have yet to return any significant results although further assays are still expected. Sunridge will now focus its efforts on moving the four established deposits on the Asmara project to the completion of a final feasibility study in Q1 2013 and developing a new resource at Adi Rassi.
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar.