Sunridge Gold Corp.
TSX VENTURE : SGC
OTCQX : SGCNF

Sunridge Gold Corp.

December 06, 2011 05:00 ET

Sunridge Gold Announces Assay Results From Drilling at Gupo Gold Deposit, Asmara Project, Eritrea and Besakoa Project, Madagascar

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2011) - Sunridge Gold Corp. (TSX VENTURE:SGC)(OTCQX:SGCNF) announces assay results from an additional 20 drill holes from a recently completed reverse circulation drill program at the Gupo Gold Deposit, part of the Asmara Project, Eritrea. The drilling program, consisting of 90 drill holes totaling approximately 7,000 metres, was designed to expand and upgrade the current Inferred resource at Gupo to the Measured and Indicated categories as part of the prefeasibility study on the Asmara North Deposits which include the Emba Derho, Adi Nefas, and Gupo Gold deposits.

Drill Intersection Highlights:

  • Drill hole GG-084-R: 12 metres averaging 4.13 g/t gold and 7 metres averaging 5.19 g/t gold
  • Drill hole GG-096-R: 30 metres averaging 6.09 g/t gold
  • Drill hole GG-113-R: 13 metres averaging 3.66 g/t gold
  • Drill hole GG-114-R: 19 metres averaging 6.20 g/t gold

These results generally confirm the location and grade of gold mineralization close to previous holes down to depths of approximately 20 to 130 metres in the northern and central part of the Gupo Gold deposit. In addition, drill hole GG-114-R has significantly extended strong gold mineralization (19 metres averaging 6.20 g/t gold) to approximately 130 metres from surface. Additional results are expected in about two weeks.

Gold mineralization at Gupo extends over a strike length of approximately 1.6 kilometres and is associated with stockwork quartz veins and a sericite alteration halo controlled by a shear zone 10 to 20 metres in width. The resource is close to surface and drilling has shown mineralization to extend at least to 130 metres vertical depth.

A summary of significant results is as follows:

Drill
Hole
From
Metres
To
Metres
Interval
Metres
Average
Grade
Gold g/t
GG-084-R 12.00 24.00 12.00 4.13
and 46.00 53.00 7.00 5.19
GG-094-R 0.00 9.00 9.00 2.79
GG-096-R 0.00 30.00 30.00 6.09
GG-097-R 20.00 23.00 3.00 4.52
and 31.00 32.00 1.00 6.05
and 82.00 96.00 14.00 1.21
GG-099-R 40.00 42.00 2.00 0.63
GG-100-R 69.00 70.00 1.00 2.81
GG-101-R 94.00 96.00 2.00 2.55
and 106.00 108.00 2.00 3.23
GG-103-R 5.00 8.00 3.00 0.61
GG-105-R 0.00 7.00 7.00 1.86
and 19.00 21.00 3.00 1.27
GG-106-R 66.00 68.00 2.00 1.40
GG-107-R 1.00 2.00 1.00 1.05
GG-108-R 20.00 21.00 1.00 5.42
and 25.00 27.00 2.00 0.80
GG-109-R 22.00 28.00 6.00 0.84
and 33.00 34.00 1.00 1.76
GG-113-R 8.00 13.00 5.00 1.57
and 31.00 44.00 13.00 3.66
and 109.00 122.00 13.00 2.46
GG-114-R 110.00 126.00 16.00 1.44
and 132.00 151.00 19.00 6.20

Note: There were no significant assays in drill holes GG-095-R, GG-098-R, GG-104-R, GG-110-R, and GG-111-R. Assays are pending for GG-102-R and GG-112-R. See plan map: http://media3.marketwire.com/docs/sgc.jpg.

Gupo Gold Resources

Inferred resource estimates for Gupo (then referred to as Adi Nefas Doop) from report titled "Independent Consulting Geologists Technical Report - Asmara Project" prepared by Blackburn, G. and Chisholm, R., dated April 2004 (which may be viewed under Sunridge's profile on SEDAR at www.sedar.com) are summarized as follows:

Gupo Gold - Inferred Resources
Tonnes Average Gold Grade g/t Ounces of Gold
1,965,000 2.99 189,000

Besakoa Project, Madagascar

Sunridge has received assay results from the recent 5,000 metre diamond drill program on the Besakoa project in Madagascar. The drill program tested a number of volcanogenic-massive-sulphide style targets which were defined using geophysical and soil geochemical surveys, geological and structural mapping and gossan prospecting. Results were generally disappointing although several of the holes intercepted semi massive sulphide mineralization and had anomalous base and precious metal values. A summary of significant intervals follows:

Drill
Hole
From
Metres
To
Metres
Interval
Metres
Gold
g/t
Silver
g/t
Copper
%
Zinc
%
BSK-01 86.17 101.48 15.31 0.43 16.00 0.51 0.59
BSK-02 145.10 153.4 8.3 0.13 2.68 0.11 2.07
BSK-03 116.45 134.30 17.85 0.30 6.11 0.32 0.63
BSK-32 47.00 50.00 3.00 0.34 2.50 0.96 0.003

Debarwa

Sunridge has recently completed 24 shallow reverse-circulation drill holes targeting parts of the surface gold oxide zone that are not included in the current resource at the Debarwa Copper-Gold Deposit (see Sunridge news release dated August 18, 2011). Results are expected in approximately 6 to 8 weeks.

Notes:

1. All drill holes reported for the Gupo Gold Deposit are reverse-circulation drill holes. All holes reported for the Besakoa property are diamond drill holes.
2. Drill intercept lengths only are reported in the tabulations; it is estimated that true width will be approximately 80% of the reported drill intercept length.
3. A Quality Assurance/Quality Control program is part of the drilling program on the Asmara and Besakoa Project. This program includes chain of custody protocol as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the drilling. The program is described in the Company's most recent Debarwa Deposit; Technical Report dated August 18, 2011, and filed October 3, 2011, on the Company's profile on http://www.sedar.com/.
4. A description of the geology of the Gupo deposit is contained in the April 2004 Independent Consulting Geologists Technical Report - Asmara Project filed on the Company's profile at http://www.sedar.com/.
5. Samples are prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth, Western Australia.
6. The Qualified Person responsible for the release of this exploration information is Michael Hopley, President and Chief Executive Officer of Sunridge Gold Corp.

ABOUT SUNRIDGE:

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. Sunridge currently has approximately 117 million shares outstanding and approximately $13 million in cash. Sunridge trades on the TSX Venture Exchange under the symbol SGC. For additional information on the Company and its projects please view the slide show on our website at www.sunridgegold.com or call Greg Davis at the number listed below.

SUNRIDGE GOLD CORP.

Michael Hopley, President and Chief Executive Officer

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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