Sunridge Gold Corp. (TSX-V: SGC) rose 14% on Thursday after the company announced drill results from its Debarwa copper-gold-zinc deposit in Eritrea, which confirm the high grade copper zones at the site.
The news sent the company’s share price up to trade at $1.14 as of 11:44am EST on Thursday.
The drill results from the current program at Debarwa, part of the Asmara project, will be used to update the resource estimate for the area, with a new report expected in March.
To date, approximately fifty drill holes have been completed in the current phase of drilling, with five more planned before completion.
Highlights from the latest results include
- 31.85 m of 5.72% Cu and 2.13 g/t Au, including 6.00 m of 17.99% Cu in hole DEBD-130;
- 13.45 m of 16.22% Cu and 3.22 g/t Au, including 5.00 m of 17.24% Cu and
- 3.3 m of 26.04% Cu in hole DEBD-132; and 25.45 m of 11.22% Cu and 1.75 g/t Au in hole DEBD-135.
The drilling, designed to extend and better define zones of mineralization, forms part of the ongoing feasibility study at Debarwa, which began last November.
The feasibility study, expected to be completed by the third quarter of this year, will consider a standalone process plant, and will study various mining options over a 9 year mine life.
Aside from the Asmara project in Eritrea, Sunridge is also focused on exploring in Madagascar.