Sunridge Gold (SGC-T) has released assays from the first four of 35 holes drilled to define the Debarwa copper-gold-zinc VMS (volcanogenic massive sulphide) deposit at its Asmara project in Eritrea.
Hole 129 was the most notable out of the four, hitting 4 grams gold per tonne, 60.91 grams silver per tonne, 13.41% copper and .04% zinc over 22 metres, including a 5.5-metre intercept of 8.59 grams gold, 109.6 grams silver, 22.28% copper and .04% zinc.
Hole 128 intersected 2.28 grams gold, 49.39 grams silver, 12.65% copper and .07% zinc over 19.2 metres, including a 5-metre intercept of 1.54 grams gold, 58.8 grams silver, 23.42% copper and .09% zinc.
The company states that both holes increased confidence in the continuity of the copper zone for the ongoing feasibility study, which will be completed in the third quarter. Sunridge says the study will look at the different mining options and contemplate a standalone process plant using flotation for the recovery of the precious and base metals.
The other two holes, holes 126 and 127 were drilled to test the continuity of the deposit’s deeper primary mineralization. Hole 126 returned 0.61 gram gold, 18.96 grams silver, 2.12% copper and 0.4% zinc over 16.7 metres, however, hole 127 failed to hit significant mineralization.
Assays from the remaining holes, which were punched into the northern and middle sections of the Debarwa deposit will be released shortly. They will also be used to calculate the new resource estimate for the deposit, which is expected to be completed in March.
Debarwa is one of the four deposits (along with Emba Derho, Adi Nefas and Grupo) that comprise the Asmara project, which lies in the capital city of Asmara.
The project hosts a combined indicated resource of 1.28 billion lbs. copper, 2.5 billion lbs. zinc, 1 million oz. gold and 31.2 million oz. silver.
On news of the drill results, Sunridge Gold’s share price jumped 2¢ to close at $1.15 on 773,786 shares traded. The company’s shares have swung between a low 34¢ and a high of $1.58 over the last 52 weeks.
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