Sunridge Gold (CVE:SGC) Wednesday announced a new independent resource estimate for the Adi Nefas zinc-gold-copper volcanogenic-massive-sulphide (VMS) deposit at its 100 percent-owned Asmara project in Eritrea.
said that indicated resources in the primary zone are 1.8 million tonnes
averaging 10.05% zinc, 3.31 grams per tonne (g/t) gold, 1.78% copper
and 115 g/t silver.
Total contained metals in the indicated
categories at Adi Nefas were estimated as 408.0 million pounds of zinc,
72.2 million pounds of copper, 196,000 ounces of gold and 6.81 million
ounces of silver.
An NI 43-101 resource estimate from 2008 gave
an indicated resource of 2.7 million tones with 8.38% zinc, 2.85 g/t
gold and 99.36 g/t silver, containing 504 million pounds of zinc,
250,000 ounces of gold and 9 million ounces of silver.
president and chief executive, Michael Hopley, said: "The average grade
of all metals in the Adi Nefas deposit has significantly increased in
this new resource estimate compared to the previous estimate in 2008.
high-grade material should enhance the economics of the Asmara Project
when this material is mined and blended as a high-grade feed to a
central North Asmara processing plant in conjunction with the nearby
Emba Derho deposit as well as the sulphide material from the Debarwa
"We expect that most of these resources will be
converted to reserves with the completion of the pre-feasibility study
Adi Nefas is located only six kilometres from the 70 million tonne Emba Derho deposit at the project.
new resource estimate for Adi Nefas was completed by Snowden Mining as
part of the ongoing prefeasibility study on the Asmara North Deposits.
North is comprised of the Emba Derho VMS deposit, a large surface
minable 62 million tonne copper-zinc-gold VMS deposit that was the
subject of a positive scoping study by Wardrop Engineering in 2009; the
Adi Nefas deposit located 6 kilometres away from Emba Derho; and the
Gupo gold deposit, which is 8 kilometres from Emba Derho and is a
near-surface structurally controlled gold deposit that was mined during
the Italian colonial period.
Sunridge said that the Adi Nefas
deposit occurs as a prominent outcropping gossan at surface that is the
expression of deeper VMS mineralization. The gossan is traceable over a
strike length of 700 metres and is north-northeast trending.
deposit is a steeply east dipping massive sulphide layer that is hosted
within a sequence of felsic meta-volcanic and meta-sedimentary rocks.
The massive sulphide layer has an average width of 6 to 12 metres.
The primary zone is typically developed beyond a depth of 40 metres from surface and is the focus of the prefeasibility study.
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.
In January, the company said it expects
a feasibility study for the Debarwa copper-zinc-gold-silver deposit at
Asmara in the first quarter of this year, which will examine the
potential for a stand-alone open-pit mine and process plant at the
deposit over a seven year mine life.